HistoSonics, the US-headquartered developer of a soundwave-based medical treatment device, completed a $54m series C round yesterday that was led by cancer treatment technology provider Varian Medical Systems.
Johnson & Johnson Innovation – JJDC, the corporate venturing arm of medical group Johnson & Johnson, also took part in the round, as did venture capital firm Lumira Ventures, investment firm Venture Investors, State of Wisconsin Investment Board and private investor Fred Moll.
HistoSonics is developing an autonomous robotics platform that will use pulsed sound waves to destroy and liquify diseased tissue and tumours without harming surrounding tissue. The series C funding will go to further development of its technology platform.
The company’s histotripsy technology was licensed from University of Michigan and developed by co-founders Charles Cain, Brian Fowlkes, Tim Hall, Zhen Xu and William Roberts, all scientists in its Department of Biomedical Engineering or Department of Urology.
Greg Sorensen, vice-president of strategy and business development at Varian, has joined HistoSonics’ board of directors together with Lumira Ventures managing director Gerry Brunk and an appointee from JJDC.
HistoSonics received $8.3m from Venture Investors, Wolverine Venture Fund, Hatteras Venture Partners, Fletcher Spaght Ventures, Early Stage Partners, TGap Ventures, Um-Mints and Grand Angels in early 2017 as the first close of a series B round, but did not confirm whether it then closed a planned $5m second tranche.
Venture Investors, Fletcher Spaght, Hatteras, Early Stage Partners and TGap Ventures had previously provided $11m for the company in 2010 as part of a series A round that closed at $14.2m in 2014 according to a securities filing. It added $3.6m in debt financing in 2014 and 2015 according to other filings.