Corinth MedTech Secures $12M Series D Funding to Commercialize Veloxion Surgical System Following FDA 510(k) Clearance

VCBeat (WeChat ID: vcbeat) learned from foreign media that medical device company Corinth MedTech recently announced the completion of a $12 million Series D financing round. The round was led by ShangBay Capital and Aethan Capital, with participation from several existing investors. Additionally, William Dai, a partner at ShangBay Capital, will join the board of directors of Corinth MedTech.

It is reported that Corinth MedTech will use the proceeds from this financing to advance the commercialization of the Veloxion System. The Veloxion System, a medical cutting device developed by Corinth MedTech, is designed for use in surgeries for benign prostatic hyperplasia (BPH) and transurethral resection of bladder tumor (TURBT). Notably, the Veloxion System received FDA 510(k) clearance in May of this year.

Corinth MedTech, founded in 2014, is a small startup based in Cupertino, California. The company has developed a bipolar transurethral and transcervical resection system (Veloxion) that enables endoscopic controlled tissue resection for the treatment of male patients with benign prostatic hyperplasia (BPH) and female patients with abnormal uterine bleeding (AUB) requiring hysteroscopic tissue resection.

Approximately 300,000 men are diagnosed with benign prostatic hyperplasia (BPH) annually, and 400,000 patients require transurethral resection of bladder tumor (TURBT) surgery. According to The New England Journal of Medicine, more than one million women suffer from conditions such as endometrial polyps, uterine fibroids, and abnormal uterine bleeding (AUB) each year. Corinth MedTech offers targeted therapeutic technologies for all the aforementioned conditions.

The Veloxion system features bipolar RF plasma energy, enabling tissue incision and hemostasis. It facilitates tissue resection and coagulation under endoscopic visualization with continuous blood flow. By integrating fluid management and CMOS visualization technologies, the Veloxion system excels in the resection of prostatic adenomas and bladder tumors.

“We are highly interested in the Veloxion system’s establishment of a new gold standard for BPH surgery and TURBT treatment. Corinth MedTech has developed multiple proprietary technology platforms, including radiofrequency tissue resection, radiofrequency ablation, CMOS visualization, and fluid management,” said William Dai, Partner at ShangBay Capital.

“The Veloxion system has the potential to significantly impact the treatment of disabling diseases,” said Gerrit Adams of Crown Venture Fund. “As the first institutional investor in Corinth MedTech, we are pleased to bring this novel approach to market.”

Corinth MedTech estimates that the Veloxion system will have a $2 billion market.

ShangBay Capital, established in 2015, is a venture capital firm specializing in early-stage investments, with its headquarters located in Palo Alto, United States. The firm primarily invests in the fields of medical devices, biotechnology, and mobile healthcare.

(Compiled by Wang Chan)