Mauna Kea Technologies (France) - Jan 2008

unquote
01 January 2008

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Psilos Group has led investors including Seventure Partners and existing investor Creadev in a €20.5m third financing round for Mauna Kea Technologies. Psilos invested €14m, while Seventure and Creadev each invested €3m. The new round takes the total investment in Mauna Kea to around €25m since its creation in 2000. While Seventure joined the round after meeting company CEO Sacha Louiseau, the Royal Bank of Canada (RBC) was mandated to find another US-based investor, which came in the form of Psilos. The management retains a minority stake in the company.

Company

Paris-based Mauna Kea Technologies was founded in 2000 by Sacha Louiseau. The company develops and markets Cellvizio, an imaging approach which allows physicians to visualise, diagnose and treat pathologies that can not be seen using other imaging techniques. The company will use the financing round to develop and commercialise its Cellvizio technology predominantly in the US where Mauna Kea has renamed itself after its product in order to strengthen brand awareness. Currently the technology is mainly focused on the gastroenterology and pulmonology markets, however the investment will enable branching into other markets in the future. The company recorded sales of €3m in 2007.

People

Sacha Louiseau is CEO of Mauna Kea Technologies, Emanuel Fiessinger and Isabelle de Crémoux worked on the deal for Seventure Partners. Dave Eichler and Al Waxman represented Psilos while Bruno Donville represented Creadev.

Advisers

Equity - DLA Piper, Chris Giordano (Legal)Vendor - Alerion, Jacques Bouyssou, Vincent Poirier (Legal)Vendor - Royal Bank of Canada, Greg Lee, Kevin Davies (Corporate Finance)Vendor - RSM France, (Legal)

Sourced from: France unquote" 89 (Mar 2008)