Kona Medical said it closed a $10 million Series D round it plans to use to enter the Chinese renal denervation market.
Unlike other renal ablation systems, Kona’s Surround Sound device uses external ultrasound to non-invasively target the nerves leading to and from the kidney.
The round, led by Morningside Group, follows a $40 million Series C round the Bellevue, Wash.- and Menlo Park, Calif.-based medical device company raised last year.
"These funds are earmarked for the China market," founder & CEO Dr. Michael Gertner said in prepared remarks. "Our research predicts a very large market in China for a non-invasive therapy to treat hypertension. This investment will allow Kona to begin navigating the complex clinical, regulatory, and intellectual property issues associated with this region. We are very pleased to have an experienced investor in the region join the Kona syndicate."
"Kona Medical has tremendous potential," added Morningside’s Reenie McCarthy. "We look forward to working with the company to bring this important therapy to market."