Non-invasive robotics platform and sonic beam therapy developer HistoSonics announced today that it closed a Series C-1 financing worth $40 million.
Yonjin Venture led the oversubscribed funding round, while Varian Medical Systems, Johnson & Johnson Innovation, Venture Investors, Lumira Ventures, State of Wisconsin Investment Board and more participated as well, according to a news release.
Minneapolis-based HistoSonics intends to use the proceeds to accelerate activities centered around its Edison platform for non-invasive, personalized treatments with histotripsy for destroying targeted tissues at sub-cellular levels. Other funds may be used to launch new strategic projects as well.
Through histotripsy and focused sound energy, the Edison platform generates pressures strong enough to liquify and destroy those targeted tissues, offering the ability of the treatment site to recover and heal quickly while giving physicians a chance to monitor the destruction under continuous real-time visualization and control.
“We believe that having the ability to precisely destroy targeted tissue without entering the body and without the use of radiation or thermal energy, will provide meaningful change to patients and the physicians who care for them,” Yojnin Venture partner Wen Chen said in the release. “We believe that histotripsy and the Edison Platform have the ability to provide meaningful clinical, quality of life, and economic benefits across a very broad range of applications, starting in the liver, and with far-reaching implications, and we are excited to join HistoSonics on this journey.”
As part of the financing, Chen was appointed to HistoSonics’ board of directors, having previously served as senior VP & head of business development & operations at China-based Tigermed.
“We are thrilled to welcome Wen and the team from Yonjin Venture,” HistoSonics president & CEO Mike Blue said. “Their deep experience and domain expertise in strategic markets, as well as passion for our mission and vision, were very important to us in a partner, and we look forward to working closely with their team moving forward to execute on our global plan.”