Key Takeaways
- Great Hill Partners raised a new round (Series A).
- Sector: Healthcare Healthtech & Medtech.
- Geography: Israel.
Analysis
AI-powered gastroenterology innovator, MAGENTIQ EYE LTD., recently announced the successful completion of its Series A funding round. The company, which was established in 2014, is globally recognized for its groundbreaking AI-aided colonoscopy solution MAGENTIQ-COLO™, regarded as one of the top-performing tools in the field today. The software is used in dozens of procedures every day, and is setting a new standard for colonoscopy. The firm is based in Haifa, Israel.
The Series A funding round was led by aMoon, the largest HealthTech dedicated investment fund in Israel. The round also witnessed participation from Norgine Ventures BV, Nina Capital, Namarel Ventures SL, Nova Capital, and private investors Sake Bosch and Roon Doornink. With this investment, aMoon partner Roy Wiesner will join the MAGENTIQ EYE board of directors, providing strategic insights and a global perspective to help the company grow.
MAGENTIQ EYE's innovative software, MAGENTIQ-COLO™, is FDA and CE-approved. It enhances polyp detection and analysis capabilities during colonoscopies, significantly improving adenoma detection rates. Furthermore, the software offers real-time insights and advanced AI-generated reports. The CE-approved version also includes polyp-size category and type estimation.
The funding will be used to expedite commercial growth in the USA, Europe, and globally through direct sales and partnerships with industry leaders. Also, the funds will aid in the continued development of MAGENTIQ COLO's advanced AI capabilities, and support the company's pursuit of clinical trials for diagnostic tools targeting specialized diseases in the lower and upper gastrointestinal tract, such as ulcerative colitis, early dysplasia in Barrett's esophagus, and gastric intestinal metaplasia.
Roy Wiesner, the aMoon partner who will join MAGENTIQ EYE's board, expressed his excitement about the partnership, stating that MAGENTIQ's solution is the most accurate in the market, with a cost-effective scalability and platform flexibility across GI and laparoscopic applications. He also mentioned the strong early commercial traction and the growing interest from major strategic players looking to collaborate with MAGENTIQ EYE.
Dr. Dror Zur, the founder and CEO of MAGENTIQ EYE, sees the investment as a major milestone for the company. He is thrilled to welcome aMoon and Roy Wiesner to their journey and anticipates that aMoon's support will accelerate innovation and market access. They plan to meet the growing demand reflected in their robust pipeline of trial and purchase requests across the U.S. and Europe, and bring their advanced diagnostic tools to more physicians and patients around the world.