April 23, 2015
Earlier this month, ATEL Ventures, Inc. ("AVI") portfolio company Xlumena was acquired by Boston Scientific for $62.5M. Xlumena, a venture-backed medical device company, develops, manufactures, and sells minimally invasive devices for Endoscopic Ultrasound (EUS) and is used to treat pancreatic and biliary disease. In a statement, CEO of Xlumena Greg Patterson said, "We are proud to see our technology evolve in conjunction with Boston Scientific's portfolio and provide patients a holistic and minimally invasive solution."
Venture capital firms investing in Xlumena include Ascent Biomedical Ventures, Aperture Venture Partners, and Prism Venture to name a few. Xlumena started with a $3M Series A in 2010 and quickly moved to Series B a year later with an additional $7M in funding. Shortly thereafter the company received debt financing from AVI, which extended the company's runway for an additional two years of research at which time Xlumena moved on to Series C late 2013 with $25M.
Xlumena's acquisition fulfills AVI's directive as a leading provider of senior secured loans to emerging growth companies. AVI's role is to support portfolio companies from the ground up, enabling them to successfully create the game changing innovations of tomorrow.
Xlumena's innovations are helping to transform complex surgeries into simple, outpatient events and are promising to be a significant boon for the rising specialty of therapeutic interventional endoscopy. The result is a rapidly growing medical specialty that is minimally invasive, does not require anesthesia, takes about 10 minutes, and reduces cost by half.