Michigan-based developer of innovative minimally invasive surgical (MIS) devices, FlexDex Surgical (“FlexDex”), has announced the completion of a $13 million Series AA funding round.
The financing was led by Johnson & Johnson Innovation – JJDC, Inc. (JJDC) and Almeda Ventures, an Israeli health-tech focused public research and development partnership which invests in digital health, medical device and bioconvergence companies.
Other investors include Hylant, the University of Michigan venture investment program MINTS, Michigan Biomedical Venture Fund, Consensus Business Group (CBG), Nirvana Serial Stage Investment Partners and additional individual investors.
As part of the investment, Ms Limor Sandach, Almeda Venture Advisor, will be appointed to FlexDex’s Board of Directors, along with an appointee from JJDC.
The financing will be used to fund development of the Company’s next generation articulating needle driver for endoscopic suturing and a full suite of advanced laparoscopic instruments with robotic functionality. The ground-breaking devices will be used alongside hospitals’ existing MIS set-up, without the need for a large capital investment, and will provide surgeons with the advantages of robotic surgery, such as increased precision, dexterity, intuitive control and ergonomic benefits, at a low-cost comparative with traditional laparoscopic instruments.
The Company’s first-generation needle driver has been called a ‘game changer’, by enabling surgeons to tackle a greater number of complex surgical procedures via a minimally invasive approach, bringing benefits to patients in over 25 countries across the world.
“Our Engineering team has made great advancements in the design of our next generation devices, that build on the successes and experiences gained with the first generation FlexDex Needle Driver. We are excited to have the strong support of venture capital firms such as JJDC and Almeda Ventures, who bring with them a wealth of experience in innovative medical devices that is critical to our future success,” said Dr James Geiger, Co-Founder and Chief Executive Officer of FlexDex.
“FlexDex technology bridges the gap between traditional laparoscopy and robotic precision. The next generation advanced laparoscopic instruments will allow MIS surgeons like myself to further expand the application of FlexDex technology to a broad range of surgical procedures, providing significant benefits to patients while maintaining a low cost,” said Michigan General Surgeon Dr Kent Bowden, who has completed over 500 procedures with the first-generation FlexDex needle driver.
“We are proud of the partnership’s investment in FlexDex’s innovative technology that will bring the benefits of MIS surgery to more patients around the world,” said Almeda Ventures Co-Founder and Chief Executive Officer, Dr Irit Yaniv. “This is the first joint investment, which will serve as a milestone for further collaborations.”