Funding

[Funding alert] Germany based Raydiax Secures €3.5m in Funding

Oct 28, 2023 | By Startup Rise EU

Germany based Raydiax secures €3.5m in funding. The company secures €3.5
million in fresh capital to advance the development of the preclinical prototype and prepare for market entry in Europe and the USA. A seed round of €2.4 million is led by HTGF and bmp Ventures with IBG funds.
Team - Raydiax

Germany based Raydiax secures €3.5m in funding. The company secures €3.5
million in fresh capital to advance the development of the preclinical prototype and prepare for market entry in Europe and the USA. A seed round of €2.4 million is led by HTGF and bmp Ventures with IBG funds.

In addition, RAYDIAX will receive €1.1 million in funding through a top-up of an “EXIST: transfer of research” grant from the German Federal Ministry for Economic Affairs and Climate Action (BMWK).

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Dr. Thomas Hoffmann, CEO and co-founder of RAYDIAX: "We pursue the goal of sustainably
strengthening cancer therapy through high-tech medical technology. Minimally invasive image-guided interventions offer numerous advantages for patients. With our targeted image-assistance system TACT, we are unleashing a completely new potential that will significantly expand the range of applications of these very gentle interventions, benefiting in particular patients for whom surgical cancer treatment appears to be too risky. With the closing of this financing round, we are in an optimal position to further develop our system in close coordination with our clinical partners, to accelerate market entry and to drive business growth."

Cancer is among the leading causes of death worldwide, and even number one in wealthy countries. Open-surgical therapies are often too risky and thus unsuitable for treating very old patients in poor general health conditions.

Read also -  Amsterdam-based Climate Tech Startup Overstory Secures $14M Series A Round Funding

Minimally invasive therapies are a promising form of treatment for this patient group. In this type of therapy, millimeter-thin surgical instruments are inserted through the skin into the tumor under image guidance.

Dr. Jan Engels, Investment Manager at “High-Tech Gründerfonds” HTGF: "RAYDIAX's development of the TACT is a clear look into the future of minimally invasive cancer surgery. It takes courage and a great deal of expertise to develop a highly complex large-scale medical product. These are precisely the qualities that RAYDIAX's founding team combines, and we see clear potential."

Philipp Kopp, Investment Manager at bmp ventures: "As a deep-tech investor, we were particularly impressed by the profound scientific basis of RAYDIAX's approach and the outstanding technical expertise of the founding team. We see a clear medical need in interventional radiology, which the company addresses with its TACT system."

About RAYDIAX

RAYDIAX was founded in 2022 and is headquartered at the STIMULATE research campus in Magdeburg's “science-harbour”. The scientific company is a spin-off by scientists from the Otto-vonGuericke-University Magdeburg.

Read also - Madrid-based Galeneo Health Secures €1 million in Funding

The foundation of the company was based on a 3-year EXIST research transfer grant from the German Federal Ministry for Economic Affairs and Climate Action (BMWK), which was approved in 2021. The focus of technical development is on both the hardware and software areas of computed tomography scanners.

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