Canada-based medical device manufacturer Exact Imaging has secured C$21.5m ($16m) in series C funding from investors including biotechnology innovation platform Bioscikin, which invested C$3m in September 2016.
The round was co-led by Lumira Capital and Vesalius Biocapital, with further participation from iGan Partners and its sister fund Rowanwood Ventures, as well as the Flemish government-owned PMV and other, unnamed backers.
Founded in 2013, Exact Imaging has developed ExactVu, a high-resolution micro-ultrasound system that offers real-time imaging and guided biopsies, enabling urologists to detect prostate cancer. The company was originally launched as Imagistx but rebranded in 2015.
The series C capital will go towards the commercialisation of ExactVu, as Exact looks to scale its commercial activities and advance its product roadmap.
In 2013, iGan Partners led a C$4.2m funding round for Exact that included Investment Accelerator Fund, which is managed by non-profit commercialisation company Mars Discovery District, which invested together with Veddis Ventures and various angel investors.
Alexandra Tolia, senior investment manager at PMV, will join Exact Imaging’s board of directors, as will Peter van der Velden, managing general partner at Lumira, and Gaston Matthyssens, managing partner at Vesalius.
– The original version of this article appeared on our sister site, Global Government Venturing.