Zsquare secures a $15m round with its lead investor
Continuing to lead the technological transformation of single-use endoscopy
TEL AVIV, Israel, March 1, 2022 /PRNewswire/ -- Zsquare, a leading developer of high-performance, single-use endoscopes, has raised $15M in financing for the soft launch of its disruptive single-use ENT endoscope and further R&D to expand potential use in other indications. The soft launch is planned following FDA clearance expected in the third quarter of 2022.
This $15M round of financing was led by Chartered Group, a private equity firm specializing in disruptive technologies with a far-reaching presence in Europe and Asia. This is their second consecutive investment in Zsquare, signaling strong confidence in the company's technology and growth potential.
"We are excited to witness and support the maturation of Zsquare's disruptive technology and are confident that it will bring significant benefits to the world of endoscopy by changing the entire cost-benefit structure of these widely used devices," says Eyal Agmoni, Chairman of Chartered Group.
Zsquare's high-performance, single-use endoscopic platform is designed to improve diagnostic performance, eliminate risk of cross-infection and dramatically reduce healthcare costs. With a hybrid design that includes a universal, reusable imaging core and alternating, indication-specific disposable shells it is capable of addressing multiple indications, as well as solving unmet imaging needs for new indications.
According to Asaf Shahmoon, CEO and co-founder of Zsquare, "As the world is rapidly moving towards single-use devices, Zsquare is advancing to introduce new groundbreaking technologies and capabilities to this up-and-coming market. This round will help the company advance our go-to-market plan for the initial ENT product, as well as ramp up R&D for next generation capabilities and further indications."
Zsquare's unique design overcomes the inherent diameter versus image quality tradeoff of conventional chip-on-the-tip designs, in a cost-effective way. Zsquare's solution houses the less costly optics in a single-use shell, with high-value imaging electronics in a detachable, reusable imaging core. The result is a cost-effective solution that dramatically reduces the optical component's diameter without compromising on image resolution, eliminates the risk of cross-contamination, and enables access to anatomies that could never be properly imaged before.
"Zsquare's single-use endoscopic platform is showcasing remarkable, never-seen before high-resolution images, using a flexible scope with an imaging diameter of less than 0.5mm," says Prof. Hisao Tajiri, M.D., Senior Advisor of the Japan Gastroenterological Endoscopy Society (JGES) and member of Zsquare Scientific Advisory Board. "This groundbreaking innovation will usher in a new era in endoscopy, combining superior diagnostic capabilities with an excellent safety profile."
About Zsquare:
Zsquare, a privately held medical device company with headquarters in Israel, develops cost-effective, high-performance, single-use endoscopes to enable access to unserved indications, improve performance in current practices, and solve the industry's cross-contamination problem.
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