Invuity secures $36 million round of financing led by HC Royalty
Published on March 4, 2014 at 7:20 AM
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."