TriVascular nets $60M in financing

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TriVascular of Santa Rosa, Calif., has closed $60 million in funding, comprised of a series C equity financing and growth capital venture debt.

New investor Pinnacle Ventures led the round, joining existing investors New Enterprise Associates (NEA), Delphi Ventures, MPM Capital and Kearny Venture Partners. As a result, David J. Kim, MD, partner at Pinnacle Ventures, and Ryan Drant, general partner at NEA, will join TriVascular’s board of directors.

Proceeds from the financing will be used to launch the company’s Ovation abdominal stent graft system in Europe, drive clinical research activity across three continents, and fuel product development, according to TriVascular. The company is completing a clinical study in Germany and has begun its pivotal study in the U.S. Clinical activity is also underway for the Ovation thoracic stent graft system.