Zenflow, Inc., a San Francisco, CA-based medical device company, closed a $31.4m Series A equity financing round.
The round was led by Invus Opportunities, F-Prime Capital Partners, and Medical Technology Venture Partners.
The company, which has also received grant funding from the National Institutes of Health (NIH) and National Science Foundation (NSF).
Founded by Nick Damiano and Shreya Mehta out of the Stanford Biodesign Innovation Fellowship in 2014, Zenflow develops minimally invasive devices to treat obstructive urinary symptoms related to benign prostatic hyperplasia (BPH or enlarged prostate). Its first product is the Spring System, a technology device that delivers a low-profile superelastic implant into the prostatic urethra. This system is intended to permanently relieve BPH symptoms in a single procedure with fast recovery and minimal side effects.
Zenflow, one of the first medical device companies to be funded by the Y Combinator accelerator, has also been supported by the StartX accelerator and the Rosenman Institute at QB3.
In 2016, the company initiated the ZEST Study, a first-in-human safety and feasibility trial of the Spring System, led by Principal Investigator Dr. Peter Gilling in Tauranga, New Zealand.
This round of financing will be used to perform additional clinical studies that will serve to further validate safety and effectiveness of the Spring System, and to prepare for commercial launch. The company anticipates enrolling patients in the UK, Australia, New Zealand, and Mexico in 2018 while pursuing Investigational Device Exemption (IDE) approval from FDA to initiate a pivotal trial in the United States.