GI Windows announced that it raised nearly $15 million in Series A financing for its next-generation technology for clinical procedures and tissue fusion.
The West Bridgewater, Mass.-based, clinical-stage company said the $14.6 million financing round was led by Asia-focused healthcare investment firm GT Healthcare Capital Partners, as well as Sonder Capital.
Proceeds from the funding round are earmarked for the company to develop its technology for non-surgical approaches to create anastomoses in the GI tract. The company’s self-assembling magnets are designed to enable intestinal bypass to treat chronic diseases like Type 2 diabetes and obesity without incisions and associated costs.
“We are excited with the high level of commitment and enthusiasm from our investors,” GI Windows president & CEO Brian Tinkham said in a news release. “Our team has made significant strides over the past 12 months in R&D and clinical procedural development. GI Window’s technology is poised to demonstrate improved clinical outcomes and reduce healthcare costs for patients and providers.”
“GI Windows is focused on creating the first fundamental breakthrough in anastomoses technology in the past 40 years,” added Sonder Capital partner Colby Wood. “The opportunity represents areas of significant clinical unmet need with large and growing market opportunities.”
“We are excited to take part in GI Window’s revolution in reshaping and simplifying operating procedures in the digestive system that benefits patients and reduce healthcare costs,” said GT Healthcare managing partner Alan Au.