Invendo Medical bagged $28 million or €20.3 million for its most recent funding round, a statement about the funding said.
The round was led by Xeraya Capital, a new backer, which made the investment through an affiliate. The financing was also joined by a German Family Office and participated in by the founders and existing backers which included TVM Capital, Wellington Partner and 360° Capital. Proceeds from the most recent round will enable the firm that makes and distributes a computer assisted colonoscopy system for one-time use to establish its marketing and service infrastructure in the US, improve production and support its current development initiatives. The company's invendoscopy system is already cleared by the FDA, the statement said.
Invendo Medical Chief Executive Officer Berthold Hackl said in the statement, "We are very excited about Xeraya Capital and the other investors supporting us with this new funding which comes at precisely the right time as we are building first installations and initial usage in the U.S. Colonoscopy is already a huge market, with at least 16 million procedures per year in the U.S. alone, although compliance remains insufficient."
The company's invendoscopeTM SC20 is the only colonoscope for single use that cleared for the market. Because it uses robotic gentle drive technology, the endoscopic functions are done through a handheld device which does not put too much pressure on the colon wall, the statement said.
Hackl added in his statement, "We expect that the invendoscopeTM will be instrumental in enhancing adherence to colorectal cancer screening, since it addresses some of the major hurdles for patients to undergo the procedure. For the first time, there is a computer-assisted alternative available with a robotic component that applies less force during the procedure. Last but not least, in many medical fields single-use devices have eventually won the day, and the invendoscopeTM is the only one of its kind right now."
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