Avantis Medical Systems secures $10 million in series C financing

The funding was led by MC Silicon Valley/Mitsubishi International and joined by existing investors including Montreux Equity Partners, Thomas Fogarty, and CN Investment Partners.

In connection with the series C funding, Noboru Ohrui, manager of healthcare solutions at Mitsubishi International has been elected to Avantis Medical’s board of directors.

Avantis Medical plans to utilize the financing to establish selected centers of excellence across the US to facilitate the commercial launch of the Third Eye Retroscope, to collect level one evidence to further support its clinical utility, and to fund sales and marketing efforts.

Dodson, president and CEO of Avantis Medical, said: “We are pleased to have raised this financing in an extremely tough market, and to have earned the confidence of Mitsubishi International as well as the continued trust and support of our existing investors.

“We are looking forward to this year’s commercial launch, and to pursuing our mission of delivering cost- effective solutions for improved detection and prevention of cancers of the gastrointestinal tract.”