Israeli start-up Odin Medical Technologies has raised $13 million in its second financing round, led by medical equipment manufacturer Medtronic (Nasdaq:MDT). Odin Medical develops MRI systems.
Massachussetts-based Charles River Ventures was another new investor. Existing investors also participated in the round: Concord Ventures, Pitango Venture Capital, Star Ventures Enterprises and Walden Israel. Odin Medical's value for the round was estimated at $30-35 million, before money.
Odin Medical's MRI guidance system, PoleStar N-10, has been installed in several medical centers worldwide, since receiving US Food and Drug Administration (FDA) approval in November 2000. The system is mainly used for neurosurgery. PoleStar received EU CE mark approval in October 2001.
Odin Medical was founded in 1996 by CTO Ehud Katznelson, COO Yuval Zuk and Amit Goffer, who is no longer with the company. The company raised $7 million in 1999, at a high company value of over $30 million. Odin Medical has 50 employees at its development center in Yokne'am and offices in Massachusetts and Belgium.
Odin Medical has also signed an exclusive marketing and distribution agreement with Medtronic Surgical Navigation Technologies (SNT), which will also collaborate in new product development.
Medtronic earlier invested in Itamar Medical, and it was thought it might acquire Boston Scientific (NYSE:BSX), which has a stake in Medinol. Medtronic once had a development center in Israel, but closed it in 1999 in cut-backs following its merger with AVE.
Published by Israel's Business Arena on 14 April 2002