EndoChoice today said it raised $57 million for its Fuse full-spectrum endoscope from a group that included prior backers and new investors.
The new investors included Ally Bridge Group, Rock Springs Capital and Deerfield, which placed partner Steven Hochberg on the EndoChoice board "as an observer," according to a press release. Previous investors joining the round included Sequoia Capital, EndoChoice said.
EndoChoice said it plans to use the proceeds to expand the commercial footprint of its Fuse endoscopy device, which features 3 small cameras designed to provide a 330° view; the company claims is nearly double the range of typical colonoscopy devices. That device won FDA 510(k) clearance in the U.S. in June 2013. EndoChoice also makes the Fuse gastroscope, which has 2 cameras designed to expand the field of view from 150° with standard gastroscopes to 245°, according to the release.
"We are delighted to be able to lead this financing round for EndoChoice," Hochberg said in prepared remarks. "This is a unique opportunity to invest in a company that has a broad range of GI products and services, a track record of 7 years of growth, and an exciting, new endoscopy technology that promises to improve clinical outcomes while lowering healthcare cost for payors."
"Every day we hear from our GI customers about the positive impact Fuse is having for their patients," founder & CEO Mark Gilreath added. "We are well-positioned to expand our promotional and product development efforts to ensure that more patients around the world will benefit from this potentially life-saving technology."