Elbit Systems medical device Beyeonics spinoff raises $36m

Beyeonics Photo: Beyeonics

Beyeonics Surgical and Beyeonics Vision are medical technology companies that aim to interface the systems in operating rooms using augmented reality, tracking and image processing/AI platforms.

Israeli defense electronics company Elbit Systems Ltd. (Nasdaq: ESLT; TASE:ESLT) announced today that its spinoffs Beyeonics Surgical and Beyeonics Vision Have completed a $36 million financing round including $26 million led by TechWald Holding and Alive Israel HealthTech and with participation of LR Group, XT Hi-Tech, Aurum Ventures and Mivtach Shamir, and a $10 million convertible loan to Beyeonics Vision by BVI Medical. Following the investment, Elbit Systems is a minority shareholder in Beyeonics Surgical and Beyeonics Vision.

Beyeonics Surgical and Beyeonics Vision are medical technology companies that aim to interface the systems in operating rooms using augmented reality, tracking and image processing/AI platforms, providing surgeons with valuable information and decision guidance while performing automatic tasks. The technology is designed to establish a new visualization and control standard in operating rooms by creating an integrated work environment.

Elbit Systems president and CEO Bezhalel Machlis said, "The completion of an additional financing round attests to the commercial potential of our technologies. We are proud to have spun off companies that leverage some of our unique technologies to materially enhance surgeons' capabilities in the operating room. We hope this investment will enable Beyeonics Surgical and Beyeonics Vision to expand product development, to include additional surgical applications and to accelerate commercialization."

Published by Globes, Israel business news - en.globes.co.il - on October 3, 2021

Copyright of Globes Publisher Itonut (1983) Ltd. 2021

Beyeonics Photo: Beyeonics
Beyeonics Photo: Beyeonics
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