Funds from the series B round will help the surgical guidance company develop its lead product Pintuition.
Sirius Medical has announced the closure of a series B funding round raising $13m (€12m). The round, led by Holland Capital with support from existing investors, will enable the company to continue development of its flagship product Pintuition.
Pintuition, powered by the company’s software (GPSDetect), provides surgeons with real-time distance and directional navigational guidance, enabling them to locate tumours. The software is installed in over 100 centres across the US and Europe.
In March 2021, the FDA granted clearance to Pintuition for breast cancer surgery.
“We are pleased with the advantages that the GPSDetect software brings us,” said breast surgical oncologist Irma den Hoed of ETZ hospital in Tilburg, the Netherlands.
“Having both visual and audio directional feedback provides perfect navigation towards the tumor and allows me to perform an optimal oncoplastic lumpectomy while significantly improving and simplifying the surgical procedure”.
The Eindhoven, Netherlands-based company also announced recent partnerships to facilitate the launch of Pintuition in Australia and New Zealand.
The series B funding round follows the company’s series A financing which raised $4.7m in its first tranche and an undisclosed amount in the second.
“We are excited about the market potential for surgical marker navigation,” said Jan Frens van Giessel, partner at Holland Capital. “We believe that the Pintuition technology and its future innovations will significantly improve surgery of non-palpable tumors for patients, physicians and improve the care for cancer patients.”
Sirius Medical is part of a growing number of companies providing surgeons with cutting-edge digital guidance assistance during surgery. Cydar Medical received $11.5m in early 2023 to continue the roll out of its augmented reality image-guided surgery software. The market is expected to become more crowded as technologies become easier to implement in hospitals, and surgeon sentiment toward digital assistance becomes more favourable.
