About TibaRay
TibaRay designs the Galactica linear accelerator platform for cancer radiotherapy. The system is built to support FLASH, a technique that aims to deliver a full radiation dose in a fraction of a second instead of several minutes, cutting damage to healthy tissue. The same accelerator technology is also being developed for non-destructive testing of infrastructure and for faster cargo inspection at borders.
TibaRay is based in Fremont, California, and grew out of accelerator research done at Stanford University. Thinh Tran is chief executive officer, and Sami Tantawi, a physicist and former chief scientist at SLAC National Accelerator Laboratory, is co-founder and chief technology officer. TibaRay's systems are designed to work with Leo Cancer Care's upright radiotherapy platform, with a first clinical installation planned at Mayo Clinic.
Funding Rounds (SEC Form D)
| First sale | Filed with SEC | Amount sold | Investors | Avg. check | Terms | Filing |
|---|---|---|---|---|---|---|
| Apr 15, 2026 | Nov 3, 2026 | $2,051,000of $7.1M target | 10 | $205K | EquityRule 506(b) | Form D ↗ |
| Mar 13, 2025 | May 12, 2025 | $1,288,000of $5.0M target | 10 | $128K | Debt, Securities on exerciseRule 506(b) | Form D ↗ |
| Total, two offerings | $3,339,000 | |||||
First sale is the date the first investor in the offering committed to invest. Companies must file Form D within 15 days of that date, so filing dates run later.
Why Investors Backed TibaRay
TibaRay builds the Galactica linear accelerator for cancer radiotherapy, aiming to deliver treatment in a fraction of a second. The Fremont, California company grew out of accelerator physics research at Stanford University. Its leaders include physicists and radiation oncologists who have worked for years on FLASH therapy. Malaysia's IHH Healthcare invested in TibaRay in January 2026 as it expands into oncology, according to Reuters.
The problem it targets
TibaRay's case is that most of today's radiotherapy machines are decades old, large, and slow enough that tumors can shift during treatment. That limits how much radiation doctors can safely deliver, and cost keeps many clinics from buying enough machines to treat everyone who needs care. Nearly two-thirds of cancer patients could benefit from radiotherapy, yet many hospitals still run equipment built decades ago.
What the product does
Galactica is TibaRay's compact linear accelerator platform, built to generate the high-energy X-rays used in cancer treatment. The system is designed to support FLASH, a method that delivers a full radiotherapy dose in a fraction of a second rather than several minutes. Galactica is built to integrate with Leo Cancer Care's upright platform, letting patients sit or stand during treatment instead of lying down. The same accelerator technology is also being developed for non-destructive testing of infrastructure and for faster cargo inspection at borders.
Progress so far
TibaRay's first Galactica systems entered manufacturing in July 2026, with a first clinical installation planned at Mayo Clinic later in the year. Stanford Medicine treated its first patient in a new upright proton therapy facility using Leo Cancer Care's positioning platform, a system TibaRay's Galactica is designed to integrate with. TibaRay has signed a commercial agreement with Leo Cancer Care and has worked with government agencies on portable X-ray imaging systems. Its technology is covered by 21 issued and pending patents. It was also featured on the Nasdaq Tower in Times Square after being selected through Lehigh University's Startup Academy.
Who backs it
Malaysia's IHH Healthcare, a large private hospital operator, invested in TibaRay in January 2026 as it pushes into oncology, Reuters reported. Board member Laird Cagan is managing director and co-founder of Cagan McAfee Capital Partners, a Silicon Valley investment firm he started in 1990. More than three billion dollars has been invested in the companies he has backed, and he has taken more than ten of them public. Several other directors are physicians and physicists from Stanford, the University of California, Irvine, and Arizona State University who have studied FLASH radiotherapy for years.
We wrote this summary from public statements by TibaRay and its investors. It is not investment advice.
TibaRay in the News
Leadership Team
Executive officers and directors listed on TibaRay's Form D filed Nov 3, 2026.
Earlier filings also listed Sami Tantawai (director, last listed May 2025) and Cecilia Montalvo (chief executive officer & chief financial officer, director, last listed May 2025).