ENvizion Medical targeting TASE IPO at over $60 million valuation
The Israeli startup which develops solutions for enteral feeding is aiming to raise around $14 million
ENvizion Medical, which develops solutions for enteral feeding, has filed a prospectus for an initial public offering on the Tel Aviv Stock Exchange. The company is aiming to raise around NIS 45 million (approximately $13.9 million) at a valuation of NIS 200 million (approximately $61.5 million).
Leumi Partners, the Investment arm of Bank Leumi, is underwriting the offering.
ENvizion was founded by Doron Besser (CEO) and Shay Zuker in 2017. The company has offices in Tel Aviv and Minneapolis. Its revenue in the first half of 2020 stood at just $136,000 and it registered an overall loss of around $2 million during that period. In 2019, ENvizion didn't generate any income and lost a total of $3.3 million. A source told Calcalist under the condition of anonymity that the company’s estimated revenue for 2021 stands at around $4 million.
ENvizion Medical co-founder and CEO Doron Besser. Photo: Courtesy ENvizion has raised $20 million to date. The company's lead product may dramatically reduce the occurrence of misguided tube insertion during nasoenteral feeding and ensures the tube is placed safely and positioned for effective feeding. The ENvizion solution is designed for patients in intensive care units, pediatric departments, and nursing homes. ENvizion Medical's FDA-cleared product is powered by electromagnetic navigation tube placement technology and ENvue-compliant sump/feeding tubes.
