Showing posts with label israel. Show all posts
Showing posts with label israel. Show all posts

Sunday, February 7, 2016

Israeli company Regentis Biomaterials Raises $15M, round led by Chinese group Haisco

Israeli biomedical company Regentis Biomaterials announced today the closing their $15 million Series D funding round, led by Chinese pharmaceutical group Xizang Haisco Pharmaceutical Group Co. Ltd, a leading Chinese pharmaceutical group listed on the Shenzhen Stock Exchange (SHE:002653).

Also participated in the round existing investors: Medica Venture Partners, SCP Vitalife Partners, Italian asset manager Generali Investment, and the technology transfer company of the Technion, T3.

Regentis CEO and President is Dr. Alastair Clemow.

Regentis Biomaterials is developing hydrogels for tissue regeneration originally developed at the Technion University by Dr. Dror Seliktar. The company’s flagship product, GelrinC™, combines the stability and versatility of a synthetic material with the bio-functionality of a natural substance. Currently the treatment is under clinical trials for the treatment of articular cartilage lesions.

Haisco Pharmaceutical Group, founded in 2000, is a publicly listed company focusing on marketing and sales of internally-developed therapeutic drugs. Haisco ranks third in size in China’s chemical pharmaceutical industry. The company’s products are sold to more than 3,000 hospitals throughout China with annual sales of over US$800 million.

Last year Haisco Group invested in two other Israeli medical device companies: $10 million were invested in October 2015 in Endospan and in July 2015 they invested $5 million in MST – Medical Surgery Technologies.

Monday, February 1, 2016

2015: Funding for Israeli high-tech hits all-time high

Israeli tech companies raised $4.43 billion in 2015, 30% more than in 2014. The number of deals was also a record. 2015 was a record year for fund raising by Israel's high tech industry.

Israeli tech companies raised $4.43 billion last year in 708 deals, according to figures released by IVC Research Center and KPMG. The amount and the number of deals are both all-time highs. The amount raised is 30% above the previous high, recorded in 2014, when 690 deals totaled $3.42 billion. The average deal peaked as well, at $6.3 million in 2015, compared with the previous year's $5 million average round and a $4 million average in the past ten years.

The fourth quarter of 2015 was especially successful, in fact the best ever. Israeli start-ups raised an aggregate $1.2 billion in the quarter, 11% more than in the third quarter, and 10% more than in the fourth quarter of 2014.

VC-backed deals accounted for 72% of capital raised in 2015, with an outstanding $3.2 billion closed in 397 deals, or only 56% of deals. The past three years have seen consistent 30% annual growth in capital raising in VC-backed deals.

The compilers of the report comment, "It seems the increase in VC-backed capital raising is therefore mostly explained by the increase in the size of the average financing round where VC funds participated. The average VC-backed deal in 2015 reached nearly $8 million, an unprecedented record, well above the $5.9 million average in 2014, and much higher than the $4.4 million average VC-backed deal in 2013." Ofer Sela, partner at KPMG Somekh Chaikin's Technology Group, warns that the slowdown in investment in the rest of the world will catch up with Israel.

"In the last quarter of 2015, the trend Israel ran contrary to that of the rest of the world. While global markets were affected by the slowdown in the Chinese stock market, an unstable global economy and the interest rate hike in the US, Israel remained untouched by this global wariness. We expect the Israeli market to slow down if the bear market persists. The general current sentiment in the Israeli market is that 'winter is coming'," Sela said.

IVC Research Center CEO Koby Simana said, "As of the second quarter of 2014 and throughout the past year, we have repeatedly pointed to the uptrend in the number of large deals and their sizes. We’ve seen growth stage companies raising substantial capital to boost their growth rates and grab larger market shares. The trend was largely fueled by the influx of capital from foreign investors, and a shift in market trends may indeed cause a slowdown on that front.

"However, there’s still room for Israeli high-tech companies to find both organic and non-organic growth, and materialize their full potential. We’ve seen in the past year a 25 percent hike in the number of Israeli growth stage companies, and the numbers keep growing. At the same time, there’s an increase in the capital dedicated to growth investments by late stage and growth focused VC funds, which are expected to continue investing even if the market slows, or even capitalize on the slight decline in valuations that a possible slowdown may cause."

Israeli venture capital funds accelerated their activity in 2015, investing $653 million, which compares with $568 million in 2014. Their share in the total amount of capital raised, however, continues to fall, reaching a low of 15% in 2015, compared with 17% in 2014 and a 30% average share in the past ten years.

Israeli VC funds placed a total of $236 million in first investments, which accounted for 36% of their total placements, up from 30% in 2014 and 2013. In the breakdown by sector, in 2015, 181 software companies led all capital raising with $1.3 billion or 29% percent of the total capital. They were followed closely by Internet companies, with 172 deals raising just under $1.3 billion. The life science sector followed, with 22% of the total capital raised in 2015.

Published by Globes, Israel business news on January 25, 2016

Sunday, January 31, 2016

Singapore’s Temasek backs Israel $150m VC fund

Temasek Holdings, a Singapore government investment company, is in the final stretch of raising a $150 million fund to invest in mature Israeli high-tech company.

The new fund, called Red Dot, which is nicknamed for the tony city state, plans to invest between $10 million and $15 million in each company in its portfolio.

Yoram Oren, who was behind the Vertex Ventures fund formed in 1997 with Singaporean capital, will be chairman of the new fund. It will act as a sister investor to Vertex, which will continue to invest in younger startups.

Thursday, January 21, 2016

Hong Kong VC Arbor Ventures to Invests in Israeli Startup TravelersBox

Israel's TravelersBox, which allows travellers to convert leftover foreign currency into digital currency, said on Thursday it raised $10 million led by Arbor Ventures.

Based in Hong Kong, Arbor Ventures focuses on the intersection of big data, financial services and digital commerce.

Also participated in the round existing investors such as Pitango Venture Capital, IPE Ventures, Pereg Ventures, iAngels and Global Blue.

The company has raised $15.5 million to date. TravelersBox operates kiosks in airports throughout the world and has facilitated several million transactions to date. Travellers can convert foreign change and bills that can be deposited into a PayPal account, turned into gift cards for retailers or used to make charitable donations.

The new funds will enable TravelersBox to grow, specifically in Asia as its next deployments are expected to be in Japan, India and New Zealand. The company plans to deploy an additional 300 kiosks this year.

It also aims to accelerate product development, including an application that will enable consumers to convert their change into digital currency in their home country when shopping at airport-based retail outlets throughout the world.

Sunday, January 10, 2016

Hengtong GEOC To Invest In Israeli Medical Company Insightec

Israeli medical company InSightec, which has developed a platform for non-invasive therapy for the treatment of early detected cancerous tumors and functional diseases of the nervous system using ultrasound, raised US$22m.

The current investment round is the fourth investment round in the company.

The investors were Boston MedTech Advisors, Elbit Imaging, GE Healthcare, York Capital and Chinese VC fund Hengtong GEOC.

To date, the raised US$254mm, most of the amount of Elbit Medical.

Hengtong GEOC, based in Shanghai, China, is a Sino-Israel fund established in 2013 aiming to invest in Israeli startups and help them to penetrate into Chinese market.

InSightec is the pioneer and global leader in MR guided focused ultrasound technology. Founded in 1999 by GE Healthcare (then GE Medical Systems) and Elbit Medical Imaging its mission is to transform its MR guided Focused Ultrasound (MRgFUS) into a clinically viable technology.

Insightec technology currently found in 120 leading medical centers around the world, can be likened to focusing sunlight through a lens: only the center, where all the waves converge, created enough heat to destroy the tumor, while minimizing damage to adjacent organs damage prevention. Its purpose is to replace surgical procedure Non-invasive treatment that allows the patient to return to his speed.

Tuesday, December 1, 2015

Chinese VC to Invest in Israeli Company IOPtima

Two venture capital funds, one from China and one from Taiwan, are investing $6 million in IOPtima at a company valuation of $20.7 million. Their investment is part of a $7.2 million financing round by the company, in which IOPtima's parent company Bio-Light Israeli Life Sciences Investments Ltd. is also participating with a $1.2 million investment.

The venture capital funds from China and Taiwan will jointly own 29%, and private minority shareholders will own 1%.

IOPtima has developed and begun to market in a number of countries a system for glaucoma operations without penetrating the internal part of the eye.

The proceeds from the financing round will be used mainly for the company's marketing efforts, and $1 million will be used to repay a past loan from Bio-Light.

The investment agreement includes a clause stating that if IOPtima does not generate $13.7 million revenue within three years and/or does not submit a request for marketing approval of one of its products within two years, the investors will be allocated more shares in the company at no additional cost. If the company does not obtain marketing approval in the US within five years, or does not accumulate $13.7 million in revenue within three years, the investors can make a forced sale and offer their holdings to a third party at a value of at least $37 million, subject to first refusal rights for Bio-Light.

"The agreement constitutes confirmation from an external independent source of the quality of IOPtima's technology and business potential," said Bio-Light CEO Suzana Nahum-Zilberberg, "The investment agreement is strategically important for IOPtima and Bio-Light, and is expected to contribute to IOPtima's penetration and sales in global markets, and to the approval process for the product and approval for marketing it in the US and commercializing it in this significant market."

A few months ago, Chinese investor Patrick Lau invested NIS 26 million in Bio-Light for 18.9% of the company. Other shareholders include Israel Makov, the current chairman, and Dilip Shanghvi, founder of Sun Pharmaceuticals, India’s largest pharmaceutical company, who own 12.7% and 14% of the company, respectively.

Thursday, November 19, 2015

ElMindA Raises $28m, Chinese Shanda Group To Participate In The Round

ElMindA Ltd., a pioneer in neuroscience-based technology for analyzing brain network functionality, announced the successful completion of a $28 million Series C financing round.

The global syndicate of investors in this round includes Chinese giant Shanda Group, The Kraft Group, Wexford Capital, WR Hambrecht & Co, Palisade Capital Management, OurCrowd and Healthcrest AG.

Proceeds will be used to continue advancement of ElMindA’s proprietary BNA™ (Brain Network Activation) system, which uses multi-channel EEG-ERP electrophysiology technology to provide a more accurate, objective assessment of brain functionality over time. ElMindA will also use the funds for commercial and clinical adoption following BNA’s 2014 FDA clearance in the U.S., and CE Mark approval in Europe for brain function assessment.

“We are thrilled to have attracted such a strong group of new and existing investors,” said Ronen Gadot, chief executive officer of ElMindA. “This support is a testament to the vast potential of BNA technology to advance our understanding of how the brain works, and to positively impact people’s lives. We plan to bring BNA to the forefront as a significant resource to monitor and manage the health of your brain throughout the course of your life.”

“As an investor who has followed the advancements of the company for several years, we look forward to supporting ElMindA as it further unlocks the potential of BNA to be the preeminent market leader by offering an objective platform for brain function assessment and management of brain disorders,” said Robert Kraft of the Kraft Group.

BNA is a non-invasive technology for measuring and analyzing brain function. It uses advanced signal processing and machine-learning algorithms of big populations’ data in order to identify patterns of neuronal networks activated during a specific brain function, such as memory or attention. The information can then be utilized for personalized clinical decision making. It has the potential to impact an estimated two billion people worldwide living with neurological and psychiatric disorders, such as Alzheimer’s disease, Parkinson’s disease, depression, and ADHD, as well as those who have sustained traumatic brain injuries, like concussion.

“ElMindA has developed a truly disruptive technology that addresses a crucial unmet need,” said Tianqiao Chen of Shanda Group. “We’re excited to help develop and promote such a unique technology that can potentially catalyze new treatment options for those affected by brain dysfunction.”

“BNA’s exploration of brain function has already affected the lives of young people and their physicians in the U.S. seeking additional guidance for critical brain health decisions,” said Bill Hambrecht of WR Hambrecht & Co. “It has the potential to be of value to each and every one of us in our lifetime.”

BNA is currently available to healthcare providers at 15 locations in eight U.S. cities, including Chicago, Los Angeles, Philadelphia, Minneapolis, Phoenix, Ann Arbor, Hartford, and Palm Beach.

Wednesday, November 18, 2015

Youzu Interactive To Invest In Israeli Startup WakingApp

Israeli startup WakingApp, which provides tools for quick and easy creation of augmented and virtual reality content, has raised $4.3 million in Series C funding from Youzu Interactive (SZSE: 002174) as well as one of largest Internet and search companies in China.

Funds from the round will be used to expand the company’s AR/VR platform offerings and expanding its sales, marketing and business development in the US and China.

The two Chinese companies join existing investors Inimiti VC and Globis Capital in the round.

For Youzu, an entertainment company specializing in online game development and distribution, this is its first investment in an Israeli-based startup and represents an opportunity to move AR/VR content creation tools into the Chinese market.

WakingApp is based in Rosh Ha'ayin and founded in 2013.

The company has developed a groundbreaking AR/VR platform to enable any person even those with no prior programming experience to create advanced interactive augmented reality and virtual reality content that includes live data feeds, high-quality 3D imaging and animation, and games. Content can be created and distributed quickly and easily with the ENTiTi platform and is accessible online on smartphones, tablets and leading smart glasses without the need for additional devices.

“For some time now, we have been seeking to invest in AR/VR technology, as it is on the verge of influencing every aspect of our lives. It is an industry that is projecting 13,000% growth in three years and revenues of $150 billion in five years,” said Daniel Chen Fan, Investment Director of Youzu Interactive. “What impresses us about WakingApp is its ability to overcome a great user barrier by simplifying the way one creates AR/VR content, and we plan to bring this revolution to the Chinese market.”

Wednesday, October 28, 2015

Fosun Invests $25m In Israeli Medical Company Ornim Medical

Chinese conglomerate Fosun Pharma to invest $25 million in the Israeli company that develops a medical device that uses near infrared light and ultrasound waves to monitor hemoglobin oxygen saturation in the brain and microcirculation blood flow in tissue.

Previews investors in Ornim are OrbiMed and GE Medical.

In 2013 Fosun bought Israeli company Alma Lasers for $240 million.

Thursday, October 15, 2015

Israel Chemicals to Invest $350m in Chinese phosphate JV

Israel Chemicals (TASE: ICL, NYSE: ICL) has announced that it has completed the formation of a joint venture company (YPH JV) with Chinese phosphate producer Yunnan Phosphate Chemicals Group Corporation Ltd. (YPC).

ICL says that the YPH JV, which includes a world-scale phosphate rock mine producing approximately 2.5 million tonnes of phosphate annually and a large-scale phosphate operation, is expected to be a leading player in China's phosphate sector, operating an integrated, world-scale phosphate platform across the value chain. It will include upstream mining, bulk fertilizers and downstream businesses in specialty fertilizers, as well as in specialty phosphates for the food and engineered materials markets.

ICL's announcement says, "The YPH JV represents a key milestone in ICL's "Next Step Forward" strategy by increasing ICL's phosphate platform by more than 50%, securing its long-term reserves and expanding its phosphate end-to-end business model focusing on Asia. The partnership is expected to transform ICL into the world's leading specialty phosphate player and to nearly double its global phosphate market share. The YPH JV is also expected to improve the cost competitiveness of ICL's phosphate operations by providing ICL with access to a low-cost phosphate rock operation with vast reserves, as well as with low-cost phosphoric acid. ICL also sees major potential for phosphates specialties in China, and through the YPH JV it will be well-positioned to capture this opportunity. The YPH JV further adds ammonia-based fertilizers to ICL's portfolio which will enable ICL to serve its customers with a broader suite of solutions."

The YPH JV partners expect to invest about $340 million, on a 50/50 basis over the next five years, building specialty plants and tripling their white phosphoric acid (WPA) capacity. The parties have also agreed to produce and sell WPA in China exclusively through the JV within five years following closing.

In August, 2015, the YPH JV partners established a phosphate R&D platform in Kunming (Yunnan province) which will focus on developing phosphate-based technologies and providing strong technical support for the YPH JV's phosphate business, as well as the parties' respective businesses. Nearly a dozen projects have been initiated since the R&D unit was launched.

The YPH JV will be controlled by ICL, and its results, including assets and liabilities, will be consolidated into ICL's financial reports. ICL will lead the operations of the business and will merge its existing businesses in China into the YPH JV which will be fully integrated into ICL's global businesses and corporate governance and will become a fully operating business unit of ICL.

Ta Shenghua, chairman of Yunnan Yuntianhua, said, "We are very pleased to finalize our strategic relationship with ICL, a global phosphates industry leader. We look forward now to fully integrating Yunnan Yuntianhua's large-scale raw material reserves and infrastructure with ICL's expertise and technologies to create a powerful phosphates player that will conduct activities along the entire value chain - from mining to manufacturing downstream products. Together, Yunnan Yuntianhua and ICL will work to transform the phosphates industry in China and other Asian markets, as well as contribute to Chinese society and industry."

ICL CEO Stefan Borgas said, "Our YPH JV with Yunnan Yuntianhua provides ICL with access to major phosphate reserves and a strong platform from which to build the leading specialty phosphate business in fast-growing Chinese and Asian markets. It also strongly expresses ICL's dedication to meeting the essential needs of China's growing population because the JV will provide specialty fertilizers to China's large agricultural market, specialty phosphate products to many engineered materials markets as well as food additives for Asia's fast growing processed food industry. We look forward to continuing our great relationship with Yunnan Yuntianhua to serve these and other burgeoning Asian markets and to improve the profitability of both parent companies."

The closing occurred following the parties' satisfaction of the closing conditions, including all necessary approvals and ICL's payment of approximately $180 million in consideration of its share of the YPH JV. ICL's 15% investment in YTH (which was also a closing condition) has been preliminarily approved by the PRC Ministry of Commerce and is pending final approval by the China Securities Regulatory Commission (CSRC).

Following the closing of the YPH JV agreement, All of ICL's existing Specialty Phosphates business in China prior to March 25, 2015, will be folded into, and managed by, the YPH JV after a transition period.

Monday, October 5, 2015

Vertex Gets $857m from Temasek, will invest in US, Israel and China

Published on the Straits Times 3/10/2015

Armed with a war chest of US$600 million (S$857 million), Singapore's largest and oldest venture capital firm is going global.

The infusion of cash will allow Vertex Venture Holdings to invest in start-ups in the hot seats of innovation and technological disruption - United States, Israel and China - after having been mainly focused on Singapore and Asia.

Chief executive Chua Kee Lock identified healthcare as a new area of funding in addition to its ongoing interest in technology, media and Internet-based start-ups. The funds will be invested in firms ready to expand with proven products and revenue streams, he told The Straits Times.

Typically, each start-up in this growth phase would receive funding of $2 million or more.

Europe is the only region that has no Vertex presence but Mr Chua said he is looking to open an office there. Vertex's new war chest was the result of an investment from its parent company, Temasek Holdings. Mr Chua said the success Vertex has enjoyed in the past few years gave Temasek and Vertex chairman Teo Ming Kian confidence that it could go global.
The firm's research also showed that top venture capital companies like America's Andreessen Horowitz can make returns of about 30 per cent. There will also be sustained technological disruption in various industries due to a variety of factors, including lower cost of computing and communications, he added. "The challenge for us is, can we benchmark to the best?"
Vertex thinks it can as its return on investment for its last fund of US$250 million was about 30 per cent. This fund has invested about US$190 million in around 30 start-ups in Asia. The rest of the cash will be used for follow-on funding for its portfolio companies.
Vertex was an early investor in luxury e-commerce portal Reebonz and mobile taxi app GrabTaxi. It has publicly listed about four start-ups, including mobile game developer IGG, which was listed in Hong Kong in 2013.
It has also sold another six, including Chinese app distribution platform 91 Wireless, for undisclosed figures.
Mr Chua said with a global network, Vertex can have first dibs on potential billion-dollar start-ups because it will have insight on emerging and disruptive technology trends in the world. This information can be shared across its network, giving the firm an advantage in spotting the potential winners. "Now we'll be able to match our interest with our investments." Vertex's global foray has already begun to pay off.
It will reap a tidy profit when its portfolio company, medical device maker Twelve, which it funded about four months ago for an undisclosed figure, is acquired for US$458 million by medical technology and services company Medtronic. The acquisition was announced in August.
Its global strategy focuses on co-investments with its investment partners in the US, China and Israel.
Vertex has used part of its war chest to make substantial investments in venture funds set up by its partners.
Each fund is between US$120 million and US$200 million.
"We allow our partners to form their own funds, but we also invest in their funds. They get a chance to be their own bosses but they remain part of the Vertex family. This way, the partners can help each other," said Mr Chua.
To align the interests of everyone, a small percentage of the global profit each year will be shared by the 30-man investment team in the Vertex network. 
Mr Chua noted: "This way, the partner in Israel who helps one of us in Singapore will feel that he is contributing to the pot of bonus."

Friday, October 2, 2015

Israeli Cloud security startup Dome9 raises $8.3M

Dome9, a startup with cloud-based software for deploying and managing security configurations on cloud infrastructure, is announcing today an $8.3 million round of funding.

The new capital will enable the company to grow its sales and marketing efforts, and expand its product portfolio for purpose-built cloud security solutions. This new round of funding comes in the wake of the company's tremendous success of its popular cloud security service which currently protects more than 250 enterprise customers.

Dome9 SecOps cloud infrastructure security service protects IaaS deployments. Leveraging cloud-native technologies, Dome9 orchestrates security policies, visualizes security risks, and remediates threats to ensure secure application delivery in the cloud. Among the company's unique services is "Dome9 Clarity" that is trusted by hundreds of enterprises to concisely visualize security policies and maps threats across enterprise clouds over Amazon Web Services (AWS), Windows Azure, IBM/SoftLayer, Google Cloud Platform, and many others.

The company has raised a total of $13 million in funding to date and this new round will primarily be used to accelerate its growth among enterprise cloud users. The Series B round is being led by ORR Partners and includes new Investors JAL Ventures, Pinnacle and Lazarus Israel Opportunity Fund. Existing investor Opus Capital Ventures also participated in the round.

The company announced the addition of several industry heavyweights to its board. Avery More, Founder and Managing Partner of ORR partners, seed investor and board member at SolarEdge (NASDAQ: SEDG) joins the company as Chairman of the Board. He is joined on the board by Joshua Levinberg, Founder and Managing Partner at JAL Ventures, and co-founder of Gilat Satellite Networks (NASDAQ: GILT). Experienced venture investor and Silicon Valley executive, Herb Madan also participated in the round and has joined Dome9's advisory board.

Additionally, the company added Robert (Bob) Darabant as Chief Revenue Officer. An industry veteran with over 20 years of IT security executive experience, Bob has been directly responsible for generating more than $1B in enterprise business as head of sales in companies like NetScreen and Sophos.

"Today's enterprises demand dynamic and active cloud infrastructure security in support of a scalable, high availability, and high performance cloud environment," says Zohar Alon, CEO & Co-Founder at Dome9. "We will continue to deliver to our customers the 'state-of-the-art' ability to identify threats, protect applications, and enforce security policies across public and private enterprise cloud environments."

"I am very glad to join the Dome9 team. The market reached a tipping point where large enterprises are moving substantial parts of their IT infrastructure to IaaS providers (like AWS). These enterprises must have the ability to manage the security and compliance issues involved," says Avery More, Founder and Managing Partner at ORR partners. "Dome9 has the 'best-of-breed' solution in the market for this need. We plan to use the proceeds of this round to dramatically scale our go-to-market execution."

Thursday, October 1, 2015

Singapore Fund Singtel Innov8, JVP, Magma VC To Invest in Israeli Startup Teridion

Teridion, the Israeli based networking company that delivers the fastest internet experience announced general availability of its advanced Global Cloud Network to provide up to 20x performance improvement for end-user generated bi-directional Internet content.

The company’s solution is currently being used by more than 15 companies spanning some of the most bandwidth-demanding applications and services, such as hosting and file sharing, rich media and advertising.

Teridion also announced a total of $20 million in funding, having closed a $15 million Series B round of financing led by Singtel Innov8. Existing investors JVP and Magma also participated in the round. With the general availability of its flagship product and funding, the company will accelerate its go-to-market strategy and grow its team both in the US and internationally.

“The Internet is an incredibly powerful tool, but until now, we have struggled to take full advantage of its capabilities. It’s still common for us to fall victim to slow response times and volatile connections,” said Elad Rave, founder and CEO of Teridion. “We are breaking down these boundaries and providing users with a seamless Internet experience – no matter their location, device or application. It’s our goal for our SaaS customers to be able to generate additional customer loyalty, and the funding and general availability of our product are major steps in this direction.”

Meeting the Demands of Modern Applications and Services

Today’s applications and services need to deliver content to users at unprecedented speeds, without sacrificing quality or reliability. As these technologies continue to advance, the effectiveness of traditional content delivery and WAN optimization approaches are diminishing. Teridion solves this fundamental problem by providing a high performance, reliable Internet experience that addresses the low latency, highly dynamic applications brought to market everyday. Early customer deployments have shown up to 20x improvement in Internet performance, offering an opportunity for organizations to build applications without compromise. With Teridion, businesses achieve new levels of customer engagement and retention, ultimately driving up revenue.

“Enterprise businesses rely on the flexibility of the Egnyte platform to securely share files, collaborate and maintain control over important data, no matter the storage provider, cloud, application or device. We want our customers to be freed from worrying about Internet connectivity or their geographical location," said Kris Lahiri, vice president of operations and chief security officer at Egnyte. “Fast response times and always-on reliability are vital to IT professionals and business users alike, and Teridion helps us consistently deliver high performance across our solutions and services.”

Teridion is able to achieve this speed and reliability on SoftLayer infrastructure from IBM Cloud. Through the IBM Global Entrepreneur Program, IBM Cloud’s startup ecosystem, Teridion has received free mentoring, support and SoftLayer infrastructure via the program’s Catalyst option.

"By supporting startups like Teridion, IBM continues to reinforce its commitment to provide entrepreneurs with the mentoring and cloud technology they need to bring next generation technologies to market quickly,” said Sandy Carter, general manager for IBM Cloud’s ecosystem and developers. “Because IBM Cloud infrastructure is flexible, reliable and globally dispersed, it’s a great foundation for Teridion, which manages a large volume of traffic in order to deliver fast Internet response times to end users around the world.”

Designed for bi-directional, user-generated Internet content, Teridion features:

  • The Teridion Global Cloud Network – Bringing intelligent routing to the cloud. Proprietary algorithms and the Teridion Management System, in conjunction with Teridion Measurement Agents, provide a real-time congestion map of the Internet to find the best possible path, taking into account bandwidth, latency and geography. 
  • High performance, low latency – Up to 20x Internet performance improvements, enabling users to rethink what’s possible online.
  • Unparalleled flexibility – Teridion Cloud Routers are created on demand, providing scalability and enabling users to only pay for the resources consumed. The solution works with the largest cloud providers in the world to ensure the speed and reliability of traffic, without requiring customers to leave their cloud provider. 
  • Bolstered security – Teridion does not cache users’ data, and end-to-end SSL encryption with no termination secures data across the network. 
  • Simple onboarding – With no hardware or software to install, and quick and easy provisioning, a typical cloud customer can be connected to the network in under an hour.

Tuesday, September 1, 2015

Singapore cements status as MedTech hub as Isreali & Chinese incubators set up base

The entry of two new medical technology (medtech) incubators into Singapore is set to position the city state as a major Asia Pacific (APAC) medtech node.

Israel-based Trendlines has set up a Singapore arm, while Incubator in China, which is among the newest and largest medtech and pharmaceutical incubators currently in the startup space, has established a presence in the city-state via Venturecraft.

According to a Business Times report, these incubators will establish a base in the city-state to develop healthcare products for commercialisation in bigger markets, such as China and the US. The report quoted Dr Todd Dollinger and Steve Rhodes, co-chairmen and chief executives of Israel-based Trendiness,as stating, “Now is an opportune time for medtech.”

In a statement to the Business Times of Singapore, they explained, “In China, health spending as a share of GDP was 5.6 percent in 2013, well below the OECD average of 8.9 per cent, while that of the US is 16.4 percent. Clearly, China must increase spending while the US must bring down costs. Regardless, both countries need quality health products at economically appropriate prices. This presents a tremendous opportunity for medtech.”

Their establishment in Singapore is rooted amidst a push by biotechnology majors seeking to capitalise on growth in emerging markets. The city-state is a global trading hub, and a major re-exporter of pharmaceuticals, with pharmaceutical sales projected to grow 9.3 percent annually until 2019.

Besides Israeli and Chinese firms, existing middle market European and American pharmaceutical companies are expected to invest in Singapore’s pharmaceutical space as they seek a base to access the new markets being opened by economic growth in the Asia Pacific (APAC) and a highly educated workforce.

Focus on Trendlines

Founded in 2007, Trendlines invests in up to 10 startups every year and currently maintains more than 50 ventures in its portfolio. The Singapore edition of their incubator is slated for launch in Q1 2016 and will be looking to recruit staff with a background in business development, all of whom will undergo training in israel.

Despite the city-state’s alcove an agricultural market, its technology, research, hospital, logistics and food processing capabilities were factors that persuaded Trendlines to explore the potential presented by the city-state’s economy. The incubators specialises in developing, building and investing in medical and agricultural technology ventures.

The opening of a Singapore branch comes amidst midst plans to conduct an initial public offering on the Singapore Exchange (SGX) in November 2015. According to the Israeli publication Haaretz, as of July 2015, Trendlines, operates three technology incubators for medical and agricultural startups.

The IPO in Singapore would value the company at between US$80 million and US$100 million. The Haaretz report that Trendlines withdrew from a planned IPO in Toronto in 2014 aimed at raising $20 million.

The IPO in Singapore would see it join four other Israeli firms traded on the Singapore Exchange, including the medical device maker QT Vascular and the computer-vision maker Artivision Technologies. These IPO plans could be linked to effort to persuade Israeli firms to list in Singapore.

With an Israeli team in excess of 30 engineers, scientists and business analysts screening and vetting approximately 500 medtech proposals every year, Trendlines is unique in its approach of taking a large initial equity position – often between 50-100 percent – and their role as activist investors.

Trendlines portfolio firms receive up to $1.1 million in funding; an Israeli government grant of about $558,000, a Trendlines’ cash investment of about $98,000 and a follow-up in-kind investment of US$400,000. To date, at least six of the companies its portfolio have exited via a trade sale or public listing

They do not function like traditional venture capitalists (VCs), with Dollinger explaining: “Venture capitalists are always looking at the clock. At Trendlines, we are not committed to exit our companies at a certain stage or invest at certain times.”

With high net worth individuals and corporates from Singapore investing in Trendlines, Dollinger and Rhodes concluded: “Singapore and Israel have a long history of R&D and government engagements. Singapore also has a strong interest in Israeli technology and entrepreneurial knowhow, and is both a wonderful ecosystem and a welcoming environment,” they added.

China-Singapore incubation

Incubator in China, amongst the newest and largest medtech and pharmaceutical incubators currently in the startup space, has established a Singapore presence via Venturecraft.

Venturecraft recently partnered and invested in the Chinese incubator, targeting to make it a comprehensive platform in the city-state for entrepreneurial ventures seeking to commercialise medtech products or drugs in the Greater China market. This comes amidst a growth in business formation and entrepreneurial activity within China.

Venturecraft’s services in China through this partnership would include the provision of access to clinical trials, distribution to hospitals and localised marketing strategies. Meanwhile, higher level work involves Venturecraft facilitating regulatory approvals and grants from the Chinese government.

“This is all part of continuing efforts to become a leading bridge in Asia for Singapore and global companies to foray into China,” said Isaac Ho, managing partner of HealthTech, the private investment firm behind Venturecraft.

More recent development on the part of Venturecraft involve it providing rent-free offices for startup ventures at its premises in Hangzhou – the hub for technology startups in China and the hometown of the Alibaba Group.

Ho explained that Incubator in China has significant social capital, given the presence of and participation in Incubator in China by leading mainland Chinese experts, in addition to government and private hospitals chiefs, IP and regulatory experts, distribution partners, R&D laboratories and government agencies.

Ho added that an IPO in what was termed “an appropriate market” was being explored by Venturecraft, saying, “Since Venturecraft operates as an evergreen structure, in the future when we have built enough portfolio and assets, we will explore a listing in order to unlock our shareholders’ value.”

This follows developments in the city-states medtech industry, whose prospects have been boosted by recent developments. EDB Investments (EDBI), the corporate investment arm of the Singapore Economic Development Board (EDB), announcing its investment in Massachusetts-based life science tools company Rapid Micro Biosystems.

In addition, seed accelerator JFDI has partnered the German Medical Innovations Incubator to ” pioneering medtech startup bootcamps and an accelerator in Germany; both are said to lead to technology transfer and job-creation opportunities here. With challenges posed by ageing demographics, there is tremendous scope for ventures to test and validate in the Singapore market, particularly in telemedicine.

Thursday, August 27, 2015

Israel, China medical technology incubators set up shop in Singapore

THE Republic looks set to become a hothouse in Asia for medical technology, as two medtech incubators from Israel and China set up shop here to develop healthcare products for their commercialisation in bigger markets, such as China and the US.

"Now is an opportune time for medtech," said Todd Dollinger and Steve Rhodes, co-chairmen and chief executives of Israel-based Trendlines.

They told BT: "In China, health spending as a share of GDP was 5.6 per cent in 2013, well below the OECD average of 8.9 per cent, while that of the US is 16.4 per cent. Clearly, China must increase spending while the US must bring down costs. Regardless, both countries need quality health products at economically appropriate prices. This presents a tremendous opportunity for medtech."

Founded in 2007, Trendlines invents, discovers, invests in, and incubates medical and agricultural technologies, and is looking to list on Singapore Exchange in November, said Dr Dollinger and Mr Rhodes.

"Even though Singapore has almost no market for agriculture, its tech, research, hospital, logistics and food processing capabilities lend potential for such an incubator here," they said. Slated for launch in Q1 2016, it will hire at least six local staff with strengths in business development, who will first undergo training in Israel.

Currently, Trendlines' Israel-based team of over 30 engineers, scientists and business analysts screen about 500 medtech proposals yearly to identify promising early-stage technologies for incubation. That it partners these new technologies from early days is a "high risk" investment, said Mr Rhodes, but one that is mitigated by the incubator taking an initial large equity position (50-100 per cent) and being extremely involved in the operations of their portfolio companies.

"Even so, we're more flexible than a venture capital fund," said Dr Dollinger. "Venture capitalists are always looking at the clock. At Trendlines, we are not committed to exit our companies at a certain stage or invest at certain times."

Trendlines' portfolio companies - at least six of 60 have exited via a trade sale or public listing - receive up to US$1.1 million in funding, which comprises an Israeli government grant of about US$558,000, a Trendlines' cash investment of about US$98,000 and a follow-up in-kind investment of US$400,000.

Among its investors are many high net worth individuals and corporates from Singapore, said both men. "Singapore and Israel have a long history of R&D and government engagements. Singapore also has a strong interest in Israeli technology and entrepreneurial knowhow, and is both a wonderful ecosystem and a welcoming environment," they added.

Meanwhile, Incubator in China, one of China's newest and largest medtech and pharmaceutical incubators, now has a Singapore presence via homegrown tech incubator Venturecraft. Fresh from launching a S$4 million working capital fund earlier this year, Venturecraft recently partnered and invested in the Chinese incubator, making it a one-stop platform in Singapore for startups looking to commercialise their products or drugs in China.

Venturecraft's services include providing - in China - access to clinical trials, distribution to hospitals and localised marketing strategies; facilitating regulatory approvals and grants from the Chinese government, and even offering rent-free offices at its premises in Hangzhou.

"This is all part of continuing efforts to become a leading bridge in Asia for Singapore and global companies to foray into China," said Isaac Ho, managing partner of Singapore HealthTech, the private investment firm behind Venturecraft.

Mr Ho added that Incubator in China boasts many of China's top medical experts including government and private hospitals chiefs, as well as IP and regulatory experts, reputable distribution partners, R&D laboratories and government agencies.

Moreover, Venturecraft is exploring an initial public offer in "an appropriate market". Said Mr Ho: "Since Venturecraft operates as an evergreen structure, in the future when we have built enough portfolio and assets, we will explore a listing in order to unlock our shareholders' value."

Just last week, Singapore's medtech industry got a fillip from two other announcements. EDBI, the corporate investment arm of the Singapore Economic Development Board, said it has invested in Massachusetts-based life science tools company Rapid Micro Biosystems, while homegrown accelerator JFDI said it has partnered Germany's Medical Innovations Incubator to "power" pioneering medtech startup bootcamps and an accelerator in Germany; both are said to lead to technology transfer and job-creation opportunities here.

Wednesday, August 26, 2015

Israeli Startup Takes First Place at Shengjing Global Innovation Awards 2015

Israel Proves Its Place in Global Startup Scene with Impressive Achievements DiaCardio wins 1st place Wayerz comes in 5th place  The competition, led in Israel by venture capital fund JVP, with Chinese consulting firm Shengjing360 ‎, featured 21 startups from countries including the US, ChinaIsraelEurope and Latin America

Impressive achievement for the Israeli representatives in the final round of the Shengjing Global Innovation Awards 2015, a global startup competition held in China featuring 21 startups from around the world: China (10), the US (5), Israel (3), Europe and Latin America (3) competed for $1.5 million in cash prizes.

In first place came DiaCardio, which developed a revolutionary software that radically changes the way echocardiograms are decoded, while Wayerz, which developed a platform for inter-bank charges (billing) while providing management, commands and control of inter-bank processes in real time, came in fifth place.

The winners were selected on the basis of rankings by 13 judges from around the world and real-time rankings of the startup companies by an audience of over 1000 people. ‎In addition to cash prizes totaling $1.5 million, the startups were given the chance to present their technological solutions to investors, as well as to leading technology groups from China and around the world, including Menlo Ventures. The winners were announced in a competition held in Beijing with an audience of over 1,000 people in the final event of the competition that was held in four geographical locations over a period of more than eight months.

The top 5 startups will share $1 million in cash prizes, each receiving $200,000‎. The startups which came in 6th to 10th place will each receive $100,000 in cash. All of the finalists will also embark on a road show and series of meetings with Chinese internet giants Alibaba, Tencent, Baidu,, and Xiaomi over the next few days. The Shengjing Group is also contemplating investment in some of the startup companies through a dedicated investment fund which was set up for the competition.

The competition was initiated by Chinese consulting firm Shengjing360. The finals in Beijing are part of the five-day Zhongguancun International Entrepreneur Festival, attracting entrepreneurs and investors from all over the world. The festival is sponsored by the Chinese government, which considers innovation as an important growth engine. ‎

Israel was represented in the competition by Israel's ambassador to China, Matan Vilnai, JVP partner Yoav Tzruya, and Dr. Orna Berry, Corporate Vice President Growth and Innovation EMC Centers of Excellence EMEA and the US. The Israeli delegation received an impressive welcome, and the three were asked to be key speakers at the event. ‎Yoav Tzruya and Dr. Orna Berry even served as judges in the competition.‎

‎Jerusalem Venture Partners (JVP) led the competition in Israel, in collaboration with top Israeli academic institutions, leading technology companies and service providers, which assisted in the process and selection of the finalists. They included ‎EMC, Deutsche Telecom, HFN, PwC, IDC Executive Education and Yissum.‎

The Israeli competition was launched in February 2015. Nine startups, out of the 180 ventures from across the Israeli high tech spectrum, reached the semi-finals. Three Israeli startups were then chosen to represent Israel in the global finals in Beijing.

The participation of Israeli startups in the event garnered great interest from the audience, in particular from dozens of the Chinese media outlets covering it. ‎

DiaCardio was represented in the competition by Hila Goldman-Aslan, and the company's chairman, Arnon Toussia-Cohen. DiaCardio is a software company which radically changes the manner in which cardiograms (ultrasound exams of the heart) are decoded, using unique algorithms it has developed. These algorithms decode the main parameters of the heart's functioning in a quick, accurate and automated manner. The software integrates easily with all eco-cardiograph machines and has received FDA approval and CE marking.

Hila Goldman-Aslan: "We are thrilled and proud to have won first place. It was a fascinating and empowering experience. The competition proves that Israel is home to promising technological initiatives. The competition opens up investment opportunities by Chinese investors, and we believe that winning it will advance the recognition of the ground-breaking technology that we have developed at DiaCardio."

According to JVP partner Yoav Tzruya, who accompanied the competition from its very beginning and served as a judge in the finals: "‎Innovation is still one of the Israeli economy's main competitive advantages, and we are pleased to see Israeli ventures receive such global recognition. The competition presented a unique opportunity for Israeli startup companies to penetrate the Chinese market as well as other international markets. In light of the latest macroeconomic developments, it is clear that technological innovation is key to continued solid growth and a country's ability to differentiate itself. Great powers, such as China, allocate extensive resources to create and leverage innovation. ‎Israel should harness the startup culture and innovative ventures to gain a major foothold in this market. ‎We were pleased to collaborate with Shengjing, an innovation pioneer in China, as well as with multinationals such as EMC and Deutsche Telekom, and academia in the form of the Hebrew University of Jerusalem and the Interdisciplinary Center Herzliya in order to select the ventures that represent Israeli innovation in various fields." ‎

Tuesday, August 18, 2015

The startup scene in Israel is going bonkers, and the Chinese are swooping in

This summer, it’s raining unicorns — tech startups valued at more than $1 billion — and as a result the Israeli tech scene is going absolutely crazy.

Business Insider just spent a week in Israel meeting with over a dozen tech companies and VCs. They all told us: Everyone is dreaming of becoming the next unicorn. Instead of selling their startups for $1 million to $30 million, founders are turning down multimillion acquisition offers, wanting to build big companies.

2015 is a record-breaker for VC funding. For the first half in 2015, 342 companies have attracted $2.1 billion, up from 334 companies nabbing $1.6 billion in the first half of 2014.

The private-equity bankers have arrived in droves, including Blackstone, SilverLake, KKR, Apax Partners, TPG, JPMorgan, and Morgan Stanley, and they're writing huge checks.

Chinese investors are swarming the country, joining Israeli VC funds as limited partners as well as doing a lot of huge, direct investments into startups, too. "If we're going to do $4 billion in venture in 2015, the estimate I heard is that at least $500 million of that will be Chinese money, and that’s direct investment not including the LP stuff," Israeli powerhouse VC Jon Medved told Business Insider. "And I think that’s probably underestimated.” Medved, founder of investment startup OurCrowd, is widely known as one of the fathers of Israel’s tech-startup scene.

Chinese investors are “at all the parties” a startup founder told us. The joke here is that Israeli border control needs to open up a special customs line “just for Chinese investors with bags of money that they can just get in the country for free,” Medved quipped. This hot economy has led to ... Big, well-funded Israeli companies starting to acquire other Israeli companies for big sums of money, too. The first crop of Israeli serial entrepreneurs, such as Avigdor Willens, who sold Annapurna to Amazon earlier this year for a reported $350 million to $375 million. Willens sold his first company, Galileo, for $2.7 billion in stock back in 2000 to Marvell Technologies.

It started when Google dropped a billion on Waze

When Google bought Waze for $1 billion in 2013, it was a milestone event for the country, says Medved. “Billion-dollar companies are now all over the place.

Waze was the first and most important,” he told us. Waze cofounder Uri Levine explained to Business Insider, “This was the first time a billion-dollar app, and a consumer app, came out of Israel,” and it set “a new beacon for Israel” telling entrepreneurs to aim higher than a quick exit.

The next year, Japan's Rakuten (the eBay of Japan) acquired Israeli messaging app Viber for $900 million, and unicorn fever in the country began. Over and over, startup founders told us they had no interest in selling their successful companies — some of which were doing millions of dollars in revenue, and some of which were doing hundreds of millions in revenue. They wanted to grow their companies past $1 billion to many billions.

“Israel entrepreneurs are obsessed with building unicorns,” Hillel Fuld, CMO of Israeli startup Zula told us.

Billion-dollar startups include:

Taboola (who raised $117 million in February, $157 million total);

IronSource (who raised $105 million in two rounds from private-equity funds run by JPMorgan and Morgan Stanley);

Outbrain (who filed confidential SEC documents for an IPO at a reported $1 billion valuation);

Conduit, who said it was the first Israeli internet unicorn;

MobileEye: IPO’d in 2014, $12 billion market cap today

CyberArk: IPO’d in 2014, market cap of about $2 billion

Wix: IPO’d in 2013, market cap of about $900 million

And there are some half-unicorns, like Varonis Systems, which IPO’d in 2014 and has a market cap of nearly $600 million — nothing to sneeze at.

Asian money everywhere 

"The Asia stuff is very dramatic, very real and very new," says Medved. "China is the big story. But Japan, for example — there had never been a visit of a Japanese prime minister to Israel before, in all the years of Israel’s existence.

What did they have to come here for? This year, the Japanese prime minister shows up for four days, all tech.”

Meanwhile, Korea’s Samsung Ventures has now made "eight investments here over the last year," says Medved. Plus, "there are now Israeli companies going to list on the Singapore exchange."

Israel will also be hosting the Indian prime minister for the first time.

In February, Indian company Infosys (now run by SAP’s former US CTO Vishal Sikka) bought Israeli company Panaya for $200 million. India has plans to build a research and development center here.

Still, China overshadows them all. Investments are pouring in from Baidu, Fosun, Alibaba, Tencent, RenRen, and others.

Famous Chinese angel investor (and billionaire) Li Ka Shing and his Horizon Ventures fund are all over the country. Horizon was an early investor in Waze. And he’s invested in about 29 Israeli startups, including Waze founder Levine’s latest baby, FeeX, (raised $9 million).

If there's a downside to all of this, it's that Israel is starting to experience a severe talent shortage. They are now poaching each other's employees and trying to keep employees from leaving by offering better and better Valley-like perks.

IronSource, for example, flies its 550 employees to one exotic off-site meeting every year. The whole company just got back from Greece. "Once a year, we party," CEO Tomer Bar Zeev told us. "That builds culture. It's one of the best investments we can make, investing in the company." If that fails, Chinese billionaire Li Ka Shing has an answer.

He also donated $130 million to Israel’s Technion, the Israeli Institute of Technology (like the MIT of Israel), one of the largest ever donations received by an Israeli university.

Tuesday, August 11, 2015

Sol Chip Completed a $5 million Series B Round, Led by Hong Kong Investor

Israeli start-up company Sol Chip completed Series B funding round of $5 million. Hong Kong based Dowell Property Holdings Limited led the round and invested $4 million.

Sol Chip, originated from Misgav incubator operated by The Trendlines Group, is a worldwide leading energy harvesting company that offers a unique maintenance-free Everlasting Solar Battery and IoT communication platforms.

Sol Chip’s IoT platform provides low power communication module coupled with self-sustaining energy harvesting technology. Due to Sol Chip’s breakthrough energy efficient design, Sol Chip’s IoT platform reduces overall system operation costs by over 60% compared to any other alternatives in the market these days.

Sol Chip’s technology provides a power and communication solutions for disruptive fields such as Internet of Things (IoT) and wearable tech. The Light Battery provides a 24/7 solution of the solar technology and the electronics - all in one sealed package including high voltage capabilities.

The company's Autonomous IoT Power & Communication Module enables maintenance free monitoring and control of IoT systems. Through its patented technology, Sol Chip integrates all the required components in a single power & communication module — to harvest and supply sustainable solar/light energy to low-power applications and to provide autonomous communication.

Dowell Property Holdings Limited is an investment holding company traded on the Hong Kong Stock Exchange with a market cap of more than $100. 

Monday, August 10, 2015

Lenovo, Shengjing to Invest in Canaan Partners Israel

Izhar Shay, founder of Canaan Partners Israel closed recently the fundraising for the newly formed Israel based venture capital fund Canaan Partners Israel. Shay raised a total of $60 million from investors in Asia, Europe and the US.

Chinese computer giant Lenovo invested $10 million in the new fund. Chinese venture fund Shengjing also invested $8 million. Other investors are Canaan Partners and George Conrades, Chairman of Akamai.

The new fund will invest in early stage Israeli start-ups from the mobile, enterprise software, web applications and social networking. Canaan Partners Israel already invested $2 million in, an Israeli start-up company which developed a system to identify and fix bugs in mobile apps.

Thursday, August 6, 2015

China's Sino Biopharmaceutical to Invest In Israeli Medical Company LifeBond

LifeBond, a leader in the development of bio-surgical medical devices for tissue repair, announced today it has closed a $27M Series D preferred equity investment. Participants in the round include Pitango Venture Capital, Adams Street Partners, Sino Biopharmaceutical Ltd., and all existing investors.

LifeSeal™ is designed to minimize post-operative complications such as staple-line leakage in GI and bariatric surgeries. Anastomotic (point of surgical connection) leakage after a colorectal resection is associated with significant mortality and morbidity, with anastomotic leakage occurring in as many as 15-19% of patients.

LifeSeal™ was developed to address the unmet surgical need for a sealant that provides a protective layer that can reduce anastomotic leakage.

“LifeSeal is a novel product that addresses an urgent unmet need that industry has not been able to solve for, until now. The product has the potential to greatly reduce surgical leaks, which are associated with potential infections and other serious complications, risking the lives of hundreds of thousands every year,” said Ittai Harel, chairman of the board of LifeBond and a general partner at Pitango.

Mr. Harel continued, “The Company has in recent years made great advances, with compelling pilot clinical results, commercialization prep, and an expanding surgical product line offering, as evidenced by the strong support from the investment community. We are pleased to continue and support, and be part of, the evolution and development of LifeBond.”

“I would like to thank our investors, from Israel, Europe, the Far East, and the US for their strong support, commitment and trust in LifeBond’s technology, strategy and management,” Said LifeBond CEO, Mr. Gideon Sturlesi. Mr. Sturlesi continued, “Today the success of these many years of hard work is apparent and has clearly been endorsed both by the medical as well as financial community. The technology can be applied to create a nearly endless pipeline of products. And based on the feedback and enthusiasm of leading surgeons worldwide, we have industry confirmation that our technology and products have the potential to effectively fill a large unmet need. Moving forward we plan to methodically continue implementing our existing strategy with the goal of bringing our products to market as soon as possible.”