TEL AVIV, Israel--(BUSINESS WIRE)--Aug. 1, 2006--Infinity Venture Capital announced today it is leading a US $4.5 million investment round in Applisonix, a medical aesthetics device company focused on developing and marketing a breakthrough hair removal solution utilizing ultrasound (HIFU) technology. Other investors include Infinity's technology incubator Maayan Ventures, Magari Limited, Cyventure Capital and Athena Cyprus, which is part of the Cyprus Funds and Kanit Group. Applisonix had a valuation of slightly more than US $6.5 million before this investment.
The financing announced today is earmarked to support the continuation of product development and the commencement of clinical trials. The hair removal market is estimated at $10 billion and continues to grow.
Today's announcement marks Infinity's second investment in less than four weeks. The company announced a $2.7 million round of investment in ReDent-Nova on July 6, 2006. ReDent-Nova, also a Maayan Ventures portfolio company, develops a self adjusting file (SAF), currently purposed for endodontic dentistry. Twenty-seven million root canal treatments are performed in the U.S. annually. Twenty-five million root canal treatments are performed yearly in Western Europe.
"Like ReDent, Applisonix's technology is likely to positively impact the lives of millions of men and women worldwide. Applisonix's technology offers an easy and painless means to get rid of unwanted hair for a long period. It doesn't burn the skin and works with all hair and skin pigment types. Alternatives such as shaving, waxing, chemical melting, plucking, electrolysis, lasers and intense pulse light treatments are soon likely to be bad dreams of the past," said Amir Gal-Or, Managing Partner, Infinity Venture Capital.
"Infinity has a great deal of experience with successfully guiding medical aesthetics companies. Infinity portfolio companies PowerPaper and ESC are prime examples. PowerPaper, which produces paper thin batteries, is already marketing an anti-wrinkle cream with one of the world's most famous cosmetic companies. And, ESC, which makes a non-invasive treatment to remove both superficial and deeper leg veins and varicose veins, holds the spot as Infinity's largest exit to date (60X on investment). As indicated by these as well as our investments this month, we are clearly continuing to set our sites on the development of technologies with enormous market potential in order to offer our investors the opportunity to co-invest in specific companies with great promise," said Mr. Gal-Or.
About Infinity Venture Capital
Infinity Venture Capital is one of the leading Israeli-related venture capital funds managing more than $250M and guiding more than 40 promising portfolio companies. Since June 2005, Infinity has had eleven successful exits including the sale of ProActivity Software Solutions Ltd to EMC Corporation; Identify Software to BMC Corporation (NYSE:BMC - News) for $150 million, the sale of Shopping.com to eBay Inc. (Nasdaq:EBAY - News) for $640 million, the sale of Sightline Technologies to Stryker Corporation (NYSE:SYK - News) for $150 million and the IPOs of Saifun Semiconductors Ltd. (Nasdaq:SFUN - News) and Maayan Ventures Ltd. (TASE:MAYN). Infinity has a highly experienced international team spanning the globe with offices in Tel-Aviv, New York, London and China. Strategic partners include: The IDB Group, CSVC/SIP in China, FBR (Friedman, Billings, Ramsey) and GE Investments. For additional information about Infinity Venture Capital please visit www.infinity-vc.com. To schedule an interview please contact Marjie Hadad, Media Liaison at +972-54-536-5220 or at firstname.lastname@example.org.
Infinity Venture Capital
Marjie Hadad, Media Liaison, +972-54-536-5220
Source: Infinity Venture Capital