Diagnostics & Imaging Week Correspondent
ZICHRON YAAKOV, Israel — SightLine Technologies (Haifa, Israel) reported last week that it has completed a $10 million financing round, its fourth, bringing in NGN Capital (New York) for its first investment in Israel.
This follows FDA approval of SightLine's fourth and flagship product, ColonoSight, a colonoscope that uses an integrated LED light source and miniature video camera, similar to its first product, ThimbleCam, a miniature fingertip-mounted device used to assist in diagnostic and surgical procedures.
SightLine's other products, ProctoSight and RectoSight, both have obtained FDA and CE mark approvals and already are being marketed in the U.S., Europe and the Far East.
NGN has been in the neighborhood of late. In late June, Kenneth Abramowitz, managing general partner, attended the second annual Life Sciences Conference in Jerusalem organized by Global Capital Associates.
Details of the round were not disclosed.
SightLine has raised $16.5 million since it was founded 10 years ago at the Matam incubator (Haifa), led by Boston Scientific (Natick, Massachusetts) with a 5% stake, and Inventech Investments, which owns 10.7% of the company.
Vitalife Life Sciences (Tel Aviv) re-invested and brought the company to the attention of NGN.
Vitalife was established by Discount Capital Markets and Investments (Tel Aviv) as a venture capital fund focusing on early stage, private life science companies.
Vitalife managing director Abraham Ludomirski, who serves as SightLine chairman, said that the funds would help bring ColonoSight to the market.