HistoSonics Acquisition, Valuation, Funding & Investors

HistoSonics was acquired by K5 Global for $2.3B in August 2025.

HistoSonics acquisition price

$2.3B

Acquired by K5 Global · Aug 2025

HistoSonics revenue

$100M

Undisclosed stage · Oct 2025

Cumulative funding HistoSonics raised

$545M

across 8 funding rounds

Key investors in HistoSonics

  • Venture Investors
  • Johnson & Johnson Innovation
  • Lumira Ventures
  • State of Wisconsin Investment Board
  • Yonjin Venture
  • Hatteras Venture Partners

HistoSonics Overview

About HistoSonics

HistoSonics is a Minneapolis-headquartered medical device company pioneering histotripsy for tissue ablation. Its Edison platform delivers focused ultrasound to destroy liver tumors non-invasively, receiving FDA Breakthrough Device Designation in 2020 and full approval in 2023. Clinical trials demonstrate precise targeting without incisions.


Founded

2009

HQ

United StatesUnited States

Status

Acquired

Customer focus

B2B

Revenue model

Product sales

Revenue

$100M (Oct 2025)

Valuation

$3B (Oct 2025)

HistoSonics Acquisition

HistoSonics was acquired by K5 Global for $2.3B on 7 August 2025.

Before the acquisition HistoSonics had raised $545M across 8 funding rounds.

HistoSonics, a privately held medical device company and University of Michigan spin-out, develops the Edison Histotripsy System, a non-invasive platform using focused ultrasound to mechanically destroy and liquify tumors via histotripsy. Initially commercialized in the US and select global markets for liver tumor treatment, the company is expanding applications to kidney, pancreas, prostate, and other organs for both benign and malignant conditions. A management-led majority stake acquisition valued HistoSonics at $2.25 billion, led by K5 Global alongside Bezos Expeditions, Wellington Management, Alpha JWC Ventures, Alpha Wave Ventures, Johnson & Johnson’s JJDC, Lumira Ventures, Hatteras Venture Partners, HealthQuest Capital, and public investors like the State of Wisconsin Investment Board and State of Michigan Retirement System. K5 Global co-founder Bryan Baum highlighted HistoSonics’ rapid clinical traction, surging hospital orders, and patient demand as key factors, positioning the deal to scale the platform globally and into new indications. The transaction, announced August 7, 2025, followed a $102 million Series D in 2024 at $600 million valuation and preceded a $250 million oversubscribed growth financing in October 2025 with participation from the new ownership group including K5 Global. CEO Mike Blue retained leadership, assuming the Chairman role, to accelerate commercial rollout, clinical programs, and international expansion amid strong market conviction in histotripsy’s transformative potential for solid tumor treatment.

HistoSonics acquisition details
AcquirerDateTypePrice
  • K5 Global
7 Aug 2025PE buyout$2.3B

HistoSonics Valuation

HistoSonics is currently valued at $3B, based on its undisclosed-stage round in October 2025.

The $250M round was led by Founders Fund and Thiel Bio, with participation from K5 Global, Wellington Management and Bezos Expeditions.

HistoSonics' valuation has grown 45x from $66M at its Series B in March 2017 to $3B in October 2025, across 2 priced rounds.

HistoSonics valuation by funding round

Revenue multiple
HistoSonics valuation by funding round
DateStageValuationRevenue Multiple
Oct 2025Undisclosed stage$3B30.0x
Mar 2017Series B$66M-

HistoSonics Revenue

HistoSonics' latest recorded revenue is $100M, as of its undisclosed-stage round in October 2025. At a $3B valuation, that implies a 30.0x revenue multiple.

HistoSonics revenue by funding round

HistoSonics revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Oct 2025$100M$3B30.0xUndisclosed stage

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

HistoSonics Funding History

HistoSonics has raised a total of $545M across 8 funding rounds.

HistoSonics' first fundraising round was a $8M Series B in March 2017. The most recent completed round was a undisclosed-stage round in June 2026.

HistoSonics funding rounds

HistoSonics funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jun 2026Undisclosed stageYosemite (lead)---
Oct 2025Undisclosed stageFounders Fund (lead); Thiel Bio (lead); K5 Global; Wellington Management; Bezos Expeditions$250M$3BHistoSonics is a medical device company developing the Edison Histotripsy System, a noninvasive platform using focused ultrasound sound waves to destroy liver tumors and metastases by creating gas bubbles that liquify targeted tissue while sparing surrounding structures like blood vessels. The system received FDA de novo clearance in 2023 for treating primary and metastatic liver cancers, with clinical data showing 90% local tumor control at one year in 47 patients. Over 2,000 patients have been treated at more than 50 U.S. centers, with 50 additional installations planned by year-end. In August 2025, an investor consortium including K5 Global, Bezos Expeditions, and Wellington Management acquired a majority stake in HistoSonics at a $2.25 billion valuation, with some reports citing $2.5 billion. This followed reports of the company considering an IPO and forecasting $100 million in revenue for 2025 and $200 million in 2026. On October 16, 2025, HistoSonics closed an oversubscribed $250 million growth financing led by the new ownership group, with participation from Thiel Bio, Founders Fund, and others, bringing total funding over $500 million. The $250 million will fund commercial expansion into new global markets, development for additional indications like kidney, pancreas, and prostate tumors, and operational scaling. The company aims to broaden beyond liver cancer to other benign and malignant conditions. Edison is in clinical trials for pancreatic adenocarcinomas and solid kidney tumors. Backed previously by Johnson & Johnson, HistoSonics positions histotripsy as a transformative non-invasive therapy with strong early commercial traction.
Aug 2024Series DAlpha Wave Ventures (lead); HealthQuest Capital; State of Wisconsin Investment Board; Lumira Ventures; Yonjin Venture; Amzak Health Investors; Venture Investors; Johnson & Johnson Innovation; Hatteras Venture Partners$102M-HistoSonics is a medical device company developing the Edison Histotripsy System, a non-invasive platform using focused ultrasound pulses to generate histotripsy—a process that creates microbubbles to mechanically destroy liver tumors without incisions, needles, radiation, or chemotherapy. The technology received FDA de novo clearance in October 2023 and is in limited commercial launch, with about 20 centers operational and another 20 planned by end-2024, plus orders from the US, UAE, and Hong Kong. Medicare reimburses an average of $17,500 per therapy, targeting patients unsuitable for other treatments. On August 15, 2024, HistoSonics closed an oversubscribed $102 million Series D funding round led by Alpha Wave Ventures, with participation from new investors Amzak Health Investors and HealthQuest Capital, alongside existing backers including Johnson & Johnson Innovation - JJDC, Lumira Ventures, State of Wisconsin Investment Board, Venture Investors, and Yonjin Venture. This brings total funding to over $300 million, primarily from rounds in the last five years. Proceeds will support commercialization of the Edison system, expansion of histotripsy applications to kidney, pancreas, prostate, brain, and other tumors, facility growth in Plymouth, MN (100 employees) and Ann Arbor, MI (40 employees, University of Michigan collaboration), and initiation of the BOOMBOX Master Study—an eight-year post-market trial for liver tumors enrolling thousands of patients. Investor Chris Dimitropoulos from Alpha Wave Global will join the board, highlighting histotripsy's potential to transform treatment for challenging conditions with faster recovery. HistoSonics positions itself as pioneering a new category of medicine amid rising VC interest in late-stage medtech for IPO or acquisition paths. Demand for systems and usage exceeds expectations, per CEO Mike Blue.
Dec 2022Undisclosed stageJohnson & Johnson Innovation (lead); State of Wisconsin Investment Board; Lumira Ventures; Yonjin Venture; Venture Investors$85M-HistoSonics develops the Edison Histotripsy System, a non-invasive platform using focused ultrasound to destroy liver tumors and potentially other solid tumors by generating microbubbles that liquefy diseased tissue while sparing healthy structures. The company received FDA De Novo clearance for liver treatments in October 2023 and has treated over 2,000 patients at more than 50 U.S. centers, with plans for 50 additional installations. Later financings include a $102 million oversubscribed Series D in August 2024 led by Alpha Wave Ventures, involving the same investors plus new ones like Amzak Health and HealthQuest Capital, to support commercial growth, global expansion, and the BOOMBOX Master Study for liver tumors. In August 2025, a consortium including K5 Global, Bezos Expeditions, and Wellington Management acquired a majority stake valuing HistoSonics at $2.25-2.5 billion, followed by a $250 million growth round with Thiel Bio and Founders Fund to fund international markets and new indications like kidney, pancreas, and prostate. The company continues advancing trials like HOPE4KIDNEY (kidney tumors, targeting FDA clearance in late 2026) and GANNON (pancreatic tumors), positioning histotripsy as a transformative therapy in oncology.
Jun 2020Series CYonjin Venture (lead); State of Wisconsin Investment Board; Lumira Ventures; Venture Investors; Varian; Johnson & Johnson Innovation$40M-HistoSonics is a medtech company developing the Edison platform, a non-invasive robotic system using histotripsy—a sonic beam therapy that precisely destroys targeted tissue through focused ultrasound without incisions, radiation, or thermal energy, initially targeting liver tumors with potential for kidney, pancreas, prostate, brain, and other applications. On June 8, 2020, it closed an oversubscribed $40 million Series C-1 financing round led by Yonjin Venture, with participation from new strategic investors and existing ones including Varian Medical Systems, Johnson & Johnson Innovation - JJDC, Venture Investors, Lumira Ventures, and State of Wisconsin Investment Board. The funds were allocated to accelerate development of the Edison platform and initiate new strategic projects. Wen Chen from Yonjin Venture joined the board, bringing expertise from prior roles in business development at Tigermed. This round followed a $54.7 million Series C in April 2019, bringing total funding to $126.8 million at that point. HistoSonics positioned histotripsy as offering clinical, quality-of-life, and economic benefits by enabling precise tissue destruction while preserving surrounding healthy structures like blood vessels. CEO Mike Blue highlighted Yonjin's strategic market expertise as key to executing the global expansion plan. Subsequent developments included a $102 million Series D in August 2024 led by Alpha Wave Ventures, with follow-on from prior investors, to support commercialization of the FDA-approved Edison Histotripsy System for liver tumors and pipeline expansion. In October 2024, a $250 million Series D extension valued the company implicitly through a majority stake deal at $2.5 billion by a syndicate including K5 Global, Bezos Expeditions, and Wellington Management. An August 2024 acquisition valued it at $2.25 billion.
Apr 2019Series CJohnson & Johnson Innovation (lead); Lumira Ventures (lead); Varian (lead); Fred Moll, M.D; Venture Investors$55M-HistoSonics, a medtech company developing the Robotically Assisted Sonic Therapy (RAST) platform using histotripsy—a non-invasive technology that employs focused sound energy to liquefy and destroy targeted tissues like cancerous tumors at sub-cellular levels without damaging surrounding healthy tissue—closed a $54 million Series C financing on approximately April 5, 2019. The round was led by Varian Medical Systems and included Johnson & Johnson Innovation - JJDC, Inc., Lumira Ventures, Venture Investors, the State of Wisconsin Investment Board, robotics pioneer Fred Moll, M.D., and other existing investors. Proceeds were allocated to complete key regulatory and commercial milestones and expand development of the platform, which integrates robotics, advanced imaging, and proprietary sensing for real-time visualization and control during treatments. The financing highlighted HistoSonics' progress over the prior year, including significant development milestones, compelling early clinical evidence, and additions to its leadership team with deep domain expertise. Investors praised the platform's potential to transform patient care across diseases, synergize with therapies like immunotherapy, and align with value-based healthcare by offering cost-effective alternatives. New board members included Greg Sorensen from Varian, Gerry Brunk from Lumira Ventures, and a JJDC representative. This Series C followed earlier rounds and preceded a $40 million oversubscribed Series C-1 led by Yonjin Venture, with participation from the same core investors including Varian, JJDC, Lumira, and Venture Investors, to accelerate the Edison platform and new projects. Later, HistoSonics raised a $102 million Series D in August 2024 led by Alpha Wave Ventures to support commercial growth post-FDA clearance of the Edison Histotripsy System in October 2023, enhance technical capabilities, and fund studies like BOOMBOX for liver tumors. In a major development, HistoSonics underwent a majority stake acquisition valuing the company at $2.25 billion, led by K5 Global, Bezos Expeditions, and Wellington Management, with the Edison system treating over 2,000 patients at 50+ centers worldwide and plans for kidney, pancreas, and prostate indications.
Jul 2018Seed-$5M--
Mar 2017Series BVenture Investors (lead); UM-MINTS; Grand Angels; TGap Ventures; Early Stage Partners; Wolverine Venture Fund; Hatteras Venture Partners; Fletcher Spaght$8M$66MHistoSonics is a medtech company developing the Edison Histotripsy System, a non-invasive platform using focused ultrasound (histotripsy) to precisely destroy diseased tissue like liver tumors without damaging surrounding healthy structures. The technology targets solid tumors including liver, kidney, pancreas, and prostate cancers, as well as benign conditions. On March 13, 2017, HistoSonics closed a Series B round raising $12.09 million at a $66.08 million post-money valuation, led by Venture Investors with participation from Early Stage Partners, Fletcher Spaght Ventures, Grand Angels, Hatteras Venture Partners, Michigan Investment in New Technology Startups (UM-MINTS), TGap Ventures, and Wolverine Venture Fund. The funding supported advancement of clinical trials for its Robotic Assisted Sonic Therapy platform focused on liver cancer and other solid tumors.

Who has invested in HistoSonics?

23 investors have backed HistoSonics across its funding rounds, including Venture Investors, Johnson & Johnson Innovation, Lumira Ventures, State of Wisconsin Investment Board, Yonjin Venture and Hatteras Venture Partners.

Lead investors include Yosemite, Founders Fund, Thiel Bio, Alpha Wave Ventures, Johnson & Johnson Innovation and 4 other investors.


HistoSonics Investors

Investors in HistoSonics by funding rounds participated
InvestorHQRoundsRoleFirst check
Venture InvestorsUnited StatesMadison, WI5LeadMar 2017
Lumira VenturesCanadaToronto4LeadApr 2019
Johnson & Johnson InnovationUnited StatesUnited States4LeadApr 2019
State of Wisconsin Investment BoardUnited StatesMadison, WI3ParticipantJun 2020
Yonjin VentureUnited StatesUnited States3LeadJun 2020
VarianUnited StatesSan Francisco, CA2LeadApr 2019
Hatteras Venture PartnersUnited StatesDurham, NC2ParticipantMar 2017
K5 GlobalUnited StatesSan Francisco, CA1ParticipantOct 2025
YosemiteUnited StatesUnited States1LeadJun 2026
HealthQuest CapitalUnited StatesSan Francisco, CA1ParticipantAug 2024
UM-MINTS--1ParticipantMar 2017
Wellington ManagementUnited StatesBoston, MA1ParticipantOct 2025
Grand AngelsUnited StatesHolland, MI1ParticipantMar 2017

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HistoSonics Competitors

HistoSonics competitors include listed companies like Sinbon Electronics, Butterfly Network, Establishment Labs and Elekta, and private ones like MindMaze and Carestream.

Public and private companies comparable to HistoSonics
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Sinbon ElectronicsTaiwanTaiwanPublicly listed$974M$141M$2.4B2.2x
Butterfly NetworkUnited StatesUnited StatesPublicly listed$98M($73M)$2.1B17.6x
Establishment LabsBrazilBrazilPublicly listed$211M($23M)$2.1B8.9x
ElektaSwedenSwedenPublicly listed$1.7B$136M$2B1.4x
MindMazeSwitzerlandLausannePrivate$8M-$1.5B187.5x
CarestreamChinaShanghaiPrivate--$800M-

HistoSonics Public Comps

HistoSonics is no longer listed, but its public comps include TransMedics, AtriCure, Carl Zeiss Meditec, Lepu Medical Technology, Autobio Diagnostics, Tecan Group, Medacta Group, Axogen, Ambu and Heron Neutron Medical.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
TransMedics$605M$149M5.6x4.8x22.9x21.3x
AtriCure$535M$12M5.4x5.0x247.3x36.3x
Carl Zeiss Meditec$2.6B$392M1.2x1.3x8.1x9.8x
Lepu Medical Technology$967M$292M3.7x3.8x12.3x14.2x
Autobio Diagnostics$630M$253M4.1x4.0x10.2x10.5x
Tecan Group$1.1B($50M)3.0x3.0x(65.7x)19.0x
Medacta Group$788M$226M3.8x3.5x13.2x12.7x
Axogen$225M$507K11.4x9.7x5064.4x84.7x

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Common questions about HistoSonics

When was HistoSonics founded?HistoSonics was founded in 2009.
Where is HistoSonics headquartered?HistoSonics is headquartered in United States.
Is HistoSonics publicly listed?No, HistoSonics was acquired by K5 Global in August 2025.
Who acquired HistoSonics?HistoSonics was acquired by K5 Global in August 2025.
How much was HistoSonics acquired for?HistoSonics was acquired for $2.3B in August 2025.
What is HistoSonics' valuation?HistoSonics was last valued at $3B in its undisclosed-stage round in October 2025.
How much funding has HistoSonics raised?HistoSonics has raised $545M across 8 funding rounds.
What was HistoSonics' last funding round?HistoSonics' last funding round was a undisclosed-stage round in June 2026, led by Yosemite.
Who are HistoSonics' investors?HistoSonics' investors include Venture Investors, Lumira Ventures, Johnson & Johnson Innovation, State of Wisconsin Investment Board, Yonjin Venture, Varian, Hatteras Venture Partners, K5 Global, Yosemite, HealthQuest Capital and 13 others.
What is HistoSonics' revenue?HistoSonics' latest recorded revenue is $100M (October 2025).
What is HistoSonics' revenue multiple?HistoSonics' latest valuation implies a 30.0x revenue multiple ($3B valuation on $100M of revenue).
Which companies are comparable to HistoSonics?Companies comparable to HistoSonics include Sinbon Electronics, Butterfly Network, Establishment Labs, Elekta, MindMaze and Carestream.

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