11 Jan TomoTherapy raises another $14M from existing investors
TomoTherapy is one Wisconsin company that’s flush with venture capital. With a $14 million investment round just announced, all from existing investors and its board, it has taken in $42 million in outside equity.
That kind of capitalization practically requires explosive growth, and TomoTherapy is doing its best to live up to expectations. CEO Frederick Robertson said the company’s revenues increased by almost 70 percent in 2005 to about $80 million. The company is privately held.
“The additional capital will help solidify the balance sheet while providing more funds for growth, especially in the international markets. This could very well be our last round of private financing,” Robertson wrote in a statement.
• Previous WTN coverage: Tomotherapy considers IPO with medical-device business on the rise
Robertson said the company has been hiring actively, growing to 327 employees at the end of 2005, up from 171 in 2004. It is also building a 66,000-square-foot manufacturing facility in Madison that is set to open in June.
• Business Journal of Milwaukee: TomoTherapy raises $14 million in financing