Start-up UltraShape Inc., a privately held company specializing in non-invasive aesthetic medicine, today announced the completion of a $15 million round of funding. Polaris Venture Partners led the round and was joined by previous investor Israel Seed Partners. To date, the company has raised $12 million, half of which was from Israel Seed Partners, and the other half from Tnufa - Startup Promotion Program, the Office of the Chief Scientist and private investors, including educator Yoel Geva, who runs a leading Israeli test preparation company.
The company stated that it plans to use the proceeds of the financing to expand commercialization of its Contour I system, a non-invasive medical device designed for body contouring.
Founded in 2000, UltraShape has developed proprietary, non-invasive technology for body contouring using focused ultrasound waves. The company's first product, the Contour I system, received the CE mark in 2005 and is currently available for patients in Europe, Asia and Africa. Recently, UltraShape launched its operations in the United Kingdom, France, Italy and North America.
Several months ago, UltraShape co-founder and CEO Yoram Eshel told "Globes" that the company had several million dollars in sales, and was already at the operational break-even point. The company believes it will likely receive FDA approval for the US market by the end of 2006, after which it will launch sales there. UltraShape has already set up a sales infrastructure for the US, has begun presenting its products, and establishing various market contacts.
Today Eshel said, "UltraShape will use this capital to expand our product portfolio, penetrate new markets, and expand the infrastructure in our subsidiaries in the United Kingdom, France, Italy and North America."
Established in 1996, US-based Polaris Venture Partners has over $3 billion under management.
Israeli companies in which Polaris Venture Partners is invested include Remon Medical Technologies and Mintera Optical Networks, according to IVC (Israel Venture Capital) Research Center data.
As part of the financing, Polaris Venture Partners general partner Brian Chee will join the company's board of directors.
Published by Globes [online], Israel business news - www.globes.co.il - on March 27, 2006
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