Medical device co XACT Robotics raises $36m

XACT Robotics

XACT Robotics has developed a device, with FDA approval and CE Mark, for guiding instruments to precise locations in the body.

Israeli medical device company XACT Robotics, based in Caesarea and Hingham, Massachusetts, has raised $36 million. The company says that it intends to use the proceeds to support the commercialization and continued development activities in support of the XACT Robotic System, which recently received US Food and Drug Administration approval, and which also has CE Mark. XACT Robotics is part of the MEDX Ventures Group, controlled by Harel Gadot, and is a graduate of the Shizim accelerator, controlled by Yossi Bornstein.

The company has developed a robotic system for steering medical instruments within the body. The technology is suitable for various kinds of procedures requiring the insertion of a fine instrument into a precise point deep inside the body, such as biopsies, injection of drugs into internal organs, ablation, internal drainage, and so on.

The system consists of a robot the size of the palm of the hand that sits on the patient and uses imaging from various imaging systems, such as CT and ultrasound, to guide the instrument to the right place in the body. The robot in fact moves the medical instrument itself.

"As we continue to build momentum for our robotic system, we will use the recent funding to launch the system to select US radiology Centers of Excellence partners," said XACT Robotics CEO Chen Levin. "In addition, we will invest to continue expanding the utilization of the system and support our future launch cycle, including compatibility of the XACT Robotic System with additional imaging modalities and clinical applications to address a broad range of patient care needs."

The current financing round included leading investors in the surgical robotics space, such as Chasing Value Asset Management Inc., which invested in in MAKO Surgical Corp. (acquired by Stryker Corp. in 2013), Mazor Robotics (acquired by Medtronic in 2018), and most recently Corindus Vascular Robotics (acquired by Siemens in 2019).

XACT Robotics was founded by Harel Gadot on the basis of research originally conducted at the Technion - Israel Institute of Technology, by Prof. Moshe Shoham, founder of Mazor Robotics.

The company will debut its technology at the 2019 Radiological Society of North America conference in Chicago next week.

Published by Globes, Israel business news - en.globes.co.il - on November 28, 2019

© Copyright of Globes Publisher Itonut (1983) Ltd. 2019

XACT Robotics
XACT Robotics
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