Kona Medical Inc. has closed its Series C round with the addition of $10 million in equity and debt, bringing total proceeds to $40 million. Investors include Essex Woodlands, Domain Associates, Morgenthaler Ventures, Western Technology Investments, and BioStar Ventures. Silicon Valley Bank provided the debt facility. Kona Medical is based in Bellevue, Washington, and Menlo Park, Calif. The company is developing ultrasound technology to treat the nerves leading to and from the kidney.
Kona Medical, Inc. (www.konamedical.com) today announced it has completed its Series C financing with the addition of $10 million in equity and debt, bringing total proceeds to $40 million. The Series C round included two large-cap strategic investors who joined with prior investors Essex Woodlands, Domain Associates, Morgenthaler Ventures, Western Technology Investments, BioStar Ventures, and individuals in the financing. Silicon Valley Bank provided the debt facility.
“We greatly appreciate the interest and support shown by leading healthcare companies and investors,” said Michael Gertner, MD, founder and CEO of Kona Medical. “The resources provided by this financing will advance our mission to offer a treatment alternative for the millions of people who suffer from resistant hypertension.”
The Kona Surround SoundTM system utilizes ultrasound, delivered from outside the body, to treat the nerves leading to and from the kidney. Renal denervation has been shown in clinical studies to lead to significant and lasting reductions in high blood pressure. At the TCT conference in October, Kona announced initial results from its WAVE I clinical study. Unlike other methods which rely on a catheter emitting therapeutic energy through the wall of the renal artery to affect the renal nerves, Kona’s external Surround SoundTM technology uses a novel method of treating the nerves from outside the patient.
The fully non-invasive system the company is developing may greatly expand access to renal denervation therapy and offer a more patient-friendly alternative for the tens of millions of people who suffer from drug-resistant hypertension.
About Kona Medical
Kona Medical has 25 employees and is based in Bellevue, Washington, and Menlo Park, California.