Medical technology company Leo Cancer Care has closed a $65 million Series D financing round to support the expansion of its radiotherapy platform, which uses upright treatment technology. The round was led by Yu Galaxy and included new investor Eventide Asset Management, along with continued participation from existing investors. Founded in 2018, the company said it has now raised $155 million in total.
Leo Cancer Care plans to use the new funding to scale manufacturing and accelerate commercial deployment of its technology. The company’s platform uses the same upright architecture across proton therapy, photon therapy, and imaging, creating a unified approach that extends from diagnosis and treatment planning through to treatment delivery.
The company also announced that it has entered into a strategic partnership with an international healthcare company, although executives declined to identify the partner. In addition, company executives said Leo Cancer Care is preparing for an initial public offering and is targeting a multi-billion-dollar IPO by the end of the year.
The company was established around the concept of treating radiation therapy patients in a seated position rather than lying flat. According to company executives, the approach offers a different way to deliver radiation therapy while reducing the size, cost and complexity of existing equipment. Executives also claim the company can reduce the cost of a proton therapy system by 50%.
Chief Executive Officer and co-founder Stephen Towe said the company’s objective is to innovate radiotherapy through simplification. Towe, who has a background in physics, previously worked at radiotherapy equipment manufacturer Elekta before launching Leo Cancer Care with serial medical technology entrepreneur Rock Mackie. The core concept and technology for upright patient positioning originated from the University of Sydney in Australia.
According to Towe, many innovations in radiotherapy have involved adding features and functionality to existing platforms, resulting in larger and more complex systems.
“This technology is really successful in treating cancer patients, but the idea of rotating 100 tons around a patient that weighs 200 pounds is as crazy as changing a light bulb in your house by picking up the house and rotating it around your fixed, stationary light bulb,” Towe said.
Proton treatment allows for a high level of precision and is particularly important for children and for adults whose cancers are located near vital organs. However, conventional proton therapy systems have historically required large construction projects because they rotate substantial amounts of steel, concrete, and equipment around the patient to achieve treatment angles. Company executives said these systems can exceed $100 million in cost.
Leo Cancer Care’s approach keeps the radiation beam fixed while rotating the upright patient. The company said this reduces machine size and has generated projected cost savings across its existing customer base. When combined with ultra-compact accelerators, executives said the footprint can be reduced from more than 29,000 square feet to approximately 1,700 square feet.
The company’s upright imaging system has received 510(k) clearance from the U.S. Food and Drug Administration, and executives said future applications are planned across radiology. Stanford Medicine delivered what was described as the world’s first compact upright proton therapy treatment in June for a seven-year-old child with a complex brain tumor. Dana-Farber Cancer Institute and McLaren Health Care are also bringing the upright platform into their programs.
Leo Cancer Care said it has signed 57 contracts across 13 countries and plans to expand to 26 countries with more than 50 proton systems within five years.
Leo Cancer Care has successfully raised $65 million in a Series D funding round to accelerate the development and global expansion of its innovative upright radiotherapy platform. The latest investment will enable Leo Cancer Care to scale manufacturing, strengthen commercial operations, and advance clinical adoption of its patient-centered radiation therapy technology. The funding highlights growing investor confidence in innovative cancer treatment solutions that improve both clinical outcomes and patient comfort.
Understanding the Leo Cancer Upright Radiotherapy Platform
The Leo Cancer upright radiotherapy platform is designed to deliver radiation treatment while patients remain in an upright seated or standing position instead of lying flat. This innovative approach allows clinicians to improve patient positioning, increase comfort during treatment, and potentially enhance treatment precision. By rethinking conventional radiotherapy workflows, Leo Cancer aims to modernize radiation oncology and provide healthcare providers with greater flexibility.
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