UK-based cancer screening technology developer Dysis Medical closed an £18m ($24m) series B round today featuring Lundbeckfonden Ventures, the strategic investment arm of pharmaceutical firm Lundbeck.
The company has not specified whether Lundbeckfonden Ventures, which invested as an existing backer, supplied the full amount or participated alongside other investors.
Dysis Medical has developed a colposcope that is used for cervical cancer screening, and recently released the latest version of the device.
The company has also been overseeing large-scale trials for the system in the US, and the funding will support growth there and in the UK. Dysis also intends to invest further in research and development.
Lundbeckfond Ventures joined investment manager Albion Ventures as well as NBGI, a private equity subsidiary of National Bank of Greece, and the state-backed Scottish Enterprise’s Scottish Investment Bank to invest $11.3m in the company in 2013.
The 2013 round, the last to be announced by Dysis, followed $7.6m in funding from the latter three investors in 2009, back when the company was still known as Forth Photonics.
Alastair Atkinson, chief executive of Dysis Medical, said: “This investment affirms the success we have had so far and will allow us to accelerate sales and the roll-out of our evergreen recurring revenue business model.
“We greatly value our partnership with Lundbeckfonden Ventures and are delighted by their recognition of our progress and their support as we continue our objective of saving lives by making Dysis the new standard for colposcopy.”