Data sensing co IDENTI Medical completes TASE IPO

Identi Medical founders Photo: PR
Identi Medical founders Photo: PR

The Israeli company, which has developed solutions to help maximize the business potential of operating and procedure rooms, raised NIS 27 million.

Israeli medical data sensing company IDENTI Medical (TASE: IDNT) has raised NIS 27 million in an oversubscribed IPO on the Tel Aviv Stock Exchange (TASE), at a company valuation of NIS 75 million, before money.

The IPO, The IPO, which was carried out as part of a book building process of technology companies, received demand of NIS 60 million - more than double the amount it sought to raise. Despite this strong demand, the company's management decided not to increase the offer and to raise the amount it originally intended to in this round.

IDENTI Medical has developed a cloud platform and an autonomous sensor array for the management of valuable medical implants and narcotics in operating and procedure rooms.

Until now, IDENTI, has operated without raising capital from investors, relying on its own equity and sales revenue (bootstrapping). The company completed the IPO in order to establish a strong sales and marketing structure in the US, its primary target market.

The IPO, which was led by Infin Capital, and supported by Adv. Hod Mimun, Partner at Goldfarb Seligman & Co., and accounting firm Deloitte, closed at a share price of NIS 7.50.

IDENTI Medical was founded in 2017 by CEO Shlomo Matityahu, a veteran entrepreneur in the Israeli high-tech medical sector, with a deep understanding of global medical logistics.

Matityahu said, "The success of our IPO is an expression of the capital market's confidence in IDENTI Medical and our growth strategy. As part of the offering, the company received significant excess demand and saw the entry of leading and valued institutional entities in Israel. The offering will allow us to continue our sales momentum, both through continued domestic growth and by signing agreements with major software companies in the medical field. The funds raised will be used for the rapid implementation of our growth strategy and to maintain our leadership as an innovative, global corporation. We are committed to the success of the company and to bringing value to our investors and shareholders."

The Netanya-based company's technology is used in 90% of Israel hospitals, and IDENTI recently signed several significant agreements and pilot projects abroad, including in the US, Europe, and Japan. IDENTI’s products are installed in over 105 hospitals and multinational medical companies, including Johnson & Johnson, Medtronic, and some of the most advanced research bodies and hospitals in Israel and abroad.

The company's solutions help maximize the business potential of operating and procedure rooms that until the introduction of its revolutionary technology, was considered a "gray area" pertaining to the tracking of available and consumed inventory. IDENTI’s automated sensors make it possible to streamline inventory management and acquire a complete picture of the costs and charges for surgeries and other medical procedures, which are the main source of revenue for hospitals. The platform also assists in meeting stringent regulatory requirements for digital management and documentation of information and in maintaining patient safety by alerting when items have expired or are recalled. The company's cloud system contains information about hundreds of thousands of medical products. By integrating artificial intelligence and machine learning technologies, IDENTI’s system enables rapid automated documentation of information in patient files and hospital systems, saving much of the cost hospitals currently invest in maintaining their own up-to-date database.

Published by Globes, Israel business news - en.globes.co.il - on June 22, 2021

© Copyright of Globes Publisher Itonut (1983) Ltd. 2021

Identi Medical founders Photo: PR
Identi Medical founders Photo: PR
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