SofWave, portfolio company of Alon Medtech, closes $8.4M financing round. Announces appointment of Louis Scafuri to CEO position
Round led by XT Hi-Tech, an Israeli-based VC and a group of Israel and US-based investors. Proceeds will be used to commercialize its proprietary Fractional Ultrasound Technology product for skin tightening and wrinkle treatment
SofWave Ltd., portfolio company of Alon Medtech, an Israeli based Aesthetic medical company developing Non-Invasive Fractional Ultrasound Technology for skin tightening, announced the closure of a $8.4M financing round. The financing round was led by XT Hi-Tech and Dr. Shimon Eckhouse.
SofWave Fractional Ultrasound Beam Treatment is based on proprietary technology developed by the company over the last four years. This unique technology enables very accurate targeting of layers within the skin (dermis) or deeper layers using an array of Ultrasound transducers that cause controlled thermal injury, resulting in tightening of the skin, reduction of wrinkles and better-looking skin. A 60 patient clinical study performed by Sofwave with leading US dermatologists has shown excellent clinical results with no down-time to patients and an outstanding safety profile. This study was used as part of the 510K FDA submission of the company. Recently the company obtained a CE Mark for the product which will enable commercialization outside of US markets.
SofWave also announced the appointment of Louis Scafuri as the CEO of the company. Mr. Scafuri has a proven track record and extensive experience in building and leading global public and private medical technology companies, among them Syneron Candela, where he held the CEO position and led the merger of the two companies. Dr. Shimon Eckhouse, co-founder and chairman of SofWave commented on the appointment of Mr. Scafuri: “We are very pleased to have Lou as the leader of this exciting company. His experience and expertise will no doubt help build SofWave’s business in the global, fast-growing aesthetic medical market. I am very excited to once again work with Lou and to share the vision and enthusiasm we both have for the aesthetic device market” Dr. Eckhouse added: “This financing round of SofWave will enable us to execute aggressively on our plan to build and position SofWave as a leader in this great market”.
“I am thrilled to join this new exciting company”, stated SofWave’s CEO Lou Scafuri, “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.” Mr Scafuri added: “working again with Dr Shimon Eckhouse as well as with a whole team of exceptionally-talented industry veterans will inevitably help build and position SofWave as the recognized innovator in the Aesthetic device market.”
Yoav Sebba, CEO of XT Hi-Tech added: “The SofWave device addresses several critical unmet needs in this huge market and we are honored & excited to work once again with Shimon Eckhouse and to have Lou Scafuri on board as CEO”.
About SofWave Ltd.
SofWave Ltd. Brings a novel approach to skin tightening and wrinkle reduction using proprietary Fractional Ultrasound. SofWave’s breakthrough technology brings a new standard of care to aesthetic treatments, providing physicians with smart yet simple, effective and safe aesthetic solutions for their patients.
Founded in 2015, the corporate, R&D, and manufacturing headquarters for SofWave Ltd. are located in Israel. SofWave also has an office in California, U.S.A.