Aesthera Corporation, a US-based start-up founded by former Lumenis employees, announced yesterday that it had raised $6.5 million in its second financing round.
California-based venture capital fund MedVenture Associates L.P. led the round, and Adam Street Partners, and private investors, who previously invested $2.5 million in Aesthera, also participated.
Private investors in Aesthera include Israel Institute of Technology president emeritus Zeev Tadmor, Lumenis director and former CEO Yacha Sutton, and former Lumenis director Thomas G. Hardy.
Former Lumenis executive VP Alon Maor and Bob Anderson founded Aesthera in 2004. Maor is CEO of the start-up.
Aesthera is developing a special laser for the cosmetic market that uses photo-pneumatic technology a unique combination of pneumatic energy and broadband light that is designed to reduce the level of pain in cosmetic treatments to a fifth of that experienced in current treatments.
The technology can be applied in various treatments, including hair removal, skin rejuvenation, and treatment of vascular and pigmented lesions.
The proceeds from the round are designated for developing Aesthera’s product, and putting together an international sales and marketing system.
Aesthera said that the laser cosmetic treatment market totaled an estimated $7 billion, and is expected to grow to $12 billion in the next two years, while the market for hair removal equipment is worth an estimated $500 million per year. The company plans to operate in those markets.
Published by Globes [online], Israel business news - www.globes.co.il - on Tuesday, February 15, 2005