by | Apr 8, 2019 | ABK Biomedical, News

See full and original Entrevestor article here

Halifax medical device maker ABK Biomedical Inc. has raised a record-setting US$30 million venture capital round, with which it hopes to bring two products to market.

The Series B round is equal to C$40 million, which is the largest venture capital round ever in Atlantic Canada. The record had been held by Fredericton-based cybersecurity outfit Sonrai Security, which closed a US$18.5 million (C$24.6 million) round in late December.

The ABK funding round was co-led by: Cambridge, Mass.-based F-Prime Capital, which is an offshoot of mutual fund giant Fidelity Investments; and Palo Alto, Calif.-based Varian Medical Systems, a maker of medical software. They were attracted to ABK because of the strength of the management team and the potential of its technology – even though the company does not yet have a product in the market.