QT Imaging Holdings Inc. has received $10.1 million in financing from Lynrock Lake Master Fund LP to support its working capital. The funding manifested in a two-year secured note maturing in March 2027.

“This strategic financing positions us to strengthen our financial foundation and streamline operations to deliver the minimum of 100 scanners demanded by our strategic partner over the next two years, which will result in $45 million in revenue. The funding will accelerate the commercialization of our imaging technologies and bring us one step closer to achieving our mission of delivering a safe breast imaging modality to women,” QT Imaging CEO Dr. Raluca Dinu said.

The company will use net proceeds from the transaction for its working capital needs in 2025 and 2026, including funding the cost of manufacturing products to fulfill orders under its previously announced distribution agreement with NXC Imaging Inc. In addition, QT Imaging has repaid the secured Cable Car Note, as defined in the company’s most recent Prospectus, and fully settled its obligations under the Yorkville Note and terminated the Yorkville SEPA by paying $3 million in cash and issuing a five-year warrant for 15 million shares. Net of these payments, QT Imaging expects to have $5.5 million of net proceeds before transaction costs remaining from the new financing for working capital purposes.

QT Imaging Holdings is a medical device company engaged in research, development, and commercialization of body imaging systems using low frequency sound waves. The firm’s strategy is predicated upon the fact that medical imaging is critical to detecting, diagnosing, and treating disease and that it should be safe, affordable, accessible, and centered on the patient’s experience.

Breast Acoustic CT is a trademark of a QT Imaging Holdings affiliate.