Life-Sciences Venture Capital Firm Buys Ximedica

Life-science venture capital firm SV Life Sciences has acquired majority interest in Ximedica from co-founders Stephen Lane and Aidan Petrie. Ximedica will remain headquartered in Providence, R.I.

Terms of the transaction were not disclosed.

President/CEO Randall S. Barko and the current management team will remain in place, and Aidan Petrie will continue in his role as chief innovation officer. Paul LaViolette, managing partner and chief operating officer at SV Life Sciences, will join as chairman of Ximedica’s board. LaViolette most recently was chief operating officer at Boston Scientific Corp., where he worked for 15 years.

Ximedica is a full-service ISO 13485 certified and FDA registered product development firm that focuses exclusively on the development and commercialization of medical devices. 

Ximedica offers global research capabilities to support growth market opportunities, human factors engineering and usability, multi-disciplinary engineering teams that use systems engineering techniques–all the way through to testing and manufacturing services for clinical builds.

“We are excited to partner with SV Life Sciences as we embark upon the next phase of our global growth strategy,” said Barko. “Their experience in working with entrepreneurs and management teams in the Americas and Europe, deep medtech expertise and industry relationships and their access to growth capital, will be important as we take advantage of opportunities in expanding markets.”

“We look forward to great work ahead with Randy, Aidan and the rest of the team at Ximedica,” said LaViolette, “Ximedica is a unique growth platform in medtech and a great addition to the SV Life Sciences portfolio. It fits very well across our three sectors, biotechnology, medical devices and healthcare services.  The combination of Ximedica’s great team, marquee client list and history of success creates a unique and exciting growth opportunity.”

In addition to its facility in Providence, Ximedica also has offices in Minneapolis, Minn.; Boston, Mass.; Chicago, Ill.; and and Hong Kong, China.