HistoSonics Secures $11 Million Series A Early Stage Venture Capital Funding
Ann Arbor, MI--HistoSonics, Inc. has secured $11 million in Series A early stage venture capital financing to advance its histotripsy system for non-invasive surgery. The investment was led by Venture Investors, of Ann Arbor and Madison, Wisconsin, joined by Fletcher Spaght Ventures, Hatteras Venture Partners, Early Stage Partners, and TGap Ventures.
Histotripsy is a non-invasive, image-guided technology that ablates tissue with robotic precision. The HistoSonics device uses cavitation to remotely liquify tissue without generating heat. Cavitation describes the implosive force of small bubbles in a fluid that, on collapsing, release energy. This is the effect that the inventors harnessed to be able to ablate tissue safely and without invasive surgery. The company's initial focus will be on benign prostatic hyperplasia, or enlargement of the prostate gland. Current invasive surgical techniques have risks, including impotence and loss of bladder control; medications to reduce the enlargement are only partially effective for some patients. The company will also explore using its device in cancer surgery.
The technology was developed at the University of Michigan by a team that includes Charles Cain, Ph.D., Brian Fowlkes, Ph.D., Tim Hall, Ph.D., Zhen Xu, Ph.D., and William Roberts, M.D. The team includes members from the University's Department of Biomedical Engineering and Department of Urology. HistoSonics licenses the technology from the University of Michigan.
The company will be led by Tom Davison, Chairman and CEO, a serial entrepreneur with multiple successful exits; M. Christine Gibbons, President and COO, and Jim Bertolina, Ph.D., Vice President of Research and Development and CTO.
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Early Stage Partners Managing Director manages the HistoSonics investment.