US-Israeli medical training start-up SimbionixLtd. has raised $7 million in its third financing round led by River Cities Capital Funds, Western Reserve Partners, and Early Stage Partners, along with current investors. The company will use the proceeds to speed up development of its medical simulators, introduce new products, and expand its distribution channels.
Simbionix president and COO Ran Bronstein, David Barkay, and Edna Chosak founded the company in 1997. It has raised $14 million to date. The company develops simulators for training in the use of minimally invasive surgical procedures. The company launched its first product, the GI Mentor for training in endoscopic procedures, in 2000.
The company has a number of simulators on the market for endo-urology procedures, percutaneous access procedures, laparoscopic procedures, and a multidisciplinary simulator for interventional endovascular procedures.
The company was founded at the Zisapel's Rad Ramot biomedical incubator. After difficult times, the company moved its headquarters to Cleveland, Ohio. It still has offices in the Lod industrial zone.
Published by Globes [online], Israel business news - www.globes-online.com - on October 19, 2008
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