Robotic catheter maker EndoWays acquired by Ascendum
Deal to help the Israeli company accelerate its clinical and commercial development, especially in China
Israeli company EndoWays that developed a Robotic-assisted microcatheter has been acquired by Hong Kong-based investment platform Ascendum. EndoWays was founded in 2018 by tech incubator MEDX Xelerator. To date, the Israeli startup has raised a total of $750,000 from the incubator and the Israel Innovation Authority. Following the acquisition, the company will relocate to a new headquarters in Caesarea. Both sides declined to name a dollar figure for the purchase, but according to industry estimates the price tag is in the $10 million range.
The technology that was developed by the founders Noam Shamay, Tamir Ben-David, and Tovy Sivan enables efficient navigation through tortuous blood vessels without exposing the subject to excessive radiation. The robot is the first of its kind to be made entirely of biodegradable materials and does not require expensive equipment or extensive preparation prior to the procedure.
“Our vision is to provide an easy to use and cost-effective tool for the cathlab that will facilitate difficult procedures and allow physicians to work accurately through tortuous blood vessels away from radiation,” said Shamay, EndoWays’ founder and CEO. “With the support of Ascendum’s experience and resources, we can continue to make this vision a reality.”
Shamay will serve as the company‘s chief technology officer post-acquisition.
“EndoWays was our very first incubator portfolio company, making its acquisition after less than three years since its founding, a significant milestone,” said Shai Policker, CEO of MEDX Xelerator. “We are proud of the achievements of the team and look forward to the company’s continued success.”
“EndoWays provides attractive competitive advantages that can accelerate entry of robotics into the cathlab, which we believe will be highly valuable to future clinical practice,” explained Serena Shao, Founder and Managing Partner from Ascendum. “After the closing, Endoways is going to move into the incubator of our strategic partner, DiNovA Medtech, based in Israel, to continue development until commercial launch.”
The deal will provide EndoWays with access to the vast experience and network of the Ascendum team, helping accelerate its clinical and commercial development, especially in China.
Prof. Chaim Lotan, who will step in as EndoWays’ Chief Medical Officer added that “the unique features of this robot can help navigate through tortuous pathways and enable complex procedures. This, together with the reduced radiation exposure for the user through the use of this system, makes this technology very attractive to interventional radiologists and cardiologists.”