US-based medical device maker Cianna Medical raised $8m in equity and debt from investors including pharmaceutical company Novo’s corporate venturing unit, Novo Ventures.
Fog City Fund, Saints Capital and Emergent Medical Partners contributed to the $4m equity portion of the round alongside Novo. GE Capital, the financial services subsidiary of conglomerate General Electric, concurrently provided $4m in debt financing for Cianna.
Founded in 2007, Cianna has developed a range of products under its Savi brand to treat breast cancer. Savi assists medical professionals with the delivery of radiation therapy, tumour localisation and surgical guidance.
Cianna will use the funding to launch its newest product, Savi Scout, by the end of 2015. The device, which gained regulatory approval last year, enables radiologists to find non-palpable breast lesions so they can be surgically removed.
Cianna raised $12m in a 2011 series B round led by Novo Ventures that included Fog City, Emergent and Saints, and $10m in a 2009 series A round featuring industrial group Mitsubishi International, Saints, Fog City and Emergent.
GE Capital previously provided $10m in debt financing for the company in May 2014.
Jill Anderson, president and CEO of Cianna Medical, said: “We appreciate the support of our investment partners, and these additional funds will enable us to devote appropriate resources to launch our newest product, Savi Scout.”