Funds two next-generation robotic technology companies developed at the University of Texas Medical School and incorporated in the US
Sharjah-UAE: 28 November, 2017 - UAE-based multinational company, Crescent Enterprises, has announced the successful closing of its investment in ColubrisMX and XCath, two next-generation micro-robotic medical device companies through its newly launched corporate venture arm, Crescent Enterprises Venture Capital (CE-VC).
Developed at the University of Texas Medical School's Microsurgical Robotics Laboratory and incorporated in Texas, USA, both companies design and develop next-generation robotic technologies that are expected to revolutionise healthcare development in their respective fields.
Leading the Series A round of funding with a total of US$16 million, CE-VC shall be funding the manufacturing of prototypes of the medical devices under development by ColubrisMX and XCath in conjunction with co-investors. The funding will also aid in testing and clinical studies outside the United States.
ColubrisMX is developing a state-of-the-art, minimally invasive, microsurgical robotic device that can treat life-threatening conditions such as fetal malformations and brain abnormalities through microsurgery. XCath, on the other hand, is developing next-generation steerable robotic microcatheters for treating endovascular conditions such as cerebral strokes. With microsurgical robotic devices, patients can be treated remotely, especially those who live in parts of the world where special surgical procedures are not otherwise readily accessible.
The founder of ColubrisMX and XCath, Daniel H Kim, MD, is a distinguished professor of neurosurgery at the University of Texas in Houston, United States. Under his proven leadership, both as a doctor and inventor, a team of highly qualified computer scientists, robotics engineers and health practitioners have come together to work on devices that push the boundaries in medical science technology.
Badr Jafar, CEO of Crescent Enterprises, said: “At Crescent Enterprises, our operating and investment history in healthcare demonstrates our commitment to technological advancement and innovation. The launch of CE-VC, which is committed to supporting early-to-later stage start-ups validates this priority. In addition to ColubrisMX and XCath, CE-VC has invested in a wide-range of technology-driven start-ups over the last two years.”
Our latest investment in these two disruptive microrobotic medtech companies validates this priority. The cutting-edge medical devices being developed by ColubrisMX and XCath have immense potential as they are less invasive and more flexible than the current robotic assisted surgery technology available globally. These technologies will not only create value for both companies but also advance the field of medical science and benefit the lives of people.
“We are excited to enter the healthcare technology market, and to work with Dr Kim and his brilliant team to set new benchmarks for innovation in medical technology. Through this investment we hope to build an ecosystem that encourages similar levels of research and development in the field of medical science in the region. The healthcare industry across the GCC has witnessed substantial growth as well as a shift toward medical technological innovation. and we look forward to collaborating with medical practitioners and technologists in the region to identify new avenues for growth.”
For his part, Dr Daniel H. Kim said: “We are delighted to welcome Crescent Enterprises into our fold. Crescent's investment into ColubrisMX and XCath at a critical time of the development of the prototypes will help take it to the next level of manufacturing the devices and accelerate their entry into the market. The faith shown by Crescent and other investors in ColubrisMX and XCath demonstrates not only the commercial potential of the products but also the business model that we have in place. Going forward, our collaboration will help establish the two companies as leaders in the field, pushing the frontiers of cutting edge medical technology.”
Crescent Enterprises has a strong track record in the healthcare sector. Earlier this year, the company successfully sold its stake in Clinical Pathology Services (CPS) to MenaLabs, a division of the prestigious international network of medical biology laboratories, Cerba HealthCare. Furthermore, the company holds a strategic investment relationship with the leading healthcare focused private equity firm TVM Capital Healthcare Partners that includes a representation on the firm's advisory board. As the majority investor in ColubrisMX and XCath, Crescent Enterprises will also have representation on the board of both companies.
Crescent Enterprises has been active in the corporate venture capital space, which it views as critical to its long-term business strategy. In November 2017, the company launched CE-VC, which plans to invest US$ 150 million over the next three years, making it one of the largest corporate venture units in the Middle East and North Africa.