After starting off 2021 with an FDA clearance for its portable dialysis machine, Quanta Dialysis Technologies has now raised a massive $245 million venture capital round to help roll out its next-generation device to both acute and chronic care settings.
The proceeds will also scale up the U.K.-based company’s operations internationally, with a special focus on boosting its U.S. manufacturing, sales and customer service divisions—in addition to setting the stage for a new clinical trial aimed at garnering an FDA green light for at-home use of its portable dialysis device.
Quanta’s SC+ hemodialysis machine is small enough to fit on top of a cart or tabletop and is currently cleared for use by healthcare professionals in hospitals and skilled nursing facilities. It can also connect with water purification hardware, which means the device can be moved and operated without having to be connected to a centralized system.
The smaller machine aims to provide the same level of treatment as its larger counterparts, with a modular, cartridge-based approach to offering high-flow dialysis, such as the typical thrice-a-week appointments as well as gentler procedures given over a longer timespan.
“Everybody knows that dialysis care must improve,” Quanta CEO John Milad said in a statement. “For this to happen, providers and physicians need products that allow greater flexibility to bring dialysis directly to the patient, while simplifying complexity and reducing the overall cost of care.”
The company’s series D financing was led by Glenview Capital and co-led by Novo Holdings, with additional backing from BlackRock, Eldridge, Sands Capital, Millennium Management, Monashee Investment Management, Puhua Capital, Segulah Medical, Ancora, Wellington Partners, btov, Seroba Life Sciences and The Grands, plus integrated delivery network Orlando Health.
Quanta aims to compete in what the company describes as a $12 billion market, as the industry shifts further toward home care—with a little push from the COVID-19 pandemic and a year of clinic lockdowns.
Its hardware will go up against companies such as Outset Medical, which went public through a $242 million IPO last year. Its portable Tablo machine has been cleared for home use and has also been deployed to New York City-area hospitals as part of an emergency response to COVID-19.
Meanwhile, dialysis clinic heavyweights DaVita Kidney Care and Fresenius Medical Care are also tapping into home care options, including machines developed by NxStage Medical—previously acquired by Fresenius for $1.9 billion—and peritoneal hardware recently launched by Baxter.