Pulmonx, a US-based medical device developer backed by steel conglomerate Posco, has received $66m in a funding round led by investment firm Ally Bridge.
Adage Capital Management, HealthQuest Capital, Partner Fund Management, Rock Springs Capital and unnamed existing backers also contributed to the round. Pulmonx additionally obtained $17m from CIBC Innovation Banking to refinance an existing debt facility.
Pulmonx has developed a minimally invasive medical device, called Zephyr Valve, to treat severe emphysema, a progressive and life-threatening form of chronic obstructive pulmonary disease.
Zephyr Valve is administered through a one-time procedure to block off the diseased portion of the lung, which subsequently reduces in size and allows healthy tissue to expand in its place.
The capital will allow Pulmonx to scale its commercialisation efforts and meet demand for its device, as well as to drive research and development efforts on treatments for other pulmonary conditions.
Pulmonx secured $65m in a funding round led by Ally Bridge in May 2019, with participation from RTW Investments, ArrowMark Partners, boutique investment adviser Capital Management and undisclosed existing shareholders.
Oxford Finance supplied $20m in debt financing in 2014, following $10m in funding in 2012, according to a securities document.
Pulmonx had collected $32m in series C funding in 2010 co-led by HealthCap and Kleiner Perkins Caufield & Byers, with the backing of Posco Bioventures, an investment fund set up by Posco.
DeNovo Ventures, Latterell Venture Partners, MedVenture Associates and Montreux Equity Partners also took part in the series C round.
DeNovo led a $20m round in 2007 with commitments from Medivate, Latterell Venture Partners, Montreux Equity Partners and MedVenture. Montreux and MedVenture had already participated in an $8m funding round in 2013.
