# Medtronic: portfolio, investments and team

> Medtronic is a growth equity based in United States. 45 investments on record, 3 in the last 12 months, latest Sept 2026.

Source: https://millionrounds.com/fund/medtronic (Millionrounds; every figure on the page links to its filing or article)

United States · [Investor](https://millionrounds.com/investors)

# Medtronic

Last cheque observed Sep 2026; 45 cheques on record.

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Deploying now Growth equity

Series C Series B Venture

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Deploying now

**100%** of best year **3** **cheques in 12 months**, 45 on record

Since the last cheque **60** days **00** hrs **00** min **00** sec

Median round **$49M** Rounds led **1 of 45** Sole investor **5 rounds** Exits **6 from the portfolio** Mostly in **United States, 92%**

Pitch Medtronic

## Medtronic highlights

- 01 3 cheques in the last 12 months
- 02 Mostly Series C and Series B: 51% of its rounds
- 03 Sole investor in 5 rounds, median $4.9M
- 04 6 exits from the portfolio

## What they do

- **Type:** Growth equity (from a list, unverified)
- **Cheque size:** Not stated
- **Based in:** Minneapolis, United States
- **Cold pitches:** Not stated

## The record

Every round we can evidence, newest first **45 appearances**

- **2026** 3 rounds
- **Sept** **[Pi-Cardia](https://millionrounds.com/company/pi-cardia)** Sprig Equity **Undisclosed** Sole investor
- **Jul** **[RapidPulse](https://millionrounds.com/company/rapidpulse)** Series B · US · Longview Ventures **$48M** *Led*
- **Jun** **[CereVasc](https://millionrounds.com/company/cerevasc)** Series C · US · Ventureburn **$85M** With 6 others
- **2018** 1 round
- **Jan** **[Fire1](https://millionrounds.com/company/fire1)** Series C · IE · Siliconrepublic **$50M** With 4 others
- **2017** 5 rounds
- **Nov** **[Semma Therapeutics](https://millionrounds.com/company/semma-therapeutics)** Series B · US · FinSMEs **$114M** With 10 others
- **Aug** **[SetPoint Medical](https://millionrounds.com/company/setpoint-medical)** Series D · US · FinSMEs **$30M** With 5 others
- **Jun** **[Glooko](https://millionrounds.com/company/glooko)** US · FinSMEs **$35M** With 5 others
- **Jun** **[Earlens](https://millionrounds.com/company/earlens)** Debt · US · FinSMEs **$118M** With 9 others
- **Jan** **[Aegea Medical](https://millionrounds.com/company/aegea-medical)** US · FinSMEs **$40M** With 4 others
- **2015** 4 rounds
- **May** **[AEGEA Medical](https://millionrounds.com/company/aegea-medical)** Series C · US **$36M** With 5 others
- **Apr** **[DreaMed Diabetes](https://millionrounds.com/company/dreamed-diabetes)** Seed **$2.0M** Sole investor
- **Mar** **[Semma Therapeutics](https://millionrounds.com/company/semma-therapeutics)** Series A · US **$44M** With 3 others
- **Mar** **[Glooko](https://millionrounds.com/company/glooko)** Series B · US **$17M** With 3 others
- **2014** 3 rounds
- **Sept** **[AcuFocus](https://millionrounds.com/company/acufocus)** Venture · US **$21M** With 5 others
- **May** **[Inspire Medical Systems](https://millionrounds.com/company/inspire-medical-systems)** Series E · US **$40M** With 8 others
- **Jan** **[PowerVision](https://millionrounds.com/company/powervision)** Series D · US **$20M** With 6 others
- **2013** 1 round
- **Nov** **[CardioInsight Technologies](https://millionrounds.com/company/cardioinsight-technologies)** Series C · US · crainscleveland.com **$15M** With 2 others
- **2012** 4 rounds
- **Dec** **[MC10](https://millionrounds.com/company/mc10)** Series C · US · mc10inc.com **$10M** With 6 others
- **May** **[Mitralign](https://millionrounds.com/company/mitralign)** Series D · US · finsmes.com **$35M** With 5 others
- **May** **[Visualase](https://millionrounds.com/company/visualase)** Series B · US **$5.2M** With 1 other
- **Mar** **[CardioInsight Technologies](https://millionrounds.com/company/cardioinsight-technologies)** Series C · US · finsmes.com **$7.5M** With 2 others
- **2011** 5 rounds
- **Nov** **[AcuFocus](https://millionrounds.com/company/acufocus)** Series F · US · finsmes.com **$65M** With 6 others
- **Oct** **[Functional Neuromodulation](https://millionrounds.com/company/functional-neuromodulation)** Series A · CA · biospace.com **$10M** With 1 other
- **Jul** **[PowerVision](https://millionrounds.com/company/powervision)** Series C · US · finsmes.com **$24M** With 4 others
- **Jun** **[Spinal Modulation](https://millionrounds.com/company/spinal-modulation)** Series D · US · businesswire.com **$30M** With 7 others
- **May** **[PhysioSonics](https://millionrounds.com/company/physiosonics)** Series B · US · onbiovc.com **$3.6M** Sole investor
- **2010** 4 rounds
- **Oct** **[Intersect ENT](https://millionrounds.com/company/intersect-ent)** Venture · US · sec.gov **$31M** With 4 others
- **Jan** **[MicroCHIPS](https://millionrounds.com/company/microchips)** Venture · US · finsmes.com **$17M** With 8 others
- **Jan** **[Salient Surgical Technologies](https://millionrounds.com/company/salient-surgical-technologies)** Venture · US · masshightech.com **$15M** With 2 others
- **Jan** **[GI Dynamics](https://millionrounds.com/company/gi-dynamics)** Venture · US · sec.gov **$15M** Sole investor
- **2009** 2 rounds
- **Oct** **[CardioMEMS](https://millionrounds.com/company/cardiomems)** Series F · US · onbiovc.com **$22M** With 9 others
- **Mar** **[Ardian](https://millionrounds.com/company/ardian)** Series C · US · memphis.bizjournals.com **$47M** With 4 others
- **2008** 1 round
- **Jan** **[Arbor Surgical Technologies](https://millionrounds.com/company/arbor-surgical-technologies)** Series C · US **$20M** With 10 others
- **2007** 4 rounds
- **Dec** **[Mitralign](https://millionrounds.com/company/mitralign)** Series C · US **$24M** With 7 others
- **Dec** **[REVA Medical](https://millionrounds.com/company/reva-medical)** Venture · US **$42M** With 5 others
- **Sept** **[NanoCor Therapeutics](https://millionrounds.com/company/nanocor-therapeutics)** Series B · US · nanocorthx.com **$6.3M** Sole investor
- **Jan** **[InnerPulse](https://millionrounds.com/company/innerpulse)** Venture · US **$50M** With 1 other
- **2006** 1 round
- **Nov** **[CardioMEMS](https://millionrounds.com/company/cardiomems)** Series D · US **$23M** With 4 others
- **2005** 1 round
- **Mar** **[Axial Biotech](https://millionrounds.com/company/axial-biotech)** Series A · US · axialbiotech.com **$4.1M** With 3 others
- **2004** 1 round
- **Oct** **[Medusa Medical Technologies](https://millionrounds.com/company/medusa-medical-technologies)** CA **Undisclosed** With 1 other

An announcement gives the size of the round, not the size of this investor's cheque: the only rounds that imply a cheque are those where they were the sole named investor.

## The team

We hold **48** people at this firm from the lists this database was built from: a weaker source than the filings, since a list does not say when a title ended. Login to see them.

## What they claim to have backed

From their own portfolio page (on their website)

**0** of 5 we have independently watched raise

Electronic Delivery of Order Diabetes Supplies Order Products (open Product Manuals Update my browser

Weaker than a round we watched, stronger than a list somebody sold us. A firm is far less willing to put a company on its own site that it never funded.

## Exits from the portfolio

Companies it backed that were later bought or listed **6 in all**

**[CardioInsight Technologies](https://millionrounds.com/company/cardioinsight-technologies)** Bought by [Medtronic](https://millionrounds.com/fund/medtronic) **$93M** Jun 2015

**[Visualase](https://millionrounds.com/company/visualase)** Bought by [Medtronic](https://millionrounds.com/fund/medtronic) **$105M** Jul 2014

**[Salient Surgical Technologies](https://millionrounds.com/company/salient-surgical-technologies)** Bought by [Medtronic](https://millionrounds.com/fund/medtronic) **$525M** Jul 2011

**[Ardian](https://millionrounds.com/company/ardian)** Bought by [Medtronic](https://millionrounds.com/fund/medtronic) **$800M** Nov 2010

**[Odin Medical Technologies](https://millionrounds.com/company/odin-medical-technologies)** Bought by [Medtronic](https://millionrounds.com/fund/medtronic) **$9.0M** Aug 2006

**[Percutaneous Valve Technologies (PVT)](https://millionrounds.com/company/percutaneous-valve-technologies-pvt)** Bought by [Edwards Lifesciences](https://millionrounds.com/fund/edwards-lifesciences) **$125M** Jan 2004

An exit counts when it came after the firm's first round in the company. From historical deal records.

## Companies it bought

Acquisitions by the firm itself

**Aircraft Medical** **$110M** Nov 2015

**[Lazarus Effect](https://millionrounds.com/company/lazarus-effect)** **$100M** Oct 2015

**[Medina Medical](https://millionrounds.com/company/medina-medical)** **$150M** Sept 2015

**[Twelve](https://millionrounds.com/company/twelve)** **$458M** Aug 2015

**[RF Surgical Systems](https://millionrounds.com/company/rf-surgical-systems)** **$235M** Jul 2015

**[CardioInsight Technologies](https://millionrounds.com/company/cardioinsight-technologies)** **$93M** Jun 2015

**NGC Medical SpA** **$350M** Aug 2014

**[Sapiens](https://millionrounds.com/company/sapiens)** **$200M** Aug 2014

**[Visualase](https://millionrounds.com/company/visualase)** **$105M** Jul 2014

**Covidien** **$48B** Jun 2014

**[Corventis](https://millionrounds.com/company/corventis)** **$150M** May 2014

**[TyRx Pharma](https://millionrounds.com/company/tyrx-pharma)** **$160M** Jan 2014

## The cheque

Series C Series B Venture

Median round joined **$49M** the round, not its cheque Alone, median **$4.9M**

Led 1 of 45 rounds **2%**

- **Sole investor:** 5 rounds
- **Last cheque:** Sept 2026
- **Exits:** 6 from the portfolio

Rounds by stage said on their site

- Series C *10*
- Series B *8*
- Venture *7*
- Series D *7*
- Series A *3*

Cheques by month Led Joined

Nov 2023 Oct 2026

Often in the room with

- [Johnson & Johnson Development Corporation (JJDC)](https://millionrounds.com/fund/johnson-and-johnson-development-corporation) 6
- [Advanced Technology Ventures](https://millionrounds.com/fund/advanced-technology-ventures) 4
- [Kleiner Perkins Caufield & Byers](https://millionrounds.com/fund/kleiner-perkins-caufield-and-byers) 3
- [New Enterprise Associates](https://millionrounds.com/fund/new-enterprise-associates) 3
- [Oxford Bioscience Partners](https://millionrounds.com/fund/oxford-bioscience-partners) 3
- [ARCH Venture Partners](https://millionrounds.com/fund/arch-venture-partners) 2

**Pitching Medtronic?** Put them on your fundraising board with this record on the card, and follow them to hear when they write a new cheque.

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## Who they invest alongside

The investors most often in the same rounds as Medtronic. A count of rooms they were both in, not a relationship either has claimed.

[**Johnson & Johnson Development Corporation (JJDC)** VC firm **6** rounds together](https://millionrounds.com/fund/johnson-and-johnson-development-corporation)[**Advanced Technology Ventures** VC firm **4** rounds together](https://millionrounds.com/fund/advanced-technology-ventures)[**Kleiner Perkins Caufield & Byers** VC firm **3** rounds together](https://millionrounds.com/fund/kleiner-perkins-caufield-and-byers)[**New Enterprise Associates** VC firm **3** rounds together](https://millionrounds.com/fund/new-enterprise-associates)[**Oxford Bioscience Partners** Growth equity **3** rounds together](https://millionrounds.com/fund/oxford-bioscience-partners)[**ARCH Venture Partners** VC firm **2** rounds together](https://millionrounds.com/fund/arch-venture-partners)[**Accuitive Medical Ventures** VC firm **2** rounds together](https://millionrounds.com/fund/accuitive-medical-ventures)[**Alloy Ventures** VC firm **2** rounds together](https://millionrounds.com/fund/alloy-ventures)[**Aperture Venture Partners** VC firm **2** rounds together](https://millionrounds.com/fund/aperture-venture-partners)[**Arnerich Massena & Associates** Growth equity **2** rounds together](https://millionrounds.com/fund/arnerich-massena-and-associates)[**Boston Millennia Partners** Private equity **2** rounds together](https://millionrounds.com/fund/boston-millennia-partners)[**Canaan** VC firm **2** rounds together](https://millionrounds.com/fund/canaan-partners)

## Recently backed

The latest companies Medtronic put money into.

[**CereVasc** $85M · Jun 2026](https://millionrounds.com/company/cerevasc)[**Fire1** $50M · Jan 2018](https://millionrounds.com/company/fire1)[**SetPoint Medical** $30M · Aug 2017](https://millionrounds.com/company/setpoint-medical)[**Glooko** $35M · Jun 2017](https://millionrounds.com/company/glooko)[**Earlens** $118M · Jun 2017](https://millionrounds.com/company/earlens)

## Quick answers about Medtronic

### What does Medtronic invest in?

Medtronic invests most often at Series C and Series B (51% of the rounds on record).

### How active is Medtronic?

45 investments on record, 3 of them in the last 12 months, and it led 1. The most recent was in Sept 2026.

### What has Medtronic invested in recently?

Its most recent investments on record: Pi-Cardia (Sept 2026), RapidPulse (Series B, Jul 2026) and CereVasc (Series C, Jun 2026).

### How big are Medtronic's cheques?

The median round it joins is $49M.

### Does Medtronic lead rounds?

Sometimes: it led 1 of its 45 investments on record (2%).

### Where does Medtronic invest?

Most of the companies it backs are in the United States (92%) and Canada (5%).

### Is Medtronic investing now?

Yes: it is actively investing, with 3 investments in the last 12 months.

### Who does Medtronic invest alongside?

Most often Johnson & Johnson Development Corporation (JJDC) (6 rounds together), Advanced Technology Ventures (4 rounds together) and Kleiner Perkins Caufield & Byers (3 rounds together).

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