Existing backers including Draper Esprit and Sussex Place Ventures have reinvested to bring Endomag’s overall funding to above $43m.
Endomag, a UK-based breast cancer surgery technology spinout of University College London and University of Houston, obtained £15m ($20m) yesterday in a series B round led by Draper Esprit and including Sussex Place Ventures and unnamed existing investors.
Founded in 2007, Endomag produces magnetic sensing-based technologies to identify breast cancer and evaluate its progression less intrusively than conventional surgical techniques that apply controlled doses of radiation.
Endomag’s products mark cancer’s location in the body with a minuscule metal placement which is detected by its Sentimag magnetic scanner. Surgeons then apply a tracing liquid to determine whether the disease has spread.
The spinout currently markets the product in 43 countries and expects to launch an updated iteration of Sentimag next year.
Endomag said it has raised more than $43m in funding to date. The series D proceeds are set to push its technology into more areas of breast care and scale its headcount in a bid to expand market share.
Draper Esprit previously led Endomag’s $10m series C round in mid-2018 with participation from Sussex Place Ventures, adding to $3.1m from a 2014 round led by Regents Park Partners II that included UCL Business, the university’s commercialisation company, along with New Wave Ventures.
In 2013, Endomag disclosed $3.2m of series B funding from UCL Business, New Wave, Sussex Place Ventures and Sarum Capital.
Endomag had already attracted $950,000 in November 2011 from New Wave Ventures and unnamed internal investors, adding to $1.9m it received three months earlier from UCL Business, Sussex Place, Sarum and Bloomsbury Bioseed Fund.