Crescent Enterprises Venture Capital (CEVC), the investment arm of diversified conglomerate Crescent Enterprises, has invested $16m in series A funding in US-based medical device developers ColubrisMX and XCath, Arabian Gazette reported yesterday.
The report did not specify how much capital each individual spinout has received.
Both companies are based on technology developed at University of Texas Medical School’s Microsurgical Robotics Laboratory and were founded by Daniel Kim, professor of neurosurgery.
ColubrisMX is developing a microsurgical robotic device to treat conditions including fetal malformations and brain abnormalities in a minimally invasive manner.
XCath is working on steerable robotic microcatheters that can treat endovascular conditions such as cerebral strokes.
The devices can both be operated remotely, making it easier to treat patients in remote areas of the world. The cash will be put towards manufacturing prototypes and funding clinical studies.
Crescent Enterprises launched CEVC earlier this month with $150m to invest internationally. It has already backed an India-based e-commerce platform for fisheries and an industrial drone developer headquartered in the US.
Badr Jafar, CEO of Crescent Enterprises, said: “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.”