Menlo Park, California-based venture capital firm De Novo Ventures has announced the close of De Novo Ventures II on $250 million (€204.5 million).
Investment bank Lazard acted as placement agent for the fundraising, which was completed within six months.
The firm had originally targeted $200 million for the fund, which will be invested in seed and early stage therapeutic medical devices and biotechnology opportunities in cardiology, ophthalmology, orthopedics, plastics and biotech companies with initial human clinical experience, according to a press statement.
The fund will be led by industry veterans Fred Dotzler, Richard Ferrari, Joe Mandato, David Mauney, John Simpson and Jay Watkins. Together, the team has founded or co-founded 10 medical device companies, eight of which have been sold for a total of more than $1.6 billion, according to the statement.
With the addition of the new fund, De Novo has also brought aboard as principal Rajiv Doshi, who maintains a teaching affiliation with Stanford Medical School.
Founded in 2000, De Novo Ventures specialises in early stage life sciences companies with a focus on the Western US. The firm currently manages more than $350 million.