TechsoMed, a Rehovot, Israel-based developer of an AI and Algorithm powered real-time tissue damage imaging technology (BioTrace), closed a US$7M Series B equity financing round.
The round was led by Axil Capital with participation from Yongjin Capital, Cobro Ventures, Magna Capital Partners and Radianx Capital, along with existing investors – Johnson & Johnson Innovation – JJDC, Inc., and NextLeap Ventures.
Led by Yossi Abu, CEO, TechsoMed is a medical Imaging software company developing the BioTrace platform, an AI-based technology that enables physicians to detect and visualize tissue viability using standard commercial ultrasound imaging for thermal ablation procedures. TechsoMed’s innovative technology is designed for real time image analysis in multi clinical applications, such as oncology (tumor ablation), cardiology (heart arrhythmia) and pain management (radiofrequency neurotomy). The company’s first product, BioTraceIO, is primarily targeting use in liver tumor ablation procedures and is in the process of being clinically validated, with approval by the FDA anticipated some time in 2022. TechsoMed also has a subsidiary in Japan, established to support commercialization in the Japanese and other Asian markets.
TechsoMed is collaborating with medical centers worldwide, in efforts to secure regulatory approval for its BioTrace system in liver tumor ablation through the De Novo process established by the FDA. In parallel, the BioTrace system is also being developed to support cardiac and pain ablation procedures.