ControlRad Secures $15 Million Series B Financing, Expands Board of Directors
October 2, 2019
Financing Round Led by Questa Capital to Fuel Commercialization of ControlRad Trace Mobile C-arm Radiation Reduction Technology
ATLANTA, GA—(BUSINESS WIRE)—ControlRad, Inc., a privately held medical technology company focused on dramatically reducing unnecessary radiation exposure during fluoroscopically guided procedures (FGP), today announced it completed $15 million in financing and that medical device industry veterans Ryan Drant and Tim Patrick have joined its board of directors. The Series B round, which was led by Questa Capital, will be used for fueling the commercial launch of the innovative ControlRad Trace system.
“The opportunity to invest in ControlRad highlights our commitment to funding and supporting technologies that will have an immediate impact on the health and wellness of patients and medical staff,” said Ryan Drant, founder and principal of Questa Capital. “Guillaume and the team have made enormous progress recently with regulatory clearance and initial clinical use. We look forward to the growth of this company and to a time when every hospital will have the opportunity to reduce radiation exposure and its potential debilitating effects, such as cataracts, cancer and stroke.”
ControlRad Trace is the first FDA-cleared technology that can be integrated into existing mobile C-arms to reduce radiation in any FGP. It reduces radiation exposure by up to 89%, protecting patients and medical staff without compromising image quality or workflow.1
“The investment from Questa Capital and the additions of Ryan and Tim to the board will be invaluable as we begin the launch of ControlRad Trace and build out our commercial organization,” said Guillaume Bailliard, ControlRad chief executive officer. “Both have proven track records of launching innovative technologies and building great teams.”
Drant has served on the boards of more than 30 private companies, including Epix Therapeutics, Cartiva, NeoTract, Radiology Partners, DSI Renal, Ulthera, Acclarent, Proxima Therapeutics and FoxHollow Technologies. He also serves on the board of the Medical Device Manufacturers Association (MDMA) and the National Venture Capital Association (NVCA) and is a four-time nominee to the Forbes Midas List of top venture capital investors. Prior to founding Questa Capital, Drant was a partner at New Enterprise Associates; worked in the corporate finance group at Alex. Brown & Sons and was a consultant at Arthur Andersen & Co.
Patrick brings more than 30 years of successful leadership experience in general management and product commercialization in the medical device industry. Most recently, Patrick served as president, CEO and co-founder of Cartiva, which was acquired by Wright Medical. Prior to founding Cartiva, Patrick served as president and CEO of Proxima Therapeutics and president of Gesco International.
About Questa Capital
Questa Capital is a venture growth equity firm focusing on investments in expansion-stage healthcare companies. Questa seeks out disruptive, technology-enabled business models that help improve patient lives, streamline market inefficiencies, and provide better quality care. The firm partners with superior management teams to help build innovative market leaders in the healthcare technology, services and medical devices sectors. Questa is led by industry veterans in healthcare investment and operations who have invested in and advised more than 45 growth-stage companies. More information is available at www.questacapital.com.
About ControlRad Trace
Fluoroscopically guided procedures (FGP) with C-arms have allowed for major advances in treating countless diseases, however they expose patients and medical staff to ionizing radiation, which may increase a person’s lifetime risk of developing cancer.2 ControlRad Trace is the only technology that can be integrated into existing mobile C-arms to reduce radiation in any fluoroscopic imaging procedure. With its proprietary semi-transparent filter, tablet and image processing technology, the ControlRad Trace solution can be retrofitted on existing C-arms, reducing the barrier to adopting the technology. The medical staff draws a region of interest (ROI) on a ControlRad tablet, which in real-time optimizes image quality in the ROI while reducing unnecessary radiation in the periphery.
About ControlRad, Inc.
ControlRad is a privately held medical technology company developing innovative products that dramatically reduce the radiation exposure from fluoroscopically guided procedures (FGP) for patients and healthcare professionals. ControlRad’s products are designed to improve safety without compromising image quality or workflow. They include an integrated set of proprietary components, which optimize the X-ray beam to deliver optimal image quality in the clinically relevant region while maintaining appropriate resolution in the periphery. ControlRad is headquartered in Atlanta, Georgia, and has engineering development facilities in Kfar Saba, Israel. For more information, visit www.controlrad.com.