Exact Imaging details $16m series C

Participatiemaatschappij Vlaanderen has contributed to a series C round that will help commercialise Exact Imaging’s micro-ultrasound technology.

Exact Imaging, a Canada-based medical device manufacturer, has secured C$21.5m ($16m) in series C funding from investors including Flemish government-owned Participatiemaatschappij Vlaanderen (PMV).

The round was co-led by Lumira Capital and Vesalius Biocapital, with further participation from biotechnology company Bioscikin, iGan Partners and its sister fund Rowanwood Ventures, as well as other, unnamed backers.

Founded in 2013, Exact Imaging has developed ExactVu, a high-resolution micro-ultrasound system that offers real-time imaging and guided biopsies enabling urologists to detect prostate cancer. The company was originally launched as Imagistx but rebranded in 2015.

The series C capital will go towards the commercialisation of ExactVu, scale commercial activities and advance the company’s product roadmap.

In 2013, iGan Partners led a C$4.2m funding round, with participation from Veddis Ventures and the Investment Accelerator Fund, managed by non-profit commercialisation company Mars Discovery District, and angel investors. Exact Imaging has not revealed other funding details.

Alexandra Tolia, senior investment manager at PMV, will join Exact Imaging’s board of directors, as will Peter van der Velden, managing general partner at Lumira, and Gaston Matthyssens, managing partner at Vesalius.

Tolia said: “Our participation in Exact Imaging’s series C financing reflects our fund’s investment strategy in healthcare.

“Specifically, we invest in companies with a disruptive technology, a unique product pipeline that addresses a highly unmet medical need and with an excellent management team committed to bringing these products to market and, consequently, to the patient.

“Through this financing, we are excited to support Exact Imaging in realising their international development plan, including the creation of its European headquarters in Flanders, which will be spearheading the commercial roll-out efforts for the ExactVu system in Europe.”

See more from this Government Report: Flanders, Belgium

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