2 Irvine Companies Raise Sizable Venture Rounds

Original information from tha OCBJ (The Orange County Business Journal)

Irvine-based eye device makerAqueSys Inc. said recently that it has raised $43.6 million in a fourth round of funding. AqueSys plans to use the money to “accelerate the execution and attainment of our clinical, regulatory and commercial goals.”

The company is developing an implant for treating glaucoma, an eye disease that damages the optic nerve and is a major cause of blindness. Investors in the round include Washington, D.C.-based Carlyle Group, Longitude Capital of Menlo Park and Greenwich, Conn., as well as Rho Ventures, which has offices in New York, Menlo Park and Montreal.

In other funding news, Irvine-based healthcare software developerKareo Inc. received $29.5 million in venture funding and said it will go toward sales and marketing, among other areas, to help “accelerate growth.”

Kareo provides cloud-based medical office software and services, including billing- and medical practice-management services, with a focus on small practices.

The latest financing round was led by Greenspring Associates, a fund-of-funds manager with offices in Palo Alto and Owing Mills, Md. Greenspring manages about $2.5 billion in committed capital. Other investors in the deal were Boston-based OpenView Venture Partners and Silicon Valley Bank, part of Santa Clara-based SVB Financial Group. The latest venture round is the largest for Kareo, which has received more than $80 million since its founding in 2004. They received $26 million in 2013 and smaller amounts throughout their earlier years.

Founder/CVO Adaptifyed™, Serial Entrepreneur, BOD member for the Inventors Forum, Lean Canvas instructor & Entrepreneur in Residence for Chapman University, editor for ClassBrain, columnist for Impact! Magazine, member of OCHCC Technology Committee.

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