Israeli skin treatment firm Sofwave raises $50 mn in Tel Aviv IPO

 Israeli skin treatment firm Sofwave raises $50 mn in Tel Aviv IPO

Israel- and California-based medical aesthetics company Sofwave Medical has listed on the Tel Aviv Stock Exchange (TASE), raising $50 million at a pre-money valuation of just under $200 million.

Sofwave is one of the only such aesthetic medicine companies to have been listed on the Israeli bourse.

The company says it has developed the Synchronous Ultrasound Parallel Beam (SUPERB) technology, which provides a reduction in fine lines and wrinkles and restoration of skin features, and revitalizes collagen.

Sofwave said in a press release that its products have been cleared by the US Food and Drug Administration and carry the European Union’s CE mark, and are eligible for sales across the world.

Shimon Eckhouse, co-founder and chairman of Sofwave, said the aesthetic medicine technology is one of the fastest-growing fields in medicine and Israel has become a global hub of companies in this area.

Sofwave CEO Louis Scafuri said the company will use part of the IPO proceeds to expand both its commercial efforts and its novel technology.

The company was founded in 2015 by a multidisciplinary team of engineers, physicists, and professionals in the aesthetics market.

According to Crunchbase, the company had raised $8.4 million from Shimon Eckhouse, Israeli venture capital firm XT Hi-Tech and a group of US-based investors in its only funding round in August 2019.

Eckhouse is an Israeli medical entrepreneur who has founded more than 20 startups including Syneron Medical Ltd, Lumenis Ltd, Ventor and Real-View Imaging. He is also the chairman of Butterfly Medical Ltd and Synerion Medical.

Sofwave’s manufacturing and research and development facilities are located in Israel. It also has an office in California.

The Capital Quest