Heron Capital

Heron Capital is a venture capital investment firm based in Indianapolis, Indiana, founded in 2005. The firm focuses on providing growth and late-stage funding to companies in the life sciences and healthcare sectors, including therapeutic devices, diagnostics, healthcare services, manufacturing, and related areas, with activity extending across the United States and Canada. It targets mid- and growth-stage companies and seeks investments in ventures with strong intellectual property and high-quality management. The firm is advised by a network of scientists, physicians, entrepreneurs, and leaders of national and multinational corporations to support portfolio companies.

Kevin Etzkorn

Managing Director

Greg Maurer JD

Founder and Managing Director

12 past transactions

NeoChord

Series C in 2015
NeoChord, Inc. is a medical technology company based in St. Louis Park, Minnesota, specializing in innovative solutions for degenerative mitral valve disease (DMR). Founded in 2007, the company has developed the NeoChord Artificial Chordae Delivery System, a proprietary device that enables mitral valve repair to be performed while the heart is still beating. This minimally invasive technique involves a small incision, significantly reducing recovery time and complications compared to traditional procedures that require larger chest incisions and stopping the heart. NeoChord's system addresses severe mitral regurgitation caused by elongated or ruptured chordae tendineae, allowing surgeons to effectively manage blood flow without the need for cardiopulmonary bypass.

AirXpanders

Series E in 2014
AirXpanders, Inc. was a medical device company headquartered in San Jose, California, specializing in the design, manufacture, sale, and distribution of innovative medical devices aimed at improving breast reconstruction outcomes. Founded in 2005, the company developed the AeroForm Tissue Expander System, a needle-free and patient-controlled device specifically designed for use in two-stage breast reconstruction following mastectomy. This system allowed patients to expand tissue in a controlled manner before the insertion of breast implants. Despite its advancements in medical technology, AirXpanders filed for Chapter 7 bankruptcy and ceased operations on September 25, 2019.

Scale Computing

Series D in 2012
Scale Computing provides edge computing, virtualization, and hyperconverged infrastructure solutions for midsized organizations. Its HC3 platform offers an integrated, appliance-based system that combines servers, storage, and virtualization software to deliver a complete data center in a box. HC3 uses self-healing automation to monitor virtual machines, software, and hardware components, detect infrastructure events, and automatically respond to maintain application availability while simplifying data center management. The platform eliminates the need for separate virtualization, disaster recovery, servers, and shared storage by delivering a highly available, easy-to-manage solution that scales with demand. The company supports infrastructure refresh and migrations, including virtual-to-virtual and physical-to-virtual moves, and provides disaster recovery capabilities within a single, unified system. Founded in 2007 and based in Indianapolis, Scale Computing targets small to midmarket and distributed enterprises seeking reduced downtime and simplified IT operations through an integrated, turnkey platform.

AirXpanders

Series D in 2012
AirXpanders, Inc. was a medical device company headquartered in San Jose, California, specializing in the design, manufacture, sale, and distribution of innovative medical devices aimed at improving breast reconstruction outcomes. Founded in 2005, the company developed the AeroForm Tissue Expander System, a needle-free and patient-controlled device specifically designed for use in two-stage breast reconstruction following mastectomy. This system allowed patients to expand tissue in a controlled manner before the insertion of breast implants. Despite its advancements in medical technology, AirXpanders filed for Chapter 7 bankruptcy and ceased operations on September 25, 2019.

AirXpanders

Series D in 2012
AirXpanders, Inc. was a medical device company headquartered in San Jose, California, specializing in the design, manufacture, sale, and distribution of innovative medical devices aimed at improving breast reconstruction outcomes. Founded in 2005, the company developed the AeroForm Tissue Expander System, a needle-free and patient-controlled device specifically designed for use in two-stage breast reconstruction following mastectomy. This system allowed patients to expand tissue in a controlled manner before the insertion of breast implants. Despite its advancements in medical technology, AirXpanders filed for Chapter 7 bankruptcy and ceased operations on September 25, 2019.

Celleration

Series E in 2011
Celleration Inc. is a privately held medical device company based in Eden Prairie, Minnesota, founded in 1999. The company specializes in developing and commercializing therapeutic ultrasound technologies for wound care. Its flagship product, the MIST Therapy System, utilizes low-frequency ultrasound delivered through a saline mist to promote healing in wounds. This innovative approach allows ultrasound energy to penetrate beyond the surface of the wound, stimulating cellular activity and enhancing the healing process. Since receiving FDA clearance in 2005, Celleration has established a strong presence in the U.S. market, with over 1 million MIST Therapy treatments performed, benefiting more than 65,000 patients across numerous healthcare facilities. Celleration's commitment to advancing wound care technology has resulted in significant clinical and economic benefits, reinforcing its role in the medical community.

IDev Technologies

Series D in 2010
IDEV Technologies is an emerging growth medical device company that specializes in the development of innovative products for endovascular and interventional applications, particularly within interventional radiology, gastroenterology, vascular surgery, and cardiology. The company markets its flagship product, SUPERA, a self-expanding nitinol stent designed with a patented interwoven structure that enhances flexibility, radial strength, and resistance to kinking and crushing compared to competing stents. SUPERA is approved for treating biliary strictures in the United States and is currently undergoing clinical evaluation in the SUPERB IDE trial to assess its safety and efficacy for use in the superficial femoral artery.

Celleration

Series D in 2008
Celleration Inc. is a privately held medical device company based in Eden Prairie, Minnesota, founded in 1999. The company specializes in developing and commercializing therapeutic ultrasound technologies for wound care. Its flagship product, the MIST Therapy System, utilizes low-frequency ultrasound delivered through a saline mist to promote healing in wounds. This innovative approach allows ultrasound energy to penetrate beyond the surface of the wound, stimulating cellular activity and enhancing the healing process. Since receiving FDA clearance in 2005, Celleration has established a strong presence in the U.S. market, with over 1 million MIST Therapy treatments performed, benefiting more than 65,000 patients across numerous healthcare facilities. Celleration's commitment to advancing wound care technology has resulted in significant clinical and economic benefits, reinforcing its role in the medical community.

BioSET

Venture Round in 2007
BioSET, Inc., founded in 2001 and based in Rockville, Maryland, specializes in the research and development of synthetic bioactive peptides aimed at enhancing bone and soft tissue repair. The company creates proprietary therapeutic peptides utilized as medical devices in orthobiologics applications. Its notable product, Amplex, is an implantable device that combines a peptide with a synthetic ceramic scaffold, designed for use in spinal fusion surgeries and other orthopedic procedures. Additionally, BioSET develops products for sports medicine and creates peptide signaling molecules along with various scaffold biomaterials for applications in trauma, fracture repair, and soft tissue treatments. As of February 2015, BioSET operates as a subsidiary of Ferring Pharmaceuticals Inc.

Atlantis Components

Series D in 2007
Atlantis Components specializes in the design and manufacturing of titanium abutments for implant dentistry, utilizing a proprietary software system known as the Virtual Abutment Design (VAD) system. This innovative system enables technicians to create abutments with unprecedented precision and reliability, enhancing the restoration of dental implants through crown-and-bridge techniques. Atlantis Components' designs are grounded in comprehensive dental research and clinical insights, ensuring that their products meet the needs of dental professionals and improve patient outcomes. The company's commitment to quality and precision positions it as a leader in the field of dental implant solutions.

AirXpanders

Series A in 2007
AirXpanders, Inc. was a medical device company headquartered in San Jose, California, specializing in the design, manufacture, sale, and distribution of innovative medical devices aimed at improving breast reconstruction outcomes. Founded in 2005, the company developed the AeroForm Tissue Expander System, a needle-free and patient-controlled device specifically designed for use in two-stage breast reconstruction following mastectomy. This system allowed patients to expand tissue in a controlled manner before the insertion of breast implants. Despite its advancements in medical technology, AirXpanders filed for Chapter 7 bankruptcy and ceased operations on September 25, 2019.

AirXpanders

Venture Round in 2006
AirXpanders, Inc. was a medical device company headquartered in San Jose, California, specializing in the design, manufacture, sale, and distribution of innovative medical devices aimed at improving breast reconstruction outcomes. Founded in 2005, the company developed the AeroForm Tissue Expander System, a needle-free and patient-controlled device specifically designed for use in two-stage breast reconstruction following mastectomy. This system allowed patients to expand tissue in a controlled manner before the insertion of breast implants. Despite its advancements in medical technology, AirXpanders filed for Chapter 7 bankruptcy and ceased operations on September 25, 2019.
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