Two TNInvestco funds start medical device company

Two Nashville investment funds that are participants in the state-created TNInvestco venture capital program have partnered to launch a new medical device company here.

Together, TriStar Technology Fund and Limestone Fund have committed $4 million in seed money for Device Innovation Group LLC.
The start up plans to identify, acquire and develop roughly four medical device technologies to the point where they can be sold commercially either by spin-off companies or in house.

Nashville-based Device Innovation is the first newly created company to emerge from the TNInvestco program, which channeled cash from insurance companies into venture capital firms through the sale of state tax credits.

Until now, the 10 TNInvestco funds have invested largely in existing companies, including a technology company that moved its headquarters here from Boston.

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