NeuWave Medical Inc. Closes $25 Million in New Financing

- Series C Round to Accelerate Commercial and R&D Expansion Plans -

NeuWave Medical Intelligent Ablation System (Photo: Business Wire)

MADISON, Wis. & MINNEAPOLIS--()--NeuWave Medical® Inc., a privately held medical device company focused on developing disruptive technology for use in the ablation of soft-tissue lesions has completed its Series C financing, led by Versant Ventures. The financing round was oversubscribed with all existing investors participating, including H.I.G. BioVentures, Venture Investors and others. The capital raised will be used to expand commercialization efforts, and to develop the next generation of breakthrough innovations.

“NeuWave Medical’s Intelligent Ablation System is a proven technology for the ablation of soft-tissue lesions, including primary and metastatic lesions in the lung, liver and kidney which combined represent more than 11.6 million new patients each year,” said Dan Sullivan, CEO, NeuWave Medical. “With this round of financing, we are well positioned to accelerate our commercial and R&D expansion plans to advance our mission of offering cost-effective and clinically efficacious alternatives for millions of patients worldwide.”

The NeuWave Medical Intelligent Ablation System is currently being used by physicians in more than half of the top cancer institutions in the U.S. to ablate a variety of benign and malignant soft-tissue lesions. NeuWave’s microwave ablation platform works by delivering focused heat to eliminate or “ablate” lesions in the body. One or more antennas, often called “probes,” are placed directly into the lesion and then emit microwave energy from the tip rapidly oscillating water molecules within the lesion. This oscillation causes friction and enough heat to destroy the lesion. NeuWave Medical’s versatile probe portfolio allows the treating physician to tailor the treatment to the patient, maximizing energy delivery and ablating the lesion, while helping to protect non-targeted tissue in the body.

“The NeuWave Intelligent Ablation System has the potential to advance the treatment of multiple soft-tissue lesion types and improve the quality of life for millions of patients while reducing the cost of care,” said Kirk Nielsen, Managing Director at Versant Ventures, who joined the company’s Board of Directors with the financing. “We are excited about the potential of this platform technology and look forward to working with NeuWave’s experienced team to build a very successful company.”

About NeuWave Medical®

NeuWave Medical is a privately held medical device company based in Madison, Wisconsin with a satellite office in Minneapolis, Minnesota. The science and technology behind the NeuWave Intelligent Ablation System is derived from several practicing physicians and PhD’s specializing in ablation from the University of Wisconsin who were looking for a better ablation solution as a way to treat soft-tissue lesions. NeuWave is focused on meaningful clinical innovation and product differentiation to drive better patient outcomes and lower costs. Through a collaboration with the University, NeuWave trains and educates physicians and staff at the University of Wisconsin’s Tumor Ablation lab. For more information, please visit

About Versant Ventures

Versant Ventures is a leading healthcare investment firm committed to helping exceptional entrepreneurs build the next generation of great healthcare companies. The firm invests across the healthcare sector and at all stages of company development, with an emphasis on the discovery and development of novel therapeutics. With $1.9 billion under management and offices in North America and Europe, Versant has built a team with deep investment, operating, and scientific expertise that enables a hands-on approach to company building. Since the firm’s founding in 1999, nearly 40 Versant companies have achieved successful acquisitions or IPOs. For more information, please visit

About H.I.G. BioVentures

H.I.G. BioVentures is the dedicated life-science investment affiliate of H.I.G. Capital, a leading global private equity investment firm. H.I.G. BioVentures invests in a broad range of life sciences opportunities across sectors and stages, principally in companies developing therapeutic drugs, medical devices, and diagnostics for significant unmet medical needs. With approximately $400 million in committed capital, H.I.G. BioVentures invests approximately $3 million to $40 million per company over the life of an investment. For more information, please refer to the H.I.G. BioVentures website at

H.I.G. is a leading global private equity and alternative assets investment firm with more than $17 billion of equity capital under management. Based in Miami, and with offices in New York, Boston, Chicago, Dallas, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris and Rio de Janeiro, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/ value-added approach. Since its founding in 1993, H.I.G. has invested in and managed more than 200 companies worldwide. The firm's current portfolio includes more than 80 companies with combined sales in excess of $30 billion. For more information, please refer to the H.I.G. website at

About Venture Investors

Venture Investors is a premier provider of seed and early stage venture capital in the Midwest. The Venture Investors team consists of seasoned business professionals who understand and have a proven track-record for making successful investments in world-class life science and technology companies throughout the region. With over 87 years of venture capital experience, Venture Investors brings a unique combination of investment and operational experience to its portfolio companies. The firm, which was founded in 1982, is currently investing out of its fifth fund and has over $200 million under management. For more information, please visit


NeuWave Medical
Angela Gillespie, 415-312-2504

Release Summary

NeuWave Medical raises $25M to finance expansion in the interventional oncology ablation market - led by Versant Ventures. NeuWave CEO is serial medtech entrepreneur Dan Sullivan.


NeuWave Medical
Angela Gillespie, 415-312-2504