U-M startup HistoSonics announces $2.25B acquisition

8/7/2025

The University of Michigan has another unicorn. 

HistoSonics, a U-M startup founded in 2009, announced a $2.25 billion acquisition by a consortium of top-tier investors, joining a short list of companies stemming from the university that have reached billion-dollar status.

The infusion of funds will allow HistoSonics to accelerate the expansion of its Edison Histotripsy System and novel histotripsy therapy platform across new clinical indications and global markets. 

“I am thrilled about this landmark moment for HistoSonics, the University of Michigan and the patients that will benefit from this increased momentum behind the Edison System,” said Kelly Sexton, associate vice president for research – innovation partnerships and economic impact. 

“Two decades ago, the first invention report describing what we now call histotripsy was disclosed to our office. Today, it’s an FDA-cleared treatment for the destruction of liver tumors, with clinical trials underway for renal and pancreatic cancers. This milestone is a powerful example of how NIH-funded research, combined with entrepreneurial drive and strategic venture investment, can create transformational impact.”  

HistoSonics’ Edison System received FDA clearance in October 2023 for the destruction of liver tumors. To date, it has been used by more than 2,000 patients at over 50 U.S. medical centers. The company is also enrolling patients in trials for use of the Edison System in renal and pancreas tumors with more disease area trials planned for the future. 

The Edison System leverages histotripsy, a term coined by U-M researchers. Designed as a noninvasive alternative to surgical procedures, the novel technology uses focused ultrasound to mechanically disrupt target tissue. 

A team of U-M researchers, led by Professors Charles Cain (deceased), Zhen Xu, Timothy Hall, Jonathan Sukovich, J. Brian Fowlkes and William Woodruff Roberts from Michigan Engineering and Michigan Medicine, invented and developed histotripsy. In 2023, they were recognized for their work as Distinguished University Innovators of the Year. This is the highest honor for U-M faculty members who have developed transformative ideas, processes or technologies and shepherded them to market for broad societal impact.

“When I first learned of Charles and Zhen and the team’s work on histotripsy and saw what their system could potentially do, I knew this could revolutionize surgery,” said Jim Adox, chairman of HistoSonics’ board and a member of Innovation Partnership’s National Advisory Board. “It took a long time to get others to see this innovation in the same light as I did. We stuck with it, and I am ecstatic to see where the company is today and look forward to where it goes in the future.” 

Adox’s fund, Venture Investors Health Fund, led the Series A and B investments in HistoSonics and has invested in numerous other U-M spin-offs. 

HistoSonics accomplished what had been out of reach for others — to successfully utilize sound wave energy to mechanically obliterate diseased tissue. This breakthrough has enabled patients to receive treatment with minimal hospital time and little to no discomfort.

“One of the best parts about science is turning the impossible to possible,” Xu said. “It has been the challenge and highlight of my lifetime to see our response to a simple question ‘Can we create a non-invasive interventional technology that performs surgery?’ evolve into a platform that is revolutionizing cancer treatment.” 

“I am proud of what we have accomplished for patients so far, and with this acquisition I anticipate quickly expanding histotripsy to benefit patients with various tumor types and neurological diseases all over the world.”

The University of Michigan, Xu, Hall, Sukovich, Fowlkes and Roberts have a financial interest in HistoSonics.