Germany-based medical imaging technology developer iThera Medical increased the size of a series C round featuring lighting product maker Osram from $8m to $10.3m last month.
The company raised €2m ($2.3m) from Occident Ventures, the venture capital arm of investment group Occident, as well as family office Falk Strascheg Holding and BayBG, an investment division of Bavarian government funding agency LfA Förderbank Bayern.
Osram’s corporate venturing unit, Fluxunit, had joined BayBG, family office Extorel and Wachstumsfonds Bayern, a fund managed by LfA’s VC arm, Bayern Kapital, to supply the initial $8m in September 2018.
Founded in 2010 as a spinout of environmental health research centre Helmholtz Zentrum München, iThera Medical has developed imaging technology called multispectral optoacoustic tomography (MSot), which relies on a photoacoustic effect to create highly detailed 3D models of deep tissue in real time.
The technology is currently being used in preclinical and clinical research, and the series C funding is intended to accelerate and expand the clinical development of MSot.
BayBG and Mey Capital Matrix had co-led a series A round of undisclosed size for iThera in 2011, but the company has not disclosed details of its series B funding.
Image courtesy of iThera Medical. The original version of this story appeared on our sister site, Global University Venturing.
