Leo Cancer Care has raised $65m to advance manufacturing and commercial deployment activities surrounding its upright radiotherapy platform.
The company’s oversubscribed Series D financing round was led by Yu Galaxy and featured participation from new investors including Eventide Asset Management. Existing investors also participated.
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The latest financing tranche follows Leo’s completion of a $40m fundraise in September 2025. The new funds will be used to scale the company’s manufacturing provision, accelerate commercial deployment, and continue clinical and product development for the company’s integrated upright radiotherapy platform named Marie.
Marie is an upright positioning system and CT scanner for proton therapy. Leo has designed Marie to rotate patients during treatment, replacing gantry rotation found in traditional radiotherapy systems in which the system rotates around the still patient.
Leo points to research indicating that upright treatment could support more consistent anatomical positioning and organ stability compared to a supine position.
Marie gained 510(k) clearance from the US Food and Drug Administration (FDA) in July 2025. Since gaining FDA clearance, the platform has attracted interest from leading academic institutions. On 4 June, Marie was used to facilitate the world’s first compact upright proton therapy patient treatment at Stanford Medicine Cancer Center. This approach involves the delivery of a precise form of radiation therapy that targets cancer using a beam of positively charged protons instead of traditional X-rays to destroy tumour cells while sparing healthy surrounding tissues and vital organs. Commenting on its role in the completed procedure, Leo said it reflected “exactly” what the company “built Marie to achieve”.
Leo Cancer Care’s CEO, Stephen Towe, commented: “For decades, the industry has tried to lower the cost of cancer care by making equipment cheaper and stripping out capability.
“Our treatment approach is the opposite — to reimagine how care is delivered, designed around the patient rather than the machine, so advanced treatment can reach communities that never had access before, without compromising quality. This financing lets us accelerate that platform strategy across proton, photon and imaging.”
In tandem with the latest financing, the company teased a new strategic partnership with an ‘international healthcare giant’.
The partnership, for which more details will be announced in the coming weeks, represents a ‘clear signal’ that the industry’s biggest players are now turning their attention to the upright paradigm for cancer care, Leo stated.
