VC-Backed Bust: Cierra

Cierra Inc., a Redwood City, Calif.-based developer of a system for percutaneous PFO closure without leaving behind a heart implant, has shut down. The company had raised around $28 million in VC funding, including a $21.3 million Series C round in 2005 at a post-money valuation of around $54.5 million. Backers included The Foundry, Delphi Ventures, Frazier Healthcare Ventures, Morgenthaler Ventures and Split Rock Partners.

The company’s website is still active, but its phones have been disconnected. www.cierrainc.com