Quanta Dialysis Technologies has raised $245m in a Series D funding round led by Glenview Capital to expedite the marketing of its SC+ portable haemodialysis system.
This oversubscribed and upsized funding is the biggest private financing round for a dialysis device company, Quanta noted.
The funding round was co-led by Novo Holdings and supported by multiple investors, including BlackRock, Eldridge, Sands Capital and Millennium Management, among others.
Current stakeholders, including Wellington Partners, btov, Seroba Life Sciences and The Grands, also took part in the financing.
The haemodialysis system is designed to offer performance and doses equivalent to bigger and standard dialysis systems with on-demand dialysate production and increased dialysate flow rates.
It is also user-friendly and can be connected digitally.
Furthermore, the company’s companion water purification module can be used with the haemodialysis system to work as a comprehensive mobile stack. This combination facilitates dialysis treatments in settings with only a standard water supply.
This approach will make the system an adaptable and effective dialysis delivery model for payors, providers, doctors and patients, Quanta said.
Quanta dialysis technologies CEO John Milad said: “We are delighted to attract such a strong syndicate of investors, which represents a clear vote of confidence in our innovative approach to dialysis treatment.
“Our small, simple-to-use and powerful dialysis system SC+ is positioned to help transform kidney care. The funding we are announcing today will allow us to accelerate our emergence as a significant force in this market.”
The funding proceeds will aid the company to expand international operations.
Quanta will mainly focus on the US, where the device obtained 510(k) clearance from the US Food and Drug Administration (FDA) for use at acute and chronic care locations in December last year.
In addition, Quanta will invest in infrastructure to boost production, marketing and customer services to facilitate the use in presently approved care settings in the US.
The company also intends to commence a study that will support its FDA clearance for use of the device in an at-home setting in the future.
Glenview Capital Healthcare partner and co-head Lee Hathaway as well as Novo Holdings senior partner and growth head Robert Ghenchev will join Quanta’s board of directors as part of the funding round.