Medical device company iThera Medical announces successful closure of €13 Million investment round, led by TRUMPF Venture with participation by the EIC Fund as co-investor in addition to existing investors Mey Capital Matrix, Wachstumsfonds Bayern, BayBG, Fluxunit, Falk Strascheg Holding, and Occident. The funding will drive the company's continued innovation and commercialization of its novel medical imaging technology, with a specific goal to translate the technology into a routine clinical environment and offer clinicians worldwide a powerful new diagnostic tool.
MUNICH, Dec. 21, 2022 /PRNewswire-PRWeb/ -- In clinical practice, a wide range of diagnostic procedures are essential for clinicians to diagnose disease and monitor treatment response. However, many fields have an unmet need for accurate, objective, and quantitative approaches. iThera Medical has developed Multispectral Optoacoustic Tomography (MSOT), a breakthrough imaging technology that utilizes the photoacoustic effect – describing the conversion of light energy into sound waves – to visualize optical contrast, at high resolution in deep tissue. MSOT has already demonstrated its potential clinical value in a wide variety of disease areas and is currently used for clinical research at leading academic hospitals worldwide.
To finalize the translation from research to routine clinical use, iThera Medical has now signed a €13 Million funding round. New lead investor TRUMPF Venture and new co-investor EIC Fund will join existing investors Mey Capital Matrix, Wachstumsfonds Bayern, BayBG, Fluxunit, Falk Strascheg Holding, and Occident. The proceeds from this funding round will be used to develop a next-generation MSOT device optimized for routine clinical use, to secure regulatory approval for deployment in Europe and the United States (CE and FDA approval), and to significantly expand clinical evidence in priority clinical indications.
The co-investment by the EIC Fund comes as the equity portion of iThera Medical's successful grant application to the Horizon Europe EIC Accelerator program. This program employs a unique hybrid grant-equity scheme to fund European pioneering innovations. In addition to a €2.5 Million grant to support technology development, the European Union will also directly invest in iThera Medical via the EIC Fund.
Ulrich Kruse, Investment Manager of TRUMPF Venture, describes their rationale for investing: "iThera Medical's technology is positioned to be the next breakthrough in medical imaging. As a company with deep roots in photonics and medical technology, we are thrilled to support the continued development of MSOT and anticipate an impactful launch into wider medical imaging markets."
"This funding round is the next major step to translate our MSOT technology from a tool in research to a diagnostic asset in a clinical setting, where we believe it will be a game-changer for millions of patients worldwide", says Christian Wiest, CEO and co-founder of iThera Medical. "The support of our investors – both new and existing – will allow us to realize this vision."
Surya Fackelmann, Investment Officer of the European Investment Bank, states, "The EIC Accelerator program allows the European Union to identify ambitious companies whose innovations have immense potential to benefit the European economy and populace. The direct investment in iThera Medical by the EIC Fund will help deliver this exciting new technology to clinics and is part of our larger goal to finance Europe's future."
About iThera Medical
Since its incorporation in 2010, iThera Medical develops and markets optoacoustic imaging systems for preclinical and clinical research. More recently, the company has started translating its technology for routine diagnostic clinical use across various types of diseases, including cancer, inflammatory, fibrotic, and cardiovascular diseases. Optoacoustic imaging utilizes the photoacoustic effect – the conversion of light energy into acoustic signals – to visualize and quantify optical contrast in deep tissue, at high spatial and temporal resolution.
For details, see: http://www.ithera-medical.com
About TRUMPF Venture
TRUMPF Venture extends the TRUMPF Group's comprehensive activities to promote innovation and to detect disruptive technologies and business models early on. The corporate venture capital arm invests globally in early-stage start-ups active in areas complementary or adjacent to the TRUMPF core, such as Advanced Photonics and Smart Factory Solutions. Funded start-ups benefit from an extensive network, deep domain knowhow, proven skills in scalability, as well as support to access the TRUMPF Group and its ecosystem. The requirements for a potential investment are a strategic fit, a high innovation leverage and differentiation in business model or technology, an experienced management team, and risk adequate financial returns.
The TRUMPF Group is the world technological and market leader for machine tools used in flexible sheet metal processing as well as industrial lasers and achieved sales of €4.2 Billion in 2020/21.
Find out more about TRUMPF Venture at: http://www.trumpf.com/s/venture
About the EIC Fund
The European Innovation Council Fund from the European Commission is an agnostic Fund: it invests across all technologies and verticals, and all EU countries and countries associated to Horizon Europe. It provides the investment component of the EIC Accelerator blended finance. The EIC Fund aims to fill a critical financing gap and its main purpose is to support companies in the development and commercialization of disruptive technologies, bridging with and crowding in market players, and further sharing risk by building a large network of capital providers and strategic partners suitable for co-investments and follow-on funding. The Fund pays particular attention to the empowerment and support of female founders as well as the ambition to reduce the innovation divide among EU countries.
For details, see: https://eic.ec.europa.eu/eic-funding-opportunities/eic-accelerator_en
The material presented and views expressed here are the responsibility of the author(s) only. The EU Commission takes no responsibility for any use made of the information set out.
For further information, please contact:
Phone: +49 (0)89 700 7449-21
Email: [email protected]
Christian Wiest, iThera Medical GMBH, 49 (0) 89 700 7449-21, [email protected]
SOURCE iThera Medical GMBH