invendo medical closes EUR20m equity capital funding led by Xeraya Capital
invendo medical, a manufacturer and distributor of a single-use and computer-assisted colonoscopy system, has closed a EUR20.3m financing round led by new investor Xeraya Capital, which invested via an affiliated company.
A German family office also joined as a new investor and existing investors TVM Capital, Wellington Partner, 360° Capital and the founders participated in the financing as well.
The financing will allow invendo to kick-off its industrialisation efforts for the FDA-cleared invendoscopy system.
The invendoscope SC20 has several features that are new to the field of colonoscopy:
-- It is the only market-cleared single-use colonoscope
-- It is not pushed or pulled, but uses a computer-assisted ("robotic") gentle drive technology
-- All endoscopic functions are performed using a handheld device and
-- It applies less force on the colon wall.
Like other endoscopes, the invendoscope allows intra-procedural interventions through a working channel.
Berthold Hackl, CEO of invendo medical, says: "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 US. Colonoscopy is already a huge market, with at least 16 million procedures per year in the US alone, although compliance remains insufficient. We expect that the invendoscope 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 invendoscope is the only one of its kind right now."
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