XACT Robotics has announced the successful completion of its latest financing round, totalling US$36 million.
The company intends to use the proceeds to support the commercialisation and continued development activities in support of the recently US market cleared XACT Robotic System, which also has CE mark. The XACT Robotic System is the first hands-free robotic system combining image-based planning and navigation with insertion and steering of various instruments to a desired target across an array of clinical applications and indications.
“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,” says Chen Levin, CEO, XACT Robotics. “In addition, we will invest to continue expanding the utilisation 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 who previously held positions in MAKO Surgical (acquired by Stryker in 2013), Mazor Robotics (acquired by Medtronic in 2018), and most recently Corindus Vascular Robotics (acquired by Siemens in 2019). They join the current shareholders of the company, including Shizim Group and MEDX Ventures Group.
XACT Robotics was founded by entrepreneur Harel Gadot. The technology is based on research originally conducted at the Technion—Israel Institute of Technology, by Moshe Shoham, founder of Mazor Robotics (acquired by Medtronic in 2018).