NeoGuide Systems, a Los Gatos developer of a colonoscopy system to help prevent and treat colorectal cancer, today said it has raised $25 million in a third round of financing.
NeoGuide’s technology is designed to enhance physician control of the colonoscope and to eliminate “looping,” the principle reason why conventional colonoscopy is painful, time consuming and difficult, the company said.
The financing will be used to fund commercialization of the NeoGuide Endoscopy System in the United States, including ramping up manufacturing and the sales and service organizations, the company said.
The round was led by the London-based Advent Venture Partners. Advent was joined by existing investors Versant Ventures, Utah Ventures, 3i, Kaiser Permanente Ventures, Arboretum Ventures, SBV and The Angels Forum/Halo Fund. Rockport Venture Partners also participated in the round, the company said.