NovaScan Completes $8M Series B Preferred Financing

Lab-137 client, NovaScan Inc., completed and oversubscribed a $8MM Series B Preferred financing led by Builders VC, a prominent venture capital firm based in San Francisco, CA.  Rainmaker served as placement agent on the financing.

NovaScan is developing several disruptive platforms for interoperative cancer detection and treatment; the objective of which is to transform biopsy and targeted drug delivery.  The patented technology is unique in that it doesn’t destroy or remove tissue, it uses tiny electrodes to electrically stimulate the issue and measure the response.  Cancerous cells respond differently than healthy cells enabling physicians to precisely locate the cancer and treat the patient.

“NovaScan is another example of the clients we love to serve at Rainmaker”, said Laurence Hayward.  “The company has made a true engineering breakthrough that can have a profound impact on society.  We were thrilled to have the opportunity to work with the NovScan management team as well as the team at Builders.” 

Craig Davis, CEO of NovaScan, said “After successfully completing our bridge round, we hired Laurence Hayward of Rainmaker again to fill our Series B round. He has a unique ability to understand the intricacies of a technology and find great investors with whom to partner”.

For additional information on the round, see:  https://www.novascaninc.com/post/series-b