It marks the closure of the company's fourth fund. The Wellesley, Massachusetts, venture fund will invest in high-value-added medical technology enterprises like medical devices and diagnostics.

BioVentures said that it already made four investments from Fund IV, including Locemia Solutions that was acquired by Eli Lilly.

Other investments have been made in Deep Vein Medical, CoNextions Medical and Endotronix.

Deep Vein Medical plans to initiate the human trials of the prosthetic venous valve in the next year, while CoNextions Medical is expected to receive approval from the US Food and Drug Administration (FDA) for its tendon repair technology in this year.

Endotronix is a digital health medtech company, which will engage in the development of advanced treatment for heart failure.

According to BioVentures, the fund seeks to purchase private equity positions in early-stage medical device, diagnostic and related companies, which hold capacity to gain significantly in value within five years of the initial investment.

BioVentures is investing in new commercial technology in the healthcare sector with a more focus on on medical devices and diagnostics.

It has raised around $220m in four funds, which will be used for the commercial development of innovative healthcare technology.