Greeley will be opening a Boston office for Foundation Medical, alongside former North Bridge Venture Partners investor Bill Geary. Fortune yesterday reported on Geary’s departure from North Bridge, which he had joined as part of its 1994 founding.

Geary and Greeley tell me that they’re excited by the prospect of working on a platform dedicated to medical technology, after having been siloed within larger IT investment firms (but both say their departures were amicable — showering praise on their Flybridge/North Bridge partners). Greeley plans to retain his Flybridge board seats, while Geary will continue on as an independent director and/or advisor with his companies.

Neither wanted to discuss fundraising at Foundation Medical, which is currently out in market. They also declined to discuss fundraising at their former firms, although it’s known that Flybridge is wrapping up its fourth fund and North Bridge is prepping its ninth. Neither of those funds is expected to include a healthcare allocation.

Also worth noting that Foundation Medical has added four new “executive partners,” who will work with portfolio companies:  Kevin Sharer (ex-Amgen CEO), Chris Kryder (founder of D2Hawkeye), Tom Mac Mahon (founding CEO of LabCorp) and Bob Sheehy (ex-CEO of United Healthcare).

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