Monteris Medical wraps up US$28M in Series E funding round

A medical device company with roots in Winnipeg has closed US$28 million in its latest funding round.

Monteris Medical announced last week it will use the Series E equity capital to expand its commercial footprint in the United States and accelerate its other growth initiatives in technology development, clinical research and geographic expansion.

The company markets a robot-guided laser probe to zap brain tumours and other brain tissue conditions.

Raising the money was a challenge, but the company brought in US$35 million in revenue and near-term profitability last year, which led to the Series E financing, said Richard Tyc, senior vice-president science and technology.

“Particularly in the U.S., with the tariff issues that happened last year, it was a tough market to raise money in,” Tyc said.

“But we had a really good 2025.”

Mark Torchia, a research scientist, developed the technology at the St. Boniface General Hospital Research Centre in the 1990s. The main effort to commercialize it started in 1999, when Tyc, an engineer, joined the project.

Torchia started Monteris in 2003. The company moved its head office to Minnetonka, Minn., a suburb of Minneapolis, in 2016.

Tyc is still based in Winnipeg, where he leads a team of about a dozen software engineers and developers who create the software applications for the device.

Torchia is currently vice-provost (learning, analytics, and academic infrastructure) at the University of Manitoba.

The equity round included Monteris’ current lead investors, InnovaHealth Partners and Birchview Capital, LP.

Several new investors participated, including OSF Ventures, the investment arm of Illinois-based OSF HealthCare, and the Colorado University Healthcare Innovation Fund. Both are health-care system venture funds affiliated with institutions that offer the minimally invasive Monteris technology to their patients.

The company’s NeuroBlate technology has been acquired by nearly 130 health systems across North America. In addition to treating primary brain tumours and metastatic brain tumours, the technology is used to treat drug-resistant epilepsy.

More than 8,700 patients have been treated using the technology.

“I’m very excited to be part of a team that can provide some new direction (and) hope for not only patients with brain tumours, but also patients with epilepsy,” Tyc said.

“These are minimally invasive procedures. Our patients typically go home the next day. It’s a very easy recovery.”

Monteris employs around 105 people — 90 in the U.S. and the rest in Canada. To date, the company has raised approximately US$200 million, Tyc said.

aaron.epp@freepress.mb.ca