The breakthrough medical platform Edison offers vision of non-invasive procedures to eliminate diseased tissues and tumours
HistoSonics, a developer of a non-invasive robotic platform and sonic beam therapy, has secured $40m in a Series C-1 financing round led by Yonjin Venture, a venture capital firm focused on life science companies.
Existing investors including Varian Medical Systems, Johnson & Johnson Innovation – JJDC, Venture Investors, Lumira Ventures, State of Wisconsin Investment Board, and additional new investors have also participated in the investment round.
HistoSonics president and CEO Mike Blue said: “We are thrilled to welcome Wen and the team from Yonjin Venture.
“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.”
HistoSonics will use the financing to support the development of Edison Platform
HistoSonics intends to use the proceeds from financing round to advance the development of its Edison Platform, along with launching new strategic projects.
The medical device start-up said that its Edison Platform leverages advanced imaging and sensing technology to deliver customised non-invasive treatments with precision and control.
In addition, the technology uses the science of histotripsy and focused sound energy to generate adequate pressures to liquify and completely destroy targeted tissues at sub-cellular levels.
Developed at the University of Michigan, histotripsy is exclusively licensed to HistoSonics.
As part of the financing, Yonjin Venture partner Wen Chen will be appointed as member of HistoSonics Board of Directors.
Yonjin Venture partner Wen Chen said: “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.
“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.”