Israeli medical aesthetic company SofWave Medical has raised $8.4 million in a financing round for its non-invasive fractional ultrasound technology for skin tightening, the company announced last week.
The round was led by Tel Aviv-based venture capital firm XT Hi-Tech and
Israeli entrepreneur Dr. Shimon Eckhouse, the founder of Syneron Medical, a company that develops and markets devices for cosmetic surgery procedures and was acquired by British private equity firm Apax Partners Worldwide LLP for $397 million in 2017.
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Alongside the closure of the funding round, Sofwave Medical said it appointed Louis Scafuri as CEO of the company. Scafuri is a former CEO of Syneron Candela — another name for Syneron Medical after it merged with US-based medical aesthetic company Candela Medical — and led the merger of the two companies.
“We have an exceptional opportunity to bring to market a whole new modality of simple facial and sub-mental treatments driven by smart and sophisticated science,” Scafuri said in a statement.
“This financing round of SofWave Medical will enable us to execute aggressively on our plan to build and position the company as a leader in this great market,” Dr. Eckhouse added.
Founded in 2015 and based in northern Israel, SofWave Medical aims to bring “a novel approach to skin tightening and wrinkle reduction using proprietary fractional ultrasound technology. ” The technology, through a beam treatment, targets layers of skin that cause controlled thermal injury, resulting in the tightening of the skin to reduce wrinkles.
The company has a CE mark for its product, which enables commercialization outside the United States.