Advertisement
Minneapolis

CVRx's $93 million financing tops recent funding news in Minneapolis

Minneapolis-based medical device company CVRx has secured $93 million in Series G funding, according to company database Crunchbase, topping the city’s recent funding headlines. The cash infusion was announced June 3 and led by Johnson & Johnson Development Corporation.

According to its Crunchbase profile, "CVRx, Inc., a medical device company, develops implantable technology for the treatment of high blood pressure. Its products include Rheos implantable pulse generator that provides control and delivery of the activation energy; and Rheos carotid sinus leads, which conducts activation energy from the Rheos implantable pulse generator to the left and right carotid arteries. The company also offers Rheos programmer system that communicates with the Rheos pulse generator."

The 18-year-old company has raised seven previous funding rounds, including a $20 million debt financing round in 2016.

The round brings total funding raised by Minneapolis companies in biotechnology over the past 90 days to $102 million. The local biotechnology industry has produced seven funding rounds over the past year, capturing a total of $206 million in venture funding.

In other local funding news, financial services and finance company BanQu announced a $1.3 million Series A funding round on June 6, financed by Anheuser-Busch InBev.

According to Crunchbase, "BanQu is the first ever blockchain Economic Identity technology that enables a secure and immutable platform for creating economic opportunities for people around the world living in extreme poverty. BanQu platform uses a proprietary method to create a mashup of selfie plus iris scan for people with no access to technology or banking. This Economic Identity then can be augmented by critical pieces of information such as land rights, voter registration, relationship based credit profiles and health records etc."

Founded in 2015, the company has raised two previous rounds, including a $2.4 million round in 2018.


This story was created automatically using local investment data, then reviewed by an editor. Click here for more about what we're doing. Got thoughts? Go here to share your feedback.