Baxter Ventures has participated in a series D round for Outset Medical that was led by Mubadala Investment Company.

US-based medical device producer Outset Medical raised $132m in a series D round this week that included Baxter Ventures, the corporate venturing arm of healthcare company Baxter International. 

Abu Dhabi state-owned firm Mubadala Investment Company led the round, which also featured financial services group Fidelity Management and Research, Partner Fund Management, Perceptive Advisors, Warburg Pincus and funds advised by T. Rowe Price Associates.

Founded in 2003 as Home Dialysis Plus, Outset Medical has developed a mobile dialysis machine, Tablo, that provides water purification and dialysis fluid production in a single system. Tablo only requires tap water and an electrical outlet to operate.

The series D funding will go towards increased production capabilities and accelerated commercialisation of Tablo.

Outset Medical previously closed a $76.5m series C round in May 2017 led by T. Rowe Price, with commitments from Fidelity, Partner Fund Management, Warburg Pincus, Perceptive Advisors and Vertical Group.

Fidelity had already led a $51m series B round in 2015 that also included Partner Fund Management, Perceptive Advisors, CRG, Warburg Pincus and Vertical Group. In 2010, Warburg Pincus committed $50m in funding.

Baxter was named as a returning shareholder for the $132m series D round, though it is not clear when the corporate first invested.