|The Croma electrosurgical system--Courtesy of Creo Medical|
U.K. electrosurgery startup Creo Medical completed its latest $8.45 million financing round, adding strategic investor Pentax Medical to the mix of funders, and raising its total funding haul to $20.7 million.
The company's Croma electrosurgical system produces bipolar radiofrequency to cut soft tissue and high frequency microwave energy to achieve coagulation.
The company's R2 single-use catheter is powered by the electrosurgical unit and performs the radiofrequency cutting and microwave coagulation, according to the company website. "The current product range provides a suite of therapeutic gastroenterology instruments for use via flexible endoscopy," the company said in a release, adding that it aims to deploy the device and associated instruments for use during laparoscopic surgery and interventional cancer treatment.
"We welcome our new investor Pentax Medical, identifying therapeutic endoscopy as a priority area they support Creo Medical's vision to be leaders in electrosurgery. With this latest investment we are well positioned to complete US regulatory approval, build on our growing intellectual property portfolio and develop commercial traction in key global markets," said Creo Medical CEO Craig Guilford in a statement.
Device player Pentax Medical is owned by Japanese conglomerate Hoya Corporation, which focuses on healthcare and electronics such as semiconductors.
"We are pleased to be investing in an organization with a proven record of innovation in a business that aligns seamlessly with Pentax Medical's cutting-edge flexible endoscopes portfolio. This investment grants us access to an innovative electrosurgical platform and accelerates Pentax Medical's strategy of more effectively serving physicians and their patients in a rapidly evolving healthcare industry by expanding into the vital endoscopic therapy space," said Pentax chief marketing officer David Woods in a statement.
Existing investors Finance Wales and the Angel CoFund also participated in the latest round, as well as individual angel investors. Finance Wales was established by the Welsh government, while Angel CoFund is privately owned.
- read the release