Calyxo Valuation, Funding & Investors

Calyxo is valued at $390M as of December 2024.

Last Calyxo valuation

$390M

Undisclosed stage · Dec 2024

Last Calyxo funding round

$40M

Series F · Apr 2026

Cumulative funding Calyxo raised

$166M

across 6 funding rounds

Key investors in Calyxo

  • Questa Capital Management
  • Avidity Partners
  • CRG
  • Janus Henderson
  • Ally Bridge Group
  • Centre for Genomic Regulation

Calyxo Overview

About Calyxo

Calyxo is a medical device company based in Pleasanton, California, focused on treatments for kidney stones. Its CVAC Aspiration System uses irrigation and aspiration technology to remove kidney stones, aiming for surgically stone-free outcomes that have historically been difficult to achieve consistently. The system has been used to treat more than 1,300 patients in the United States as the company commercializes its technology.


Founded

2016

HQ

United StatesSan Francisco, CA

Status

Privately held

Customer focus

B2B

Revenue model

Product sales

Valuation

$390M (Dec 2024)

Calyxo Valuation

Calyxo is currently valued at $390M, based on its undisclosed-stage round in December 2024.

Calyxo's valuation has grown 4.7x from $83M at its Series C in July 2022 to $390M in December 2024, across 2 priced rounds.

Calyxo valuation by funding round

Calyxo valuation by funding round
DateStageValuation
Dec 2024Undisclosed stage$390M
Jul 2022Series C$83M

Calyxo Funding History

Calyxo has raised a total of $166M across 6 funding rounds.

Calyxo's first fundraising round was a $2M seed round in August 2018. The most recent completed round was a $40M Series F in April 2026.

Calyxo funding rounds

Calyxo funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Apr 2026Series FAlly Bridge Group (lead); Janus Henderson (lead); Avidity Partners; CRG; Questa Capital Management$40M--
Dec 2024Undisclosed stage-$28M$390MCalyxo, Inc. is a medical device company focused on innovative solutions for kidney stone treatment. The company developed the CVAC Aspiration System, which utilizes irrigation and aspiration technology to remove kidney stones with the goal of achieving surgically stone-free outcomes—a result historically difficult to achieve consistently. The company is headquartered in Pleasanton, California, and has been located at Hacienda since 2020. In December 2024, Calyxo closed a Series D-II funding round of $28.27 million, following its Series D round of $50 million closed in December 2023. The December 2023 Series D round was led by Avidity Partners with significant participation from existing investors Questa Capital and CRG. According to Forge Global, Calyxo's post-money valuation reached $390.31 million as of December 2024 (Series E valuation). The company has raised a total of $125.88 million across seven funding rounds to date. Calyxo's CVAC Aspiration System has already been used to successfully treat more than 1,300 patients in the United States. The company is in the process of commercializing its technology and stated plans to use capital from recent funding rounds to build commercial traction while maintaining investment in product development and clinical studies. Management emphasized the strong investor support despite challenging market conditions, reflecting confidence in the team, mission, and clinical promise of the CVAC technology for transforming kidney stone treatment. The company's CEO Joe Catanese assembled a team that includes many members from NeoTract's founding team; NeoTract was successfully acquired by Teleflex in 2017 in a transaction valued at over $1 billion. This experienced leadership team brings significant expertise in medical device commercialization and innovation to Calyxo's mission of providing disruptive solutions for kidney stone treatment.
Dec 2023Series DAvidity Partners (lead); Centre for Genomic Regulation; Questa Capital Management$50M-Calyxo, Inc., based in Pleasanton, California, develops medical devices for kidney stone treatment, specifically the CVAC Aspiration System, which uses irrigation and aspiration to remove kidney stones and minimize residual stone burden. By December 2023, the CVAC system had treated over 1,300 patients in the U.S. On December 12, 2023, Calyxo closed a $50 million Series D financing round led by Avidity Partners, with significant participation from existing investors Questa Capital and CRG. The funds are intended to support broad commercial launch, expansion of the commercial team, further product development, clinical studies, and building commercial traction. This Series D round followed a $32.7 million Series C financing in July 2022, also led by Questa Capital and CRG, which funded product development and team expansion. Avidity Partners' Jacob Garfield joined Calyxo’s board after the Series D. Total funding raised by Calyxo reached approximately $115.69 million by late 2024, ahead of a Series E round with a $390.31 million post-money valuation in December 2024. Subsequent rounds included a Series D - II for $28.27 million on December 26, 2024, with Questa Capital, bringing total funding to $125.88 million over seven rounds. Calyxo targets improving kidney stone care, a condition affecting millions, with potential to transform treatment through its technology.
Jul 2022Series CCRG (lead); Questa Capital Management (lead)$33M$83MCalyxo is a commercial-stage medical device company developing the CVAC Aspiration System, which uses irrigation and aspiration to remove kidney stones, aiming for surgically stone-free outcomes in a challenging treatment category. The company announced the closing of a $32.7 million Series C financing round on approximately July 6, 2022, led by CRG and Questa Capital Management, both described as lead investors. This growth capital supports the company's mission to provide next-generation treatment solutions for millions affected by kidney stones. CRG, a premier healthcare investment firm with over $3 billion committed across funds, provides long-term debt and equity to commercial-stage healthcare companies addressing unmet needs in medical devices and other sectors. Questa Capital, a venture growth equity firm, focuses on expansion-stage healthcare companies with disruptive technologies to improve patient care and market efficiencies, partnering with management teams in medical devices and related fields. The Series C round aligns with Calyxo's progression, following prior rounds and preceding later financings like a $50 million Series D led by Avidity Partners with participation from CRG and Questa. Forge Global reports the Series C post-money valuation at $83.36 million, with $22.69 million raised at a $2.00 price per share. Calyxo has raised over $115 million total funding to date across multiple rounds, with investors including Avidity Partners, CRG, Questa Capital, and Vic Technology Venture Development. The CVAC system has treated over 1,300 patients in the U.S. by the Series D stage, highlighting clinical traction in kidney stone removal to minimize residual fragments.
Oct 2019Series A-$13M-Calyxo is a medical device company developing next-generation treatment solutions for kidney stone patients, including the CVAC Aspiration System that uses irrigation and aspiration for stone removal. The company, based in Pleasanton, California, was founded by Joe Catanese, former co-founder of NeoTract, which was acquired by Teleflex for over $1 billion in 2017. Calyxo's leadership team includes many from NeoTract's founding group. On or around October 15, 2019, Questa Capital participated as an investor, marking Calyxo's first funding with them, though specific round details like amount or valuation for that date are unavailable. Subsequent rounds include a $32.7 million Series C led by Questa Capital and CRG.
Aug 2018Seed-$2M--

Who has invested in Calyxo?

6 investors have backed Calyxo across its funding rounds, including Questa Capital Management, Avidity Partners, CRG, Janus Henderson, Ally Bridge Group and Centre for Genomic Regulation.

Lead investors include Ally Bridge Group, Janus Henderson, Avidity Partners, CRG and Questa Capital Management.


Calyxo Investors

Investors in Calyxo by funding rounds participated
InvestorHQRoundsRoleFirst check
Questa Capital ManagementUnited StatesSan Francisco, CA3LeadJul 2022
Avidity PartnersUnited StatesDallas, TX2LeadDec 2023
CRGUnited StatesHouston, TX2LeadJul 2022
Janus HendersonUnited StatesLondon1LeadApr 2026

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Calyxo Competitors

Calyxo competitors include listed companies like Myriad Genetics and Shoulder Innovations, and private ones like MetrioPharm, Eko Health, Convergent Dental and Lightforce Orthodontics.

Public and private companies comparable to Calyxo
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
MetrioPharmSwitzerlandZurichPrivate--$387M-
Eko HealthUnited StatesSan Francisco, CAPrivate--$395M-
Myriad GeneticsUnited StatesUnited StatesPublicly listed$825M($332M)$396M0.6x
Convergent DentalUnited StatesUnited StatesPrivate--$400M-
Lightforce OrthodonticsUnited StatesUnited StatesPrivate--$400M-
Shoulder InnovationsUnited StatesUnited StatesPublicly listed$47M($37M)$371M4.6x

Calyxo Public Comps

Calyxo is still privately-owned, but its public comps include Myriad Genetics, CellaVision, NIOX Group, Shoulder Innovations, Sofwave Medical, Mobia Medical, Nanjing Medlander Medical, ClearPoint Neuro, Carlsmed and Carvolix.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Myriad Genetics$825M($332M)0.6x0.6x(1.5x)(16.8x)
CellaVision$77M$24M5.0x4.8x16.2x15.9x
NIOX Group$65M$20M5.3x5.2x17.4x15.1x
Shoulder Innovations$47M($37M)6.1x4.6x(7.7x)(8.5x)
Sofwave Medical$88M$7M3.9x-48.8x-
Mobia Medical$32M($45M)6.0x4.0x(4.3x)(3.2x)
Nanjing Medlander Medical$64M$20M4.9x-15.8x-
ClearPoint Neuro$37M($22M)12.3x10.0x(20.6x)(20.7x)

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Common questions about Calyxo

When was Calyxo founded?Calyxo was founded in 2016.
Where is Calyxo headquartered?Calyxo is headquartered in San Francisco, CA, United States.
Is Calyxo publicly listed?No, Calyxo is a private, VC-backed company.
What is Calyxo's valuation?Calyxo was last valued at $390M in its undisclosed-stage round in December 2024.
How much funding has Calyxo raised?Calyxo has raised $166M across 6 funding rounds.
What was Calyxo's last funding round?Calyxo's last funding round was a $40M Series F in April 2026, led by Ally Bridge Group and Janus Henderson.
Who are Calyxo's investors?Calyxo's investors include Questa Capital Management, Avidity Partners, CRG, Janus Henderson, Ally Bridge Group and Centre for Genomic Regulation.
Which companies are comparable to Calyxo?Companies comparable to Calyxo include MetrioPharm, Eko Health, Myriad Genetics, Convergent Dental, Lightforce Orthodontics and Shoulder Innovations.

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