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Biomedical platform announced on Thursday it raised $100 million in Series B financing led by , with additional funding from , and . This brings total funding to $148.5 million according to Crunchbase.

Founded just this year, Galvanize is the brainchild of Apple Tree Partners, a life science-focused firm that incubated the company. The startup was originally envisioned as three companies pursuing different medical problems, but will now be combined to use one platform for multiple use cases.

The funding will go toward commercializing the startup鈥檚 pulsed electric field energy platform to help treat cardiac arrhythmias, symptoms of bronchitis and solid tumors. The platform uses high-voltage and high-frequency electrical currents that can disrupt disease progression in the body.

Its slew of products are in various stages of development. One, for treating bronchial symptoms, received Breakthrough Device Designation from and is enrolling patients for its clinical trial. Its tool for cardiac arrhythmias is rolling out in Europe. And its oncology system uses electrical currents to stimulate the patient鈥檚 immune system to attack a tumor.

鈥淲e are investing meaningfully to prove safety and demonstrate enhanced outcomes in our initial clinical targets, and we continue to explore additional platform applications,鈥� Galvanize CEO and founder said in a statement.

A rare vote of confidence

Galvanize is one of the few companies having luck raising funding in a tight market. Most biotech companies are struggling to raise bigger rounds than their pandemic-fueled 2020 and 2021 raises and extend their runway.聽

Funding among U.S. biotech startups reached a record high of $77 billion in 2021, per Crunchbase data, compared to a comparatively meager $24 billion so far in 2022.聽

Funding will continue to slow in this space as startups and venture firms hunker down and weather this economic uncertainty, and we鈥檙e unlikely to see companies pursue new research or clinical indications for their existing products. But Galvanize鈥檚 flexible platform allows it to investigate different use cases for the same platform.

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