Toronto-based Exact Imaging, which develops high-resolution micro-ultrasound systems that enable real-time imaging and biopsy guidance for the prostate, has raised a $21.5 million Series C round.
The round was co-led by Lumira Capital and Vesalius Biocapital, with participation from new investors including Participatiemaatschappij Vlaanderen PMV from Brussels, Belgium, and existing investors including iGan Partners (the company was co-founded by iGan managing partner Sam Ifergan) and Rowanwood Ventures.
“We are very pleased to have been able to achieve an investment of this magnitude from such a high-quality investment syndicate,” said Randy AuCoin, Exact Imaging’s president, CEO, and co-founder. “This financing will allow us to scale our commercial organization, aggressively implement our product roadmap, and help us to realize the significant opportunity in the prostate biopsy and imaging marketplace.”
Exact Imaging’s platform allows urologists to visualize areas of interest in the prostate and specifically target biopsies at those areas in addition to performing systematic biopsy protocols.
“As a founding investor in Exact Imaging and longtime supporter of the company, we have always believed in the potential of this high-resolution micro-ultrasound technology and the impact it could have on the urology marketplace,” said Ifergan.
The company will use the funding to commercialize its ExactVu micro-ultrasound system and expand in the US and Europe. Exact Imaging plans to open an office in Flanders, Belgium, with PMV’s investment.
“Exact Imaging’s micro-ultrasound technology has the potential to change the standard of patient care in the urological practice by providing the urologist with the very tool they have been seeking,” said Dr. Jacki Jenuth, Principal at Lumira Capital. “Specifically, a solution for prostate biopsies that provides much better resolution, is controlled by the urologist, and is based on a known technology and workflow.”