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Koch Industries Completes Second Stage of Investment in Medical Device Company InSightec

Overall, Koch has invested $100 million in the Israel-based company out of a total equity funding round of $150 million

Dror Reich 09:5401.02.18

Koch Industries Inc. has decided to finalize the second stage of its Series E private equity funding round in medical device company InSightec Ltd., InSightec announced Wednesday.

 

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The first stage was closed in December 2017, when Koch Industries led a $90 million round for the Israel-based company in return for Series E preferred stock. The second and final closing of the round was completed for a total sum of $150 million, according to a filing that existing shareholder Elbit Imaging Ltd. submitted Wednesday to the U.S. Securities and Exchange Commission.

 

Charles Koch. Photo: Robert Deutsch Charles Koch. Photo: Robert Deutsch

 

 

Of the final sum, Koch Industries invested $100 million. The entire Series E stock issued by InSightec equals 29.1% of its outstanding share capital. After the placement, Elbit Medical holds 19.8% (16.7% on a fully-diluted basis) of InSightec's stock.

 

Founded in 1999, InSightec develops MRI-guided ultrasound devices for targeted surgery. The company previously raised $140 in equity funding, according to Crunchbase data, from Elbit Imaging, York Capital, Exigent Capital Group, GE Healthcare, China-Israel fund GEOC, and Meditech Advisors LLP.

InSightec plans to use the funding towards marketing and commercializing its devices, and for continuing research and development to address neurological conditions such as Parkinson’s disease, Alzheimer’s disease, and cancer, the company said in a statement.

 

The placement reflects a valuation of $460 million for InSightec, according to Elbit Imaging's December SEC filing.
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