Benzinga | Oct 3, 2021 09:04AM EDT

Elbit Systems Announced its Medical Device Spin-Off, Beyeonics, Raises $36M

Elbit Systems Ltd. (NASDAQ:ESLT) announced today that its subsidiaries, Beyeonics Surgical Ltd. ("Beyeonics Surgical") and Beyeonics Vision Ltd. ("Beyeonics Vision"), concluded a financing round in an aggregate amount of $36 million. The financing round is comprised of an investment in Beyeonics Surgical and Beyeonics Vision in an aggregate amount of $26 million led by the Italian investment fund TechWald Holding and the Israeli investment fund Alive Israel HealthTech and with participation of the existing shareholders LR Group, XT Hi-Tech, Aurum Ventures and Mivtach Shamir; and a $10 million convertible loan to Beyeonics Vision by global surgical ophthalmic company BVI Medical ("BVI"). Following the investment, Elbit Systems is a minority shareholder in Beyeonics Surgical and Beyeonics Vision.

Beyeonics Surgical and Beyeonics Vision are medical technology companies that aim to interface the systems in operating rooms using augmented reality, tracking and image processing/AI platforms, providing surgeons with valuable information and decision guidance while performing automatic tasks. The technology is designed to establish a new visualization and control standard in operating rooms by creating an integrated work environment.