# NeuWave Medical

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/neuwave-medical

- Industry: Medical Devices & Equipment
- Headquarters: Madison, US
- Website: www.neuwavemedical.com
- Total disclosed funding: $53M
- Latest round: Series C (May 15, 2015)
- Investors on record: 6

## About

NeuWave Medical Inc. specializes in advanced medical devices, particularly focusing on the NEUWAVE™ Microwave Ablation System, designed for the precise treatment of soft tissue tumors.Founded in 2004 in Madison, US, NeuWave Medical Inc. develops medical technology aimed at soft tissue ablation. The company has successfully secured funding from multiple investors, with the latest being a Series C round amounting to USD 25.310 mn led by Versant Ventures. NeuWave has completed a total of 9 deals to date, raising a total of USD 25.310 mn and achieving a current valuation of USD 83.974 mn. Christopher Brace is a notable figure in the company's history, having been involved in founding other ventures.The NEUWAVE™ Microwave Ablation System is a significant advancement in medical technology, specifically designed for the precise ablation of soft tissues. This system is intended for use in various surgical settings, including percutaneous, open surgical, and laparoscopic procedures, focusing on the ablation of non-resectable liver tumors. Core offerings comprise the NEUWAVE Microwave Ablation System and associated probes, such as the NEUWAVE PR Probe and NEUWAVE PRS35 Probe, which enhance control and adaptability in ablation. The products cater primarily to healthcare institutions in the United States, including hospitals and surgical centers involved in oncology and interventional procedures.NeuWave Medical Inc. generates revenue predominantly through B2B transactions, supplying the NEUWAVE™ Microwave Ablation System and accessories directly to healthcare facilities. These clients include hospitals and surgical centers that purchase the systems for treating liver tumors. The revenue model encompasses one-time purchases for ablation systems and recurring costs for consumable probes used in procedures. Additionally, the company may establish partnerships with medical facilities to facilitate installation and training for effective utilization of its technology, positioning the NEUWAVE system as a premium offering in the medical device market.NeuWave Medical Inc. is focused on expanding its product offerings and market reach. The company is actively designing new products to enhance its existing ablation technology, although specific release dates have not been disclosed. Furthermore, there are plans to enter new markets, particularly targeting regions that show a growing demand for advanced oncology solutions. Recent funding from WARF Ventures will be utilized to support these initiatives, bolstering NeuWave's capacity to innovate and expand into new geographic areas.

## Funding rounds

- Series C, May 15, 2015, $25M — Venture Investors, Versant Ventures, H.I.G. BioHealth Partners
- Series B, Aug 2, 2012, $14M — Venture Investors, State of Wisconsin Investment Board, H.I.G. BioHealth Partners, WARF Ventures
- Series A, Apr 12, 2011, $2.6M — Venture Investors
- Series A, Dec 15, 2010, $5.5M — Venture Investors
- Series A, May 18, 2009, $1M — Venture Investors
- Series A, Jan 28, 2008, $4.5M — Advantage Capital, Venture Investors

## Investors

- Advantage Capital — Series A
- Venture Investors — Series A, Series B, Series C
- State of Wisconsin Investment Board — Series B
- H.I.G. BioHealth Partners (https://capitalatlas.ai/funds/h-i-g-biohealth-partners) — Series B, Series C
- WARF Ventures (https://capitalatlas.ai/funds/warf-ventures) — Series B
- Versant Ventures (https://capitalatlas.ai/funds/versant-ventures) — Series C