The biggest medical device VC deals of 2022

2. Enable Injections: $215 million (Drug Delivery)

Enable Injections makes the enFuse wearable platform for subcutaneous delivery of high-volume therapeutics at home. The investigational system can deliver up to 50 ml as an alternative to IV administration.

Founded in 2010 by President and CEO Mike Hooven (the founder and former CEO of AtriCure), Enable Injections raised $30 million in Series A funding in 2016 and $40 million in a Series B round in 2018.

In 2019, the company partnered with Sanofi and Genentech to develop drugs for the platform, including long-term manufacturing and supply arrangements.

Some speculated that the company’s $215 million Series C round in January 2022 — led by Magnetar Capital — valued the company at more than $1 billion, but Enable Injections has declined to share its valuation.

“The funding from Magnetar will help enFuse continue to redefine intravenous drug delivery by meaningfully scaling our development and commercialization efforts,” Hooven said at the time. “This will help us reach even more patients who depend on intravenous medications and, we believe, significantly improve their lives.”

Since that record funding round, the Evandale, Ohio-based drug delivery device developer announced plans to add more than 250 jobs in the Cincinnati region. This year, Enable Injections said it would open an R&D center in West Chester Township as soon as March while it searches for a new headquarters location to accommodate the growth.

“We are relentless in our pursuit of transformative and impactful drug delivery technology and in our commitment to expand our presence in the region,” Hooven said when announcing the expansion.

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