Ion Beam Applications (IBA) said it's leading an investment round in HIL Applied Medical, an Israeli-based developer of laser-based proton therapy technology.
Under the terms of the deal, IBA has invested 1.8 million euros and is co-leading HIL's series C financing round along with co-leader OurCrowd and several of HIL's previous investors. In addition, IBA has signed an OEM agreement granting the company rights to purchase HIL's laser-based proton accelerators and integrate them into proton therapy systems.
HIL is developing a patented particle acceleration and delivery approach that combines nanotechnology with ultrahigh-intensity lasers and ultrafast magnets, IBA said. The firm said it believes this technology could meaningfully reduce the size and cost of proton therapy systems without compromising clinical utility.
