Israel-based medical technology company Insightec has signed a definitive agreement for funding of about $150m to support continued research to evaluate focused ultrasound for the treatment of certain movement disorders.
Series F financing at a post-money valuation of $1.3bn is led by Koch Industries’ subsidiary Koch Disruptive Technologies (KDT), which has committed to invest $100m at an initial closing to follow shareholder approval.
This is the second direct investment by the company in Insightec.
In 2016, Insightec obtained the US Food and Drug Administration (FDA) approval for its Exablate Neuro system for the treatment of certain movement disorders in patients with essential tremor and tremor-dominant Parkinson’s disease.
Exablate incisionless neurosurgery platform is the first MR-guided ultrasound device.
Insightec CEO and Board chairman Maurice Ferré said: “Our partnership with KDT and other investors is helping to fuel our momentum as a rapidly growing number of medical institutions adopt our focused ultrasound technology. This new investment demonstrates our investors’ commitment to help drive the next generation of focused ultrasound.”
Exablate Neuro system is said to facilitate an immediate tremor improvement after the outpatient procedure. It promises minimal risk of infection, bleeding or other surgical complications.
Koch Disruptive Technologies president Chase Koch said: “Insightec’s focused ultrasound technology is disrupting the way surgery has been performed for generations. KDT is focused on empowering innovative companies and helping them realise their potential to improve the lives of millions of people.”
Insightec states that around 65 medical centres across the world have adopted the system to treat patients with essential tremor.