Tuesday, February 12, 2013

Innovative Pulmonary Solutions Raises $10M, But Moves To Minnesota

Bellevue-based Innovative Pulmonary Solutions said today that it has raised $10M in a Series C funding round--but has moved its headquarters to Minneapolis, Minnesota from Bellevue, and renamed itself to

Holaira. The medical device company, which is developing medical devices to treat chronic obstructive pulmonary disease (COPD), said the Series C funding round came from all of its existing venture investors, which include Advanced Technology Ventures, Morgenthaler Ventures, Split Rock Partners, and Versant Ventures.

As part of the funding, the firm said it is moving its headquarters to Minnesota and changing its name. The firm said that the relocation of the company and new corporate identiy will help "sets the stage" for its product development and future clinical trials. The company did not provide any other details on why it decided to move out of the Seattle area. However, one of the firm's big backers--Split Rock Partners--is based in Minneapolis.

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