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.
Both companies were founded by Dr Daniel H Kim, MD – a professor of neurosurgery at the University of Texas.
Badr Jafar, CEO of Crescent Enterprises, said: “At Crescent Enterprises, our operating and investment history in healthcare demonstrates our commitment to technological advancement and innovation.
“The launch of CE-VC, which is committed to supporting early-to-later stage start-ups, validates this priority. In addition to ColubrisMX and XCath, CE-VC has invested in a wide-range of technology-driven start-ups over the last two years.
“Our latest investment in these two disruptive microrobotic medtech companies validates this priority. The cutting-edge medical devices being developed by ColubrisMX and XCath have immense potential as they are less invasive and more flexible than the current robotic assisted surgery technology available globally.
“These technologies will not only create value for both companies but also advance the field of medical science and benefit the lives of people.”