Kona Medical Secures $10M to Fund China Initiative
October 22, 2013
Kona Medical has raised $10 million of Series D equity financing from Morningside Group. The new capital is earmarked for the China market, which Kona's research predicts has a very large market for a non-invasive therapy to treat hypertension. Morningside Group has a significant presence in China.
Based in Bellevue, WA and Menlo Park, Kona is developing the Surround Sound Renal Denervation System, which utilizes ultrasound, delivered from outside the body, to treat nerves leading to and from the kidney. Renal denervation can lead to significant and lasting reductions in blood pressure in drug-resistant hypertension patients. In December of last year, the company announced the completion of its Series C financing with the addition of $10 million in equity and debt, bringing round's total proceeds to $40 million and putting the company's valuation at about $118 million.