Israel-based oncology company Alpha Tau Medical Ltd. has raised $29 million in a funding round led by Jerusalem-based late-stage investment firm Shavit Capital, the company announced Wednesday. The latest investment brings Alpha Tau’s total funding raised to $54 million.
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Calcalist first reported Alpha Tau is at the last stages of raising an investment in August.
Ronald Cohen and Alan Patricof, the founders of London-headquartered private equity firm Apax Partners Worldwide LLP, participated in the round. Existing investors Jerusalem-based equity crowdfunding company OurCrowd Ltd. and Medison Ventures, the venture capital arm of Israel-based healthcare company Medison Pharma Ltd., also invested.
Founded in 2016 and headquartered within Tel Aviv University, Alpha Tau uses alpha radiation to treat various types of solid tumors. Currently in clinical-stage, Alpha Tau’s technology targets cancer cells by inserting a seed containing Radium-224 atoms into the tumor. Radiation particles are then released when the radioactive substance decays inside the tumor, killing the surrounding cells.
Earlier this year, Alpha Tau partnered with Japanese medtech company HekaBio K.K. to test the technology in Japan, with plans to hit the Japanese market as early as 2021, according to a Nikkei Asian Review report. Alpha Tau has also recently set up a U.S. office.