Elbit Systems spin-off Beyeonics raises $36 million

Beyeonics Surgical and Beyeonics Vision, both medical subsidiaries of Elbit Systems, have announced that they have completed a financing round in an aggregate amount of $36 million. The round includes investment in both subsidiaries totaling $26 million led by Italian investment fund TechWald Holding and Israeli investment fund Alive Israel HealthTech, with the participation of existing shareholders LR Group, XT Hi-Tech, Aurum Ventures, and Mivtach Shamir. The remaining $10 million was a convertible loan to Beyeonics Vision by surgical ophthalmic company BVI Medical (BVI).

"The completion of an additional financing round attests to the commercial potential of our technologies,” said Bezhalel (Butzi) Machlis, President and CEO of Elbit Systems. “We are proud to have spun off companies that leverage some of our unique technologies to materially enhance surgeons' capabilities in the operating room. We hope this investment will enable Beyeonics Surgical and Beyeonics Vision to expand product development, to include additional surgical applications, and to accelerate commercialization."

Beyeonics Surgical and Beyeonics Vision are both medical technology companies that aim to update the interface of systems in operating rooms to include augmented reality, tracking, and image processing platforms, all of which can provide surgeons with information and decision guidance when performing tasks. The technology is designed to establish a new control and visualization standard in operating rooms. It is understood that following the investment, Elbit Systems has become a minority shareholder in both companies.

Whereas Beyeonics Surgical is focused on Neurosurgery and Orthopedics products, Beyeonics Vision is focused on Ophthalmology and plans to start commercializing in the U.S. by the end of the year after more than 300 successful cataract and retina surgeries performed in the U.S. and Israel. Both companies leverage imaging and head-mounted display (HMD) technologies developed by Elbit Systems to be used in aerospace applications.

Elbit Systems operates in areas relating to aerospace, land and naval systems, command, control, communications, computers, unmanned aircraft systems, and more. It also develops technologies for defense, homeland security, and commercial programs over the world. It was founded in 1966 and has 17,000 employees, as of 2019.