ViewRay gets second tranche of $25 million investment, cinches Siemens partnership

OAKWOOD, Ohio — The Cleveland-area medical device company ViewRay said today it received an additional $15 million of the $25 million Series B financing it had announced in January (pdf). In addition, the company stated it has partnered with Siemens AG, Healthcare Sector, to receive magnetic resonance imaging technology.

ViewRay is developing a device, the Renaissance System 1000, that uses MRIs to guide gamma rays to target cancerous tumors. The company stated it will use the funding to continue developing its product.

ViewRay also said the Siemens partnership also will speed up the development of the Renaissance system.

ViewRay moved to Oakwood in suburban Cleveland last year, lured both by the region’s imaging talent and tax incentives. The Ohio Tax Credit Authority gave the company job creation tax credits worth about $537,000 over the next 10 years. ViewRay had pledged to hire 25 employees.

ViewRay had raised about $3 million previously, according to filings with the Securities and Exchange Commission. OrbiMed Advisors led the Series B round, along with Fidelity Biosciences, Aisling Capital and Kearny Venture Partners.