Varian Medical Systems and Johnson & Johnson Innovation – JJDC have returned for the series C-1 round having backed the U-M spinout's series C last year.
HistoSonics, a US-based medical device developer spun out of University of Michigan (U-M), completed a $40m series C-1 round yesterday featuring medical equipment producer Varian Medical Systems and medical products group Johnson & Johnson.
The round was led by Yonjin Venture, a subsidiary of financial holding group Yongjin Group, and included Venture Investors, Lumira Ventures and State of Wisconsin Investment Board, while Johnson & Johnson took part through Johnson & Johnson Innovation – JJDC.
Founded in 2009, HistoSonics is developing a surgical system called Edison Platform which will utilise histotripsy – a technique using image-guided ultrasound – to liquify and destroy targeted tissue within a patient using a sonic beam, while being able to monitor the progress of the device in real time.
HistoSonics conducted preclinical research at the University of Michigan Immunology Lab. Wen Chen, venture partner at Yonjin Venture, is joining its board of directors in conjunction with the round.
The company has now raised more than $116m, having closed a $54m series C round led by Varian Medical in April 2019. Johnson & Johnson Innovation – JJDC, Lumira Ventures, Venture Investors, State of Wisconsin Investment Board and Fred Moll also participated.
Venture Investors was an existing investor while Michigan Investment in New Technology Startups (Mints), the venture capital fund of U-M, and Wolverine Venture Fund, the student-run venture fund of UMich, were among the investors in an $8.3m series B round in 2017. The spinout’s shareholders also include Hatteras Venture Partners, Fletcher Spaght Ventures, Early Stage Partners, TGap Ventures and Grand Angels.
– A version of this article first appeared on our sister site, Global Corporate Venturing.
