Israel-based cancer diagnostics technology developer Dune Medical Devices closed a $12.3m round yesterday that included conglomerate Kraft Group.
Medical device and diagnostics-focused investment firms Aton Partners and medical technology-oriented growth equity firm Canepa Healthcare also took part in the round.
Dune Medical has developed radiofrequency spectroscopy technology that it uses to detect cancer. Its first product, MarginProbe, provides intraoperative margin assessment data to surgeons performing breast cancer lumpectomy surgery.
Lori Chmura, chief executive of Dune Medical, said: “The syndicate of committed investors demonstrates high optimism around the company’s future.
“This financing round is a testament to the success of the revolutionary radiofrequency spectroscopy technology that created our first product, the MarginProbe system, and is the basis for our surgical oncology platform which is quickly becoming the standard of care in cancer treatment.”
The company had previously raised $41m across three rounds, securing $7.5m in an Apax Partners-led round in 2004 before adding $12.5m from Apax, Meditech Advisers and unnamed private investors two years later.
Kraft Group and Carnepa Advanced Healthcare subsequently co-led a $21m round for Dune Medical in 2014 that included undisclosed new and existing investors.