Pulmonx raises $65m, taps Sung as CFO

Pulmonx said today that it raised $65 million in an oversubscribed equity round and added that it picked up Derrick Sung as its new chief financial officer.

Funding in the round was lead by Ally Bridge Group and joined by newly invested RTW Investments, ArrowMark Partners, Driehaus Capital Management and existing investors, the Redwood City, Calif.-based company said.

“We are very pleased to welcome Charles Chon, partner and managing director of Ally Bridge Group’s medical technologies effort to the Pulmonx board of directors,” board chair Dr. Rodney Perkins said in a press release.

Pulmonx said that prior to joining it, Sung served as strategy & corp dev exec VP at iRhythm Technologies (NSDQ:IRTC), and has also held positions with Boston Scientific.

“We are grateful to have attracted substantial new investment from this distinguished group of private and public healthcare investors. Pulmonx also welcomes Derrick Sung, Ph.D., as our new chief financial officer. In this new role Derrick will lead and further strengthen the company’s outstanding finance team, and directly contribute to strategic and operational imperatives. I very much look forward to working with Derrick to realize the full potential of Pulmonx,” prez & CEO Glen French said in a prepared statement.

Last November, Pulmonx said that it won national coverage through health insurer Aetna for its Zephyr endobronchial valve system intended for treating severe emphysema and chronic obstructive pulmonary disorder.