Pulmonx, the US-based medical device maker producer backed by steel conglomerate Posco, has raised $65m in an oversubscribed funding round led by healthcare investment group Ally Bridge.
The round included investment firm RTW Investments, asset management firm ArrowMark Partners and boutique investment adviser Capital Management as well as undisclosed existing investors.
Pulmonx focuses on minimally-invasive medical devices designed to diagnose and help treat pulmonary disorders, a group of lung conditions such as emphysema that cause breathing difficulties.
The company’s lead product is the Zephyr Endobronchial Valve Therapy, a non-surgical valve that blocks the airflow of the diseased part of the lung, which enables the healthier tissue to expand and take in more air. It received regulatory approval in the US in July 2018.
Oxford Finance provided Pulmonx with $20m in debt financing in 2014 that followed $10m in equity funding in 2012 according to a regulatory filing.
Pulmonx had raised $32m in a 2010 series C round that was co-led by HealthCap and Kleiner Perkins Caufield & Byers and backed by Posco Bioventures, an investment fund set up by Posco, as well as DeNovo Ventures, Latterell Venture Partners, MedVenture Associates and Montreux Equity Partners.
The company received $7m in debt funding in 2008, according to a securities filing, adding to a $20m round led by DoNovo and backed by Medivate, Latterell Venture Partners, Montreux Equity Partners and MedVenture in 2007.
The latter two were existing investors, having backed an $8m round for Pulmonx in 2003, according to a regulatory filing.