Medical device company ViewRay Inc has closed $30 million in funding to support the worldwide commercialization of its MRI-guided radiation therapy system. The ViewRay system has already been acquired by 5 leading cancer treatment centers worldwide.
Existing equity investors Aisling Capital, Fidelity Biosciences, Kearny Venture Partners, and OrbiMed Advisors provided much of the revenue, along with new investor Cowealth Medical Holding Co Ltd. Hercules Technology Growth Capital, a Palo Alto-based specialty finance company whose focus is providing senior secured loans to venture capital backed technology companies, offered debt financing.
The ViewRay system is designed to improve the accuracy of cancer treatments through a patented combination of simultaneous Magnetic Resonance Imaging (MRI) and radiation therapy delivery. With continuous soft-tissue imaging, clinicians can clearly see the cancer target, monitor where the actual radiation dose is being delivered, and adapt to changes in the patient’s anatomy, providing a more precise and personalized cancer treatment option.
“As we look forward to expanding our international presence, partnering with a Chinese investor is a significant milestone,” said Chris A. Raanes, ViewRay president and CEO. “The continued backing of past institutional investors, in addition to this new funding from Cowealth and Hercules, is a testament to the strength of this technology. We expect the first patient to be treated on the ViewRay system imminently, and with the support of our investors, we are excited to accelerate the deployment of the system globally.”
