SAN FRANCISCO, CA, Developer of advanced medical devices to dramatically improve access and visualization in minimally invasive and minimal access surgeries, announced today that it has secured $36 million in a Series E financing.
Invuity, Inc., a developer of advanced medical devices to dramatically improve access and visualization in minimally invasive and minimal access surgeries, announced today that it has secured $36 million in a Series E financing led by HealthCare Royalty Partners ('HC Royalty'), along with existing investors Valence Life Sciences, InterWest Partners, Kleiner Perkins Caufield and Byers, and a number of other qualified investors. The financing is a combination of $21 million in equity and up to $15 million in debt. Proceeds will be used to accelerate commercial initiatives across the company's broad and growing product line of advanced visualization devices for minimally invasive surgery.
Invuity 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.'
Gregory B. Brown, M.D., Founding Managing Director at HC Royalty, 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.'
Invuity develops advanced medical devices to dramatically improve access and visualization in minimally invasive and minimal access surgeries. The company's products incorporate its proprietary Eigr technology into sophisticated hand-held illumination devices and access systems for a variety of surgical specialties including spine, orthopedics, breast and thyroid oncology and plastic surgery. The company is headquartered in San Francisco, CA. For more information, visit www.invuity.com
About HealthCare Royalty Partners
HealthCare Royalty Partners is a global healthcare investment firm focused on providing financing solutions to healthcare companies and royalty owners with interests in approved pharmaceutical and medical device products. The firm`s senior investment team has participated in 50 royalty financings valued at over $2 billion over the past decade. For more information, visit www.healthcareroyalty.com.
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