Universities pump cash into $225m medtech fund

University endowments, academic health systems and foundations are among the limited partners for a $225m venture fund closed by Vensana Capital targeting the medtech space.
None of the university investors in the oversubscribed fund were identified. Vensana Capital I also secured commitments from unnamed institutional investors, family offices and funds-of-funds.
Founded in 2018, Vensana Capital backs late development and commercial-stage businesses in areas of medtech including devices, diagnostics, drug delivery, digital health and tech-enabled services.
The firm’s portfolio companies include peripheral vascular surgery tool developer Intact Vascular and the latter’s offshoot Vesper Medical.
Vensana’s fund – the firm’s inaugural vehicle – will operate independently but will receive strategic guidance, administrative support and operational support from its general partner.
Kirk Nielsen and Justin Klein co-founded Vensana on the back of medtech knowledge accrued while investors at VC firms Versant Ventures and New Enterprise Associates respectively.
The investment team is rounded out by principal Cynthia Yee, previously of the same rank at Windham Venture Partners, and senior associate Greg Banker, a former research assistant at University of Wisconsin’s School of Medicine and Public Health.
Justin Klein, who acts as managing partner of Vensana Capital, said: “Our team aims to be the capital partner of choice for leading medtech entrepreneurs, investors, and strategics.
“Together, we share a deep, personal commitment to medtech entrepreneurship and innovation, and we believe in the opportunity to build great companies that can both improve the lives of patients and deliver exceptional returns for our partners.”