Siemens Venture Capital (SVC), the corporate venturing division of Germany-based industrial conglomerate Siemens, has led the $20m series C round for ViewRay, a US-based medical device maker.
SVC is a new investor in ViewRay’s venture capital syndicate of Aisling Capital, Kearny Venture Partners, OrbiMed Advisors and Fidelity Biosciences, which invests in healthcare on behalf of mutual fund manager Fidelity Investments as its sole limited partner.
Fidelity and the three VCs had provided $25m to ViewRay’s series B round in 2008 while the firm closed its series A round the year before at $3m mainly from private individuals.
The C round is expected to develop ViewRay’s image‐guided radiation therapy system, which will improve the accuracy of cancer treatments through a combination of simultaneous magnetic resonance imaging (MRI) and radiotherapy delivery.
Ralf Schnell, chief executive of SVC, said: "MRI‐guided radiotherapy has great potential, and we believe ViewRay has the technology and the team to bring it to fruition."
In April last year ViewRay signed an exclusive development and supply agreement with Siemens’ healthcare sector.