Today News: Systems’ Medical Device Spin-Off, Beyeonics, Raises $36

(NASDAQ: ESLT and TASE: ESLT) (“Elbit Systems”) announced today that its subsidiaries, Beyeonics Surgical Ltd. (“Beyeonics Surgical”) and Beyeonics Vision Ltd. (“Beyeonics Vision”), concluded a financing round in an aggregate amount of $36 million. The financing round is comprised of an investment in Beyeonics Surgical and Beyeonics Vision in an aggregate amount of $26 million led by the Italian investment fund TechWald Holding and the Israeli investment fund Alive Israel HealthTech and with participation of the existing shareholders LR Group, XT Hi-Tech, Aurum Ventures and Mivtach Shamir; and a $10 million convertible loan to Beyeonics Vision by global surgical ophthalmic company BVI Medical (“BVI”). Following the investment, Elbit Systems is a minority shareholder in Beyeonics Surgical and Beyeonics Vision.

Beyeonics Surgical and Beyeonics Vision are medical technology companies that aim to interface the systems in operating rooms using augmented reality, tracking and image processing/AI platforms, providing surgeons with valuable information and decision guidance while performing automatic tasks. The technology is designed to establish a new visualization and control standard in operating rooms by creating an integrated work environment.

Bezhalel (Butzi) Machlis, President and CEO of Elbit Systems, commented: “The completion of an additional financing round attests to the commercial potential of our technologies. We are proud to have spun off companies that leverage some of our unique technologies to materially enhance surgeons’ capabilities in the operating room. We hope this investment will enable Beyeonics Surgical and Beyeonics Vision to expand product development, to include additional surgical applications and to accelerate commercialization.”

About Beyeonics Vision and Beyeonics Surgical:
Focused on Ophthalmology, Beyeonics Vision is planned to begin commercializing its product Beyeonics™ One in the U.S. by the end of 2021, following more than 300 successful cataract and retina surgeries performed in the U.S. and Israel. Beyeonics Surgical is focused on Neurosurgery and Orthopedics products, with pipeline applications that include minimally invasive surgery and surgical robotics. The companies leverage cutting-edge imaging and head-mounted display (HMD) technologies originally developed by Elbit Systems for aerospace applications.

About Elbit Systems

 

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