Arboretum Ventures and Solas BioVentures co-led the Series C round. New investors Orlando Health Ventures and two additional strategic partners also joined in the round. Existing investors Coloplast A/S and Tonkawa participated, too.

Minneapolis-based Francis Medical develops proprietary water vapor ablation therapy for treating prostate, kidney and bladder cancer. It plans to use proceeds to fund its VAPOR 2 pivotal clinical study for the management of prostate cancer. The company also earmarked funds for the development and U.S. commercialization of its Vanquish proprietary prostate cancer treatment. It expects to commercialize by the end of 2025.

Vanquish uses phase shift energy stored in sterile water vapor to convectively transfer thermal energy to cancerous tissue. This therapy causes cell death while minimizing or eliminating damage to surrounding structures.