Zsquare has raised $15m in a financing round led by private equity firm Chartered Group to introduce its single-use ear, nose and throat (ENT) endoscope.
The company plans to launch the disruptive ENT endoscope after receipt of its US Food and Drug Administration (FDA) clearance, which is anticipated to be obtained in the third quarter of the year.
Additionally, Zsquare intends to use the funds to accelerate research and development (R&D) for expanding the potential use of its ENT product to other indications.
Zsquare CEO and co-founder Asaf Shahmoon said: “As the world is rapidly moving towards single-use devices, Zsquare is advancing to introduce new groundbreaking technologies and capabilities to this up-and-coming market.
“This round will help the company advance our go-to-market plan for the initial ENT product, as well as ramp up R&D for next-generation capabilities and further indications.”
The company’s single-use endoscopic platform is intended to improve diagnostic performance while eliminating the risk of cross-infection and reducing healthcare costs.
The platform’s hybrid design includes a reusable imaging core and alternating, indication-specific disposable shells.
This helps to address several indications and solve unmet imaging requirements for new indications.
Zsquare stated that the design of the platform helps to overcome the inherent diameter versus image quality trade-off of conventional chip-on-the-tip designs, in a cost-effective manner.
The ENT endoscope features cost-effective optics in a single-use shell, as well as imaging electronics in a detachable, reusable imaging core.
This reduces the diameter of the optical component without compromising on image resolution.
Furthermore, the solution enables access to anatomies and eliminates the risk of cross-contamination.