New Delhi, March 14 -- L&T chairman emeritus A M Naik, investors Madhusudan Kela and Utpal Sheth along with other high net worth individuals have invested in medical devices firm S3V Vascular Technologies Ltd to help it set up a facility that will make neurovascular devices to treat strokes.

The Mysore-based company has raised 'a little less than Rs.300 crore' in this funding round, sufficient to complete the new manufacturing plant, said founder and chief executive Badari Narayan. The proceeds will help the company focus on sales, marketing, manufacturing and for securing a US Food and Drug Administration (USFDA) approval for its plant to make medical devices.

The pre-revenue target company started in 2013 and was first incubated in th...