Minimally invasive surgery is here to stay as patients enjoy briefer recovery times--and payers benefit from lower associated costs. But as the incisions get smaller, visualization gets tougher. That's where surgical photonics company Invuity steps in.
It markets a whole line of handheld illumination devices and access systems that are each tailored to specific surgeries. The idea is to improve access and visualization in minimally invasive and minimal access surgery. All of them incorporate the company's Eigr Illumination Technology, which projects light more broadly and uniformly than traditional fiber optics
The startup has raised another $20 million to advance its mission. This round comes less than a year after a $36 million Series E financing in March 2014. It was a combination of $21 million in equity and up to $15 million in debt led by HealthCare Royalty Partners.
This time around crossover investor Wellington Management led the financing. Once a crossover investor buys in, an IPO is often on the table within the next year or two. The private med tech recently spoke at three recent bank conferences for the healthcare industry--a clear sign that it's looking to engage Wall Street.
In addition to HealthCare Royalty Partners, previous Invuity investors include Valence Life Sciences, InterWest Partners and Kleiner Perkins Caufield & Byers.
Greg Lucier, the former chairman and CEO of Life Technologies, also invested in this round and joined the board as part of it. Life Tech was acquired by Thermo Fisher Scientific ($TMO) in 2014 for $13.6 billion.
The financing is intended to help the company further commercialize its visualization devices. The startup has devices tailored for specific surgical applications including breast and thyroid oncology, plastics, spine, orthopedic, cardiothoracic and general surgery.
- here is the release