Invuity's Eigr Waveguide (Courtesy Invuity Inc.)
Planning to accelerate commercial initiatives across its line of advanced visualization devices for minimally invasive surgery, Invuity Inc. (San Francisco) has secured $36 million in Series E financing, the company announced March 4.
Invuity makes a line of retractors and waveguides that feature its proprietary Eigr illumination technology. The company says its solid-core optical polymer fiber optics incorporate a proprietary complex geometry of integrated microstructures to shape illumination within the operative space.
Invuity's Eigr-equipped devices broadly project thermally cool, brilliant light to uniformly illuminate deep surgical cavities, providing improved visualization while virtually eliminating shadows and glare, and minimizing thermal hazards. This better light is intended to improve visualization deep into the surgical cavity, which allows for smaller and fewer incisions, often eliminating the need for a second incision, specifically for procedures such as partial mastectomies and lumpectomies.
In a statement, Michael J. Gratch, MD, Doylestown Hospital (Abington, PA), says, "Eigr technology significantly improves the quality of illumination and enables me to better identify and visualize even in and around neural elements of the spine. I believe the technology has helped me be even more precise in my work."
This improved illumination also helps to reduce luminaire actions during surgery, resulting in improved workflow in the operating room. In contrast, overhead lighting and headlights require repeated adjustments during surgery, which interrupt workflow and add to surgery time.
The Eigr Saber Waveguide, which uses an array of microlenses to direct light onto the surgical target, is said to be more than 25oC cooler at the tip than conventional fiber-optic devices. Invuity's website says that this "provides a safer surgical environment by projecting thermally cool illumination which virtually eliminates the risk of thermal tissue damage, patient/staff injury, melting drapes, and fire hazards."
The company's new financing is a combination of $21 million in equity and up to $15 million in debt. Philip Sawyer, Invuity's CEO, explained that this arrangement provides for a lower cost of capital, as well as a less dilutive structure.
"We have experienced considerable growth recently, with revenue more than doubling each year. This funding allows us to continue our strong momentum in a variety of high value procedures across multiple specialties," said Sawyer. "Invuity is poised to accelerate product introductions and expand the commercialization team in the coming year."
This latest infusion of capital is led by HealthCare Royalty Partners along with existing investors Valence Life Sciences, InterWest Partners, Kleiner Perkins Caufield and Byers, and a number of other qualified investors.
