Having achieved an initial close of $8m in September, the Helmholtz spinout has now closed its series C round at $10.3m.
iThera Medical, a Germany-based medical imaging spinout of environmental health research centre Helmholtz Zentrum München, added €2m ($2.3m) to its series C round last month to raise a total of $10.3m.
The extension was backed by Occident Ventures, the venture capital arm of investment group Occident, and family office Falk Strascheg Holding as well as BayBG, an investment division of Bavarian government funding agency LfA Förderbank Bayern.
The spinout had received an initial $8m in September 2018 backed by Fluxunit, the corporate venturing unit of lighting products company Osram, Wachstumsfonds Bayern, a fund managed by LfA’s VC arm Bayern Kapital, family office Extorel and BayBG.
Founded in 2010, iThera Medical has developed imaging technology called multispectral optoacoustic tomography (MSot) that relies on a photoacoustic effect to create highly detailed 3D models of deep tissue in real time.
The technology is currently in use in preclinical and clinical research, and iThera will use the series C funding to accelerate and expand the clinical development of MSot.
iThera closed a series A round of undisclosed size in 2011 co-led by BayBG and Mey Capital Matrix. The company has not disclosed details about its series B round.
