Medical device company superDimension Ltd. has laid off several employees in Israel as part of a streamlining plan. VP operations Ronen Raz says the company is financially healthy, but that it needed to adapt to the economic climate. He said that the company is simultaneously hiring R&D staff.
superDimension's inReach System uses electromagnetic navigation bronchoscopy to provide minimally invasive access to lesions deep in the lungs as well as mediastinal lymph nodes. The company has more than 100 employees worldwide, and it has apparently laid off about a tenth of its global workforce.
superDimension raised $18 million in its sixth financing round at a company value of $160 million a year ago, in a financing round led by Fidelity Ventures of the US. Israeli investors include Evergreen Venture Partners, Gemini Israel Funds, Medica Venture Partners, and Pitango Venture Capital, while foreign investors include HarbourVest Partners, Boston Scientific Corporation (NYSE: BSX), and CIBC Capital Partners - Venture Group. The company has raised $70 million since it was founded in 1995.
The company launched its product last year, and it has achieved a few million dollars in sales.
Published by Globes [online], Israel business news - www.globes-online.com - on February 26, 2009
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