De Novo Ventures

De Novo Ventures was a Menlo Park, California-based venture capital firm founded in 2000 by Richard Ferrari and David Mauney, specializing exclusively in medical devices and biotechnology. The firm managed approximately $650 million across three funds, with its largest — De Novo Ventures III LP — reaching $300 million. Over its lifetime, De Novo backed more than 40 companies and led rounds throughout early and growth stages. The portfolio produced a strong exit track record: Pulmonx went public on NASDAQ at a $645 million market capitalization, EBR Systems listed on the ASX in 2021, and AxoGen completed a public offering, alongside 25 acquisitions across the portfolio. Additional companies included EndoGastric Solutions, TRIA Beauty, Benvenue Medical, and Milo. Average checks ranged from $3 million to $50 million, reflecting the capital-intensive nature of medical device development. Richard Ferrari, the managing director, brought over 35 years of medical device entrepreneurship to the partnership, having previously led CardioThoracic Systems to IPO and Cardiovascular Imaging Systems to acquisition by Boston Scientific. De Novo Ventures combined that operational depth with patient capital structured for the long regulatory cycles inherent to life sciences. The firm is now permanently closed; its most recent portfolio activity was the acquisition of TRIA Beauty by CurrentBody in October 2024.