Securus Medical Raises $10 Million In Round Led By Boston Scientific

Securus Medical Group has raised $10 million in an investment round led by Boston Scientific.

The Cleveland company also announced that it has received regulatory clearance that would allow it to begin selling its first product: a temperature-monitoring device intended for use on the esophagus. The money will be used to continue product development and clinical testing, according to a news release from Securus.

Boston Scientific now holds a seat on Securus’ board.

Securus also raised money locally: The Global Cardiovascular Innovation Center, a state-funded economic development organization led by the Cleveland Clinic, contributed capital, as did RiverVest Venture Partners, which has an office in Cleveland. RiverVest invested in Securus alongside JumpStart in 2011, and it invested more capital in 2013, when Securus raised $6.5 million and hired Steven Girouard as its CEO. The company that led the 2013 round, 3X5 Special Opportunity Fund L.P., contributed to the new round, as did another previous investor, the University of Michigan MINTS program.

Read the full story at Crain’s Cleveland Business.