Insightec announced that it signed definitive agreements for a $150 million Series F financing round with a post-money valuation of $1.3 billion.
The Haifa, Israel–based company is the developer of the Exablate Neuro incisionless neurosurgery platform. Insightec touts the Exablate Neuro as the first MR-guided focused ultrasound device to win FDA approval for treating certain movement disorders in people suffering from essential tremor and tremor-dominant Parkinson’s disease who have not responded to medication.
Insightec’s essential tremor treatment is approved for reimbursement in the U.S. and other countries, with more than 65 medical centers around the world using Exablate Neuro, according to a news release.
The company said the latest funding is earmarked for supporting research to evaluate focused ultrasound for treating essential tremors and other disorders. Koch Disruptive Technologies — Koch Industries’ venture capital arm — led the round and has committed $100 million in investment at an initial closing to follow shareholder approval.
“Our partnership with KDT and other investors is helping to fuel our momentum as a rapidly growing number of medical institutions adopt our focused ultrasound technology,” Insightec chairman of the board & CEO Dr. Maurice Ferré said in the release. “This new investment demonstrates our investors’ commitment to help drive the next generation of focused ultrasound.”
“Insightec’s focused ultrasound technology is disrupting the way surgery has been performed for generations,” added Koch Disruptive Technologies president Chase Koch. “KDT is focused on empowering innovative companies and helping them realize their potential to improve the lives of millions of people. ”
Insightec raised $150 million in its previous round in 2017.