Sources inform "Globes" that Edge Medical has received a $4 million investment from Accelmed Fund. The fund was set up by Mori Arkin and Uri Geiger to take advantage of opportunities created by the crisis in financing for medical device companies in relatively early stages of development.
Edge Medical has already reached the sales stage with its digital X-ray cameras.
When it was founded in the early 2000s, Edge Medical was considered a highly promising company, and it managed to raise about $20 million from leading VC funds like Star Ventures, Tamar Technology Ventures, CenterPoint Venture Partners and Madison Technology Ventures. The serial entrepreneur Dr. Shimon Eckhaus, who is considered a "standards certification" for investing in medical devices, was himself one of the company's early investors, and he served for a period as chairman.
Nevertheless, in 2005 Edge Medical closed down and fired its 25 employees after delays in developing its product led to the loss of its pioneering status in the market, and other companies developed similar products.
However entrepreneur CEO and president Albert Zur did not give up. He rehired the founding team, and re-opened the company in 2006.
Companies working in the digital X-ray field include global giants like Philips, Siemens, and GE. Zur and his team believe that there is room for a less expensive and simpler product than its competitors. The simplicity of Edge Medical's X-ray system for the user stems from the sophistication of the technology behind it, which is protected by patents. Zur said at the end of 2008 that his company expected sales of $600,000 in 2009.
Published by Globes [online], Israel business news - www.globes-online.com - on June 25, 2009
© Copyright of Globes Publisher Itonut (1983) Ltd. 2009