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Crescent Enterprises leads $16m funding of medical tech firms
MAGNiTT News gulfbusiness.com - 3 years ago - Tue, Nov 28, 2017, 9:08 AM
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By Gulf Business Staff / Gulf Business - Image Credit: Gulf Business
SOURCE: Gulf Business - Crescent Enterprises leads $16m funding of medical tech firms
UAE-based multinational Crescent Enterprises has announced the successful closure of its investment in two medical tech companies through its recently launches corporate venture arm, Crescent Enterprises Venture Capital (CE-VC).
CE-VC lead the $16m Series A funding of ColubrisMX and XCath – two next-generation micro-robotic medial device companies developed at the University of Texas Medical School’s Microsurgical Robotics Laboratory, and incorporated in Texas, USA.
The funds put forward by CE-VC and its co-investors will go towards the manufacturing of prototypes, and will aid in testing and clinical studies outside the US.
ColubrisMX is developing a minimally invasive miscrosurgical robotic device that can treat life-threatening conditions such as fetal malformations and brain abnormalities through microsurgery. XCath, meanwhile, is developing steerable robotic microcatheters for treating endovascular conditions such as cerebral strokes. Devices such as these are expected to help treat patients remotely, especially in parts of the world where special surgical procedures are not readily available.