Dysis Medical said yesterday it raised $25 million (GBP £18 million) in a new round to help support its Dysis colposcope used for cervical cancer screenings.
The Dysis colposcope uses both optical imaging and software to scan the cervix to improve cervical cancer screening procedures, the company said.
Funds in the round will help support expansion into the US, across the U.K. and in “other key territories,” the Edinburgh, Scotland-based company said. Funds may also be used to support strategic R&D.
“We are excited to support the rapid growth of Dysis Medical and the advancement of the Dysis colposcope. We recognize the momentum the company is achieving globally and we are delighted to continue our involvement with Dysis to improve women’s healthcare and cervical cancer screening,” Lundbeckfonden Ventures senior partner Casper Breum said in a press release.
Dysis said that alongside the funding round, it has launched a new version of its Dysis device, the Dysis Ultra, earned NHS support for adoption of the device and published “compelling clinical data” in the US. The company touted the US trial its engaged in as the largest colposcopy study ever, with 7,555 patients at 45 clinics.
“This investment affirms the success we have had so far and will allow us to accelerate sales and the roll-out of our evergreen recurring revenue business model. We greatly value our partnership with Lundbeckfonden Ventures and are delighted by their recognition of our progress and their support as we continue our objective of saving lives by making Dysis the new standard for colposcopy,” CEO Alastair Atkinson said in a prepared statement.