MIS Access and Visualization specialist, Invuity®, Inc. tells us it has secured $36 million in a Series E financing which it says will accelerate commercial initiatives across the company’s broad and growing product line of advanced visualization devices for minimally invasive surgery.
We’ve followed Invuity for some time, intrigued by the company’s novel approaches to spinal surgery with retractors that feature inbuilt illumination. Invuity’s devices offer dramatically improve access and visualization in minimally invasive and minimal access surgeries compared with what’s out there across a variety of surgical specialties including spine, orthopedics, breast and thyroid oncology and plastic surgery.
Invuity doubled its revenue in 2013, suggesting the company’s on an upward track, and the new funding will enable the company to now double its sales force, triple its headquarters, and rapidly expand and iterate its product portfolio.
The new funding round, a combination of $21 million in equity and up to $15 million in debt, has been led by HealthCare Royalty Partners, along with existing investors Valence Life Sciences, InterWest Partners, Kleiner Perkins Caufield and Byers, and a number of other qualified investors.
Chief Executive Officer Philip Sawyer explained that the largely equity deal also includes some debt, which provides for a lower cost of capital, as well as a less dilutive structure.
“We have experienced considerable growth recently, with revenue more than doubling each year. This funding allows us to continue our strong momentum in a variety of high value procedures across multiple specialties,” said Sawyer. “Invuity is poised to accelerate product introductions and expand the commercialization team in the coming year. The executive team and our current investors are aligned in these goals and we are very pleased to welcome HC Royalty as an investor for the next phase of the company’s growth and expansion.”
for HealthCare Royalty Partners
Gregory B. Brown, M.D., Founding Managing Director commented, “As a surgeon, I understand the challenges that inadequate illumination of the surgical site can present for both doctors and their staff. Invuity’s technology has demonstrated that better visualization results in safer and more efficient surgeries. We believe this technology has broad applications across multiple surgical specialties and presents an exciting, robust market opportunity.”
Source: Invuity, Inc.