Endomag, the NIA Member using magnetic nanoparticles as part of their portfolio of minimally-invasive surgical guidance to ensure cancer can be targeted and removed more accurately, has successfully closed a $10 million Series C funding round.
Lead investor Draper Esprit is the European division of the Draper Venture Network, founded by illustrious Silicon Valley venture capitalist Tim Draper, an early backer in companies such as Skype, Tesla and SpaceX. Draper Esprit’s investment in Endomag is a strong vote of confidence in the management team and the medical device company’s vision and future plans.
Since its inception in 2007, Endomag has been applying their understanding of magnetic sensing technologies to develop products to help surgeons accurately locate and remove tumours as well as determine if the cancer has spread to other parts of the body. The company’s products have already been used in over 35,000 procedures across 300 hospitals in more than 30 countries.
Eric Mayes, CEO at Endomag, said: “2018 is shaping up to be the most significant year in Endomag’s history. Alongside securing this investment, we won a Queen’s Award for Enterprise in Innovation and received a 510K FDA clearance to extend the use of our Magseed® magnetic marker – and it’s only July! This funding greatly increases our ability to scale in our primary markets and drive our continued growth.”
