Halifax Startup Raises A Record $30-Million (U.S.) In Venture Capital
Halifax medical device maker ABK Biomedical Inc. has raised a record-setting $30 million (U.S.) venture capital round, with which it hopes to bring two products to market.
The Series B round is equal to $40 million (Canadian), which is the largest venture capital round ever in Atlantic Canada. The record had been held by Fredericton-based cybersecurity outfit Sonrai Security, which closed an $18.5 million U.S. ($24.6 million Canadian) round in late December.
The ABK funding round was co-led by Cambridge, Mass.-based F-Prime Capital, which is an offshoot of mutual fund giant Fidelity Investments; and Palo Alto, Calif.-based Varian Medical Systems, a maker of medical software. They were attracted to ABK because of the strength of the management team and the potential of its technology – even though the company does not yet have a product in the market.
“ABK has a unique approach to address a large unmet need for patients with non-resectable liver tumours,” said Varian Vice-President of Strategy and Business Development Gregory Sorensen in a statement. “This technology is aligned with our goal of delivering innovative solutions in cancer care.”
Read more about this story in Entrevestor.
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