Arbor Surgical Technologies Inc., an Irvine-based heart valve maker, said Monday that it closed a $20 million second round of venture financing.
Arbor has raised $34 million in venture funding since its founding.
Baird Venture Partners, a unit of Milwaukee-based R.W. Baird & Co., led the funding. Affinity Capital Management, Minneapolis, and Fisk Ventures LLC of Racine, Wis., joined Baird as new investors in Arbor.
Existing Arbor investors also participated in the round, including Johnson & Johnson Development Corp., the medical and consumer products giant’s venture capital arm.
Arbor, which also has an office in Portola Valley, said it would use the money to fund ongoing development and clinical trials of a new tissue heart valve that it’s developing, along with implanting tools it says will simplify and speed up valve replacement surgery.
Arbor was founded by Thomas Fogarty, a doctor and entrepreneur, and Ernie Lane, a heart valve designer in 2002.
Pete Shagory, a Baird Ventures partner who oversees healthcare and life science investments, joined Arbor’s board in connection with the investment.
