NORWALK, Conn.– MedTex Ventures LLC announced today that its first fund, Biotex Medical Device Fund I, held its final close on March 1. The Fund raised $46.5 million to invest in early-stage medical devices, with a focus on Seed and Series A rounds. Since its initial close in March 2021, the Fund has made investments in ten device companies across various surgical, diagnostic and therapeutic applications. The Fund also offers co-investment opportunities to its limited partners, providing another source of capital for its portfolio companies, and raised $2.5m in its first co-invest vehicle last summer.
The Biotex Medical Device Fund was created through a partnership between MedTex Ventures and Biotex Inc., a leading medical device development firm based in Houston, Texas. Founded in 1998, Biotex has developed a vertically-integrated model for bringing innovative medical technologies to market. These new devices are designed for manufacturing under an ISO-certified quality system, with keen attention to regulatory compliance and a focus on premium design. In addition, early-stage companies can streamline their operations and minimize fixed costs by leveraging Biotex’s shared infrastructure.
“Through this partnership, the Fund’s portfolio companies stand to benefit from the knowledge, resources and expertise of the Biotex team,” said MedTex portfolio manager John Fichthorn. “Because Biotex has taken multiple products through commercialization and exit, they understand what strategic buyers want to see – and they build that thinking into the process from the start.”
“We are excited to work with MedTex in supporting innovative startups and creating more success stories, both in Houston and beyond,” said Dr. Ashok Gowda, CEO of Biotex Inc. “The early-stage device space has historically been underfunded by corporate and financial investors. Having MedTex as a partner helps fill a critical need for Seed and Series A financing, allowing us pursue additional projects in the medtech ecosystem.”
