“Globes” has learned that Israeli start-up Imarad Imaging Systems is completing a $5 million financing round at a company value of $35 million, after money.
The Millennium II fund is taking part in the current financing round, investing $2 million. Less than a year ago, Siemens Medical Systems and GE Medical Systems invested slightly more than $1 million each for 6% of company shares.
Imarad Imaging Systems chairman and CEO Shimon Klier told “Globes” that it was decided to issue the Rehovot-based company on the Tel Aviv stock exchange a year ago, but it was later decided to raise capital in two stages because of the market situation. The first is the current round – a private placement, and for the second, the company plans to issue on a European stock exchange sometime next year.
Imarad develops and manufactures nuclear medical detectors and imaging systems based on proprietary solid state technology, which reduces the cost of medical tests and is designed for use in hospitals. Imarad is in the final stages of setting up a plant for its products.
The company’s founders are Uri Elhanani, Shimon Klier and Alex Tzigelman. Other investors in the company include Siemens Medical Systems (6%), GE Medical Systems (6%), Discount Capital Markets (2%) and private investors, including the Schiller group.
Published by Israel's Business Arena on 25 February, 2001