We got an exclusive look at the pitch deck that Israeli medical startup Envizion Medical used to raise $18 million
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- Israeli medical startup Envizion Medical has raised $18 million to market a device that helps clinicians insert feeding tubes into patients more accurately.
- Feeding tubes can sometimes end up going into a patient’s lungs if they’re inserted incorrectly, resulting in injury or death.
- Envizion Medical has received FDA clearance to market its placement device in the US, and signed a partnership with an unnamed private hospital network.
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Israeli tech startup Envizion Medical has raised $18 million in fresh funding for a system that helps clinicians insert feeding tubes into patients with greater accuracy.
The startup says around 27 million feeding tubes are inserted each year, with around 8 million a year alone in the US. But according to the startup, approximately 5% don’t find their way to the stomach where they belong, but the lungs, according to Israeli tech startup Envizion Medical.
Most feeding tubes are inserted into the body “blindly” through the nose with patients given an X-Ray prior to insertion but the rest is skill.
Envizion Medical, based in Tel Aviv, says it has developed electromagnetic imaging technology which helps to better direct feeding tubes and avoid unnecessary complications. The company received approval by the FDA in 2019 to market its feeding tube placement system in the US and, this year, signed a deal with a large private hospital network to use its products in hundreds of hospitals.
The company has raised its fresh $18 million from the Technion Venture Capital fund, private medical backers, and family offices.
“Financing always has ups and downs but we had a lot of interest from investors,” Envizion Medical CEO and cofounder Doron Besser, told Business Insider in an interview. “Coronavirus and our maturity as a company has led to much more demand and we continue to have positive feedback.”
Getting the company to this stage was not easy, Besser said.
“When we started the company there was clearly unmet demand for a better solution but the tech wasn’t mature enough to penetrate into this market,” he added. “We have worked with clinicians from around the world to develop and then miniaturize this technology so that it can be adapted and accepted for full medical use.”
The company began fundraising at the height of the COVID-19 pandemic in May and spent time doing video demonstrations of its technology to investors and prospective hospital partners. Besser expects the company to complete another raise before the end of the year to capitalize on the opportunity to scale.
Check out ENvizion Medical’s (redacted) pitch deck below: