Israeli radiation shield developer StemRad has raised $6 million in an investment round led by Tampa Bay Lightning chairman Jeff Vinik.
Established after the after the Fukushima nuclear disaster in Japan, the Tel Aviv based company has developed the world's first and only life-saving personal radiation shield for first responders, military personnel and civilians who face nuclear disasters and radiological threats, as well as protective vests for Astronauts on deep-space missions. StemRad's solutions are backed by three Nobel Laureates.
StemRad founder and CEO, Dr. Oren Milstein, explained that the Series C financing is aimed at significantly expanding StemRad's sales and marketing efforts, as well as its manufacturing capabilities in the US. StemRad recently opened its US subsidiary in Tampa, Florida and has initiated its sales expansion plans beyond the military vertical to include first responders and the nuclear energy industry nation-wide.
The investment funds will be used to advance the company's R&D efforts, which are now focused on creating a revolutionary lightweight protection vest for interventional radiologists in hospitals and medical clinics worldwide that would address ergonomic problems caused by current X-Ray aprons.
Milstein said, "This additional capital gives StemRad the resources to expand sales into new markets and to continue to innovate in order to become a leader throughout the entire spectrum of radiation protection including the nuclear, defense, space and medical industries. In addition, StemRad will benefit greatly from Mr. Vinik's unique experience in growing businesses, creating value and in furthering StemRad's important global mission."
Published by Globes [online], Israel business news - www.globes-online.com - on December 3, 2017
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