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- RefleXion Medical
RefleXion Medical Valuation, Funding & Investors
RefleXion Medical is valued at $786M as of March 2022.
Last RefleXion Medical valuation
$786M
Series E · Mar 2022
Last RefleXion Medical funding round
$105M
Undisclosed stage · Nov 2023
Cumulative funding RefleXion Medical raised
$489M
across 7 funding rounds
Key investors in RefleXion Medical
Venrock
Pfizer Venture Investments
Sofinnova Partners
Johnson & Johnson Innovation
T. Rowe Price
The Rise Fund
About RefleXion Medical
RefleXion Medical is a developer of biology-guided radiotherapy systems for cancer treatment. Hayward-headquartered in California, RefleXion's X1 machine delivers stereotactic body radiotherapy, stereotactic radiosurgery, and intensity-modulated radiotherapy. The BgRT platform uses real-time PET imaging to target metastatic tumors with subsecond precision. RefleXion raised over $380 million in funding from investors including Sofinnova and Temasek.
Founded
2009
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
Valuation
$786M (Mar 2022)
RefleXion Medical Valuation
RefleXion Medical is currently valued at $786M, based on its Series E in March 2022.
The $80M round was led by Ascension Ventures.
RefleXion Medical's valuation has grown 1.6x from $497M at its Series D in April 2020 to $786M in March 2022, across 2 priced rounds.
RefleXion Medical valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Mar 2022 | Series E | $786M |
| Apr 2020 | Series D | $497M |
RefleXion Medical Funding History
RefleXion Medical has raised a total of $489M across 7 funding rounds.
RefleXion Medical's first fundraising round was a $12M Series A in April 2014. The most recent completed round was a $105M undisclosed-stage round in November 2023.
RefleXion Medical funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Nov 2023 | Undisclosed stage | The Rise Fund (lead); Pictet Private Equity Investors S.A.; Pfizer Venture Investments; Hillenbrand Capital Partners; T. Rowe Price; Venrock; Catalio Capital Management; Squarepoint Capital; Ally Bridge Group; Johnson & Johnson Innovation | $105M | - | RefleXion Medical is a privately held therapeutic oncology company founded in 2009, developing the RefleXion X1 machine with SCINTIX biology-guided radiotherapy for treating localized and metastatic cancer using PET-avidity for real-time tumor targeting. The technology has FDA Breakthrough Device Designation for lung tumors and De Novo marketing clearance. Headquartered in Hayward, California, the company employs over 265 people. On November 15, 2023, RefleXion closed its Series F funding round raising $105 million led by The Rise Fund, with participation from Ally Bridge Group, Catalio Capital Management, Hillenbrand Capital Partners (listed as Hillenbrand), Johnson & Johnson Innovation, Pfizer Venture Investments, Pictet (listed as Pictet Asset Management or Pictet Private Equity Investors S.A.), Squarepoint Capital, T. Rowe Price, and Venrock, matching the query investors. This round contributes to total funding of approximately $634-684 million across 9-11 rounds, including prior Series D ($100M in 2020), Series E (March 2022), and debt financings. RefleXion continues advancing its platform, launching the BIOGUIDE-X2 pivotal study for expanded SCINTIX indications and securing broader Medicare reimbursement. |
| Mar 2022 | Series E | Ascension Ventures (lead) | $80M | $786M | RefleXion Medical is a therapeutic oncology company pioneering biology-guided radiotherapy (BgRT) technology for all stages of cancer, particularly late-stage cancers where five-year survival rates are less than 31%. The company's X1 machine integrates imaging and radiotherapy to target tumors with greater precision than conventional radiation therapy. Founded by Sam Mazin, the company had grown to more than 250 employees by March 2022. RefleXion closed a Series E financing on March 10, 2022, raising $80 million at a post-money valuation of $785.79 million. The round included both new investors—Ascension Ventures, Catalio Capital Management, Sixty Degree Capital, and Hillenbrand Capital Partners—and existing backers such as TPG's The Rise Fund, KCK Group, PSP Investments, T. Rowe Price, Ally Bridge Partners, Venrock, Pfizer Ventures, and Johnson & Johnson Innovation (JJDC). By the time of this funding, RefleXion had demonstrated significant clinical traction, delivering nearly 2,000 patient treatments, completing its feasibility study, securing FDA clearance for imaging-guided radiotherapy, and establishing partnerships with pharmaceutical companies including Merck to evaluate combination therapies. The company was actively expanding its commercial footprint and working toward developing its BgRT platform for indications previously considered palliative only. |
| Mar 2021 | Series D | Ally Bridge Group (lead) | $40M | - | RefleXion Medical develops a biology-guided radiotherapy (BgRT) system for treating multiple metastatic tumors in a single session. The company expanded its Series D financing by $40 million with Ally Bridge Group joining the investor syndicate on March 2, 2021. Ally Bridge Group is a leading investor in late-stage life science technologies, particularly in medtech. Overall, RefleXion Medical has raised $633.6 million across 9 funding rounds from 18 investors, including Ally Bridge Group in multiple rounds. The latest disclosed round was a Series F for $105 million on November 15, 2023, led by The Rise Fund with participation from Ally Bridge Group, Catalio Capital Management, Hillenbrand, Johnson & Johnson Innovation, Pfizer Ventures, Pictet, Squarepoint Capital, T. Rowe Price, and Venrock. Earlier rounds include Series E in March 2022, Series D in April 2020, and debt financing in July 2022. RefleXion continues as a commercial-stage oncology company, with investors like Ally Bridge Group maintaining involvement in subsequent financings. |
| Apr 2020 | Series D | PSP Investments (lead); KCK; Pfizer Venture Investments; Sofinnova Partners; T. Rowe Price; Venrock; The Rise Fund; Johnson & Johnson Innovation | $100M | $497M | RefleXion Medical is a therapeutic oncology company based in Hayward, California, developing biology-guided radiotherapy (BgRT) via its RefleXion X1 platform to treat all stages of cancer, particularly stage 4, by targeting tumors using cancer's own biology. The company announced the close of a $100 million equity financing on April 16, 2020, led by PSP Investments with participation from Johnson & Johnson Innovation (JJDC Inc.), KCK Group, Pfizer Ventures, Sofinnova Partners, T. Rowe Price, TPG's The Rise Fund, and Venrock. BofA Securities and Morgan Stanley served as placement agents. This funding followed recent FDA clearance for the X1 platform and the first system order from a leading cancer center, enabling scaling of operations for commercialization and clinical adoption expected to begin shipping in Q3 2020. RefleXion had opened a new factory in May 2019 to manufacture the X1 machines. The new capital supports transforming radiotherapy from early-stage to all-stage cancer treatment and validation of BgRT's daily clinical use. CEO Todd Powell highlighted the syndicate's support for ramping market adoption post-FDA clearance. PSP Investments' Loïc Julé emphasized the company's visionary approach to stage 4 cancer care. |
| Apr 2018 | Series C | The Rise Fund (lead); KCK; Pfizer Venture Investments; Sofinnova Partners; T. Rowe Price; Venrock; GT Healthcare Capital Partners; Johnson & Johnson Innovation | $100M | - | RefleXion Medical is a therapeutic oncology company developing biology-guided radiotherapy (BgRT) systems for targeted cancer treatment. The company's flagship product, the RefleXion X1 platform, represents a significant shift from single-tumor therapy toward the ability to treat multiple tumors in the same session for metastatic cancers. In April 2018, RefleXion closed a Series C funding round raising $100 million led by The Rise Fund, the global impact investment fund managed by TPG Growth. The round included participation from existing investors KCK Group, Sofinnova Partners, Venrock, and T. Rowe Price, alongside other supporters. The company used the Series C funding to advance commercialization efforts and scale operations. At the time of the Series C announcement, the company had not yet achieved FDA clearance—that milestone came in March 2020 for stereotactic body radiotherapy (SBRT), stereotactic radiosurgery (SRS), and intensity modulated radiotherapy (IMRT) applications. |
| Apr 2016 | Series B | KCK (lead); Pfizer Venture Investments; Sofinnova Partners; Venrock; Johnson & Johnson Innovation | $52M | - | RefleXion Medical, a Hayward, California-based medical equipment company, develops the first biology-guided radiotherapy system for targeted, personalized cancer treatment using PET imaging to track tumors in real time based on their metabolic activity. The system aims to enable simultaneous treatment of multiple tumors throughout the body and adapt to biological characteristics like hypoxia or proliferation via novel PET tracers. In April 2016, it closed a $46 million Series B round led by new investor KCK Group, with participation from existing investors Pfizer Venture Investments, Venrock, and Sofinnova Partners, RefleXion's largest shareholder. Nael Kassar and Greg Garfield from KCK joined the board. The Series B proceeds were allocated to expand engineering, regulatory, and commercial organizations to achieve development milestones and regulatory approvals ahead of commercial launch. In July 2016, RefleXion extended the round by $6 million from Johnson & Johnson Innovation – JJDC, bringing the total to $52 million. The financing supported prototyping efforts, as the company had recently created a prototype ready for clinical use, mitigating core technical risks in just two years. Board members at the time included Antoine Papiernik, Bill Burkoth, Colin Cahill, Fred Moll (chairman and CEO of Auris Surgical Robotics and former Intuitive Surgical executive), Jay Watkins (chairman), Dr. Samuel Mazin (co-founder and president), and Akshay Nanduri. |
| Apr 2014 | Series A | Sofinnova Partners (lead); Pfizer Venture Investments; Venrock | $12M | - | RefleXion Medical is a medical device company developing a biology-guided radiotherapy system for personalized cancer treatment. The technology combines positron emission tomography (PET) scanning with radiation therapy to deliver targeted doses to multiple cancerous lesions while sparing healthy tissue. In April 2014, RefleXion closed a $11.6 million Series A financing round led by Sofinnova Partners, with participation from Pfizer Venture Investments and Venrock. The capital was allocated toward expanding the company's R&D organization and accelerating development of its cancer therapy system. The company benefited from favorable market timing, following the Centers for Medicare & Medicaid Services' March 2013 decision to remove its national noncoverage decision for PET scanning in oncology applications, which expanded access to nuclear medical imaging for cancer patients. |
Who has invested in RefleXion Medical?
15 investors have backed RefleXion Medical across its funding rounds, including Venrock, Pfizer Venture Investments, Sofinnova Partners, Johnson & Johnson Innovation, T. Rowe Price and The Rise Fund.
Lead investors include The Rise Fund, Ascension Ventures, Ally Bridge Group, PSP Investments, KCK and 1 other investor.
RefleXion Medical Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 5 | Participant | Apr 2014 | ||
| 5 | Participant | Apr 2014 | ||
| 4 | Lead | Apr 2014 | ||
| 4 | Participant | Apr 2016 | ||
| 3 | Lead | Apr 2016 | ||
| 3 | Participant | Apr 2018 | ||
| 3 | Lead | Apr 2018 | ||
| 2 | Lead | Mar 2021 | ||
| 1 | Participant | Nov 2023 | ||
| 1 | Participant | Nov 2023 | ||
| 1 | Lead | Apr 2020 | ||
| 1 | Participant | Nov 2023 | ||
| 1 | Participant | Nov 2023 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialRefleXion Medical Competitors
RefleXion Medical competitors include listed companies like Weigao Group, VCANBIO and Imricor Medical Systems, and private ones like Carestream, SiBionics and Embark.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $800M | - | ||
| Private | - | - | $717M | - | ||
| Private | - | - | $700M | - | ||
| Publicly listed | $227M | $56M | $1.3B | 4.7x | ||
| Publicly listed | $217M | $44M | $1.3B | 4.3x | ||
| Publicly listed | $292K | ($26M) | $458M | 285.0x |
RefleXion Medical Public Comps
RefleXion Medical is still privately-owned, but its public comps include Dynavox Group, Synektik, Xvivo Perfusion, AdaptHealth, LifeTech Scientific, MedCap, SI-BONE, QuidelOrtho, Anteris Technologies US and Advanced Medical Solutions Group.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $252M | $48M | 3.5x | 3.1x | 18.0x | 13.1x | |||
| $180M | $47M | 4.3x | 3.1x | 16.2x | 11.7x | |||
| $83M | $11M | 9.4x | 7.9x | 73.0x | 38.4x | |||
| $3.2B | $473M | 0.9x | 0.9x | 5.9x | 5.3x | |||
| $204M | $37M | 2.9x | - | 15.8x | - | |||
| $215M | $48M | 3.8x | 3.4x | 17.2x | 15.1x | |||
| $201M | ($17M) | 3.5x | 3.2x | (42.5x) | 60.3x | |||
| $2.7B | ($485M) | 1.4x | 1.4x | (7.7x) | 6.6x | |||
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Common questions about RefleXion Medical
| When was RefleXion Medical founded? | RefleXion Medical was founded in 2009. |
| Where is RefleXion Medical headquartered? | RefleXion Medical is headquartered in San Francisco, CA, United States. |
| Is RefleXion Medical publicly listed? | No, RefleXion Medical is a private, VC-backed company. |
| What is RefleXion Medical's valuation? | RefleXion Medical was last valued at $786M in its Series E in March 2022. |
| How much funding has RefleXion Medical raised? | RefleXion Medical has raised $489M across 7 funding rounds. |
| What was RefleXion Medical's last funding round? | RefleXion Medical's last funding round was a $105M undisclosed-stage round in November 2023, led by The Rise Fund. |
| Who are RefleXion Medical's investors? | RefleXion Medical's investors include Pfizer Venture Investments, Venrock, Sofinnova Partners, Johnson & Johnson Innovation, KCK, T. Rowe Price, The Rise Fund, Ally Bridge Group, Pictet Private Equity Investors S.A., Hillenbrand Capital Partners and 5 others. |
| Which companies are comparable to RefleXion Medical? | Companies comparable to RefleXion Medical include Carestream, SiBionics, Embark, Weigao Group, VCANBIO and Imricor Medical Systems. |
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