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TechsoMed Raises $7 Million Series B Financing: Funding to Support Company’s Pursuit of FDA Approval & Commercialization Readiness

March 3, 2021

TechsoMed, is a developer of first of its kind AI and Algorithm powered real-time tissue damage imaging technology (BioTrace).

TechsoMed announced it has closed a US$7 Million Series B equity financing round, led by Axil Capital with the participation of Yongjin Capital, Cobro Ventures, Magna Capital Partners and Radianx Capital, along with the company’s existing investors – Johnson & Johnson Innovation – JJDC, Inc., and NextLeap Ventures.

Following clinical and regulatory approval, the company’s technology has the potential to help physicians ensure treatment accuracy and increase treatment efficacy.

“Participation by high-quality investors in this round, evidences strong support in TechsoMed’s ability to transform thermal ablation treatment and to position itself as a compelling player in the medical imaging and predictive algorithm space,” stated Fred Shane, Managing Partner at Axil Capital. “By allowing physicians to provide their patients with a new level of treatment precision, BioTrace has the power to advance thermal ablation therapy to become a first line treatment,” he continued.

TechsoMed is collaborating with leading medical centers world-wide, in efforts to secure regulatory approval for its BioTrace system in liver tumor ablation through the De Novo process established by the FDA. In parallel, the BioTrace system is also being developed to support cardiac and pain ablation procedures.

“We are very grateful to both our new and existing investors for sharing our vision and recognizing the valuable impact that our technology brings. Coming from diverse regional markets such as the U.S., Japan, China and the EU, our investors act as driving force towards achieving our goals for scaling our technology and company,” said Yossi Abu, CEO, TechsoMed.” With our BioTrace solution and advanced algorithm and image processing technologies, physicians will be able to see more in real time. We hope to eliminate the guess work in ablation therapy.”

SourceTechsoMed
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