Orex Computed Radiography raised over $5 million in a private placement at a post-money company value of $13 million. The startup, which develops laser scanners, won backing from Israeli venture capital funds DOR Ventures and Medica.
Key shareholder Catalyst Fund and the IsraTech Development Corporation also kicked in. The financing round was managed by the Cockerman investment bank.
Orex designs, manufactures and markets phosphoric image laser scanners for dental and medical imaging. Its first systems converted dental x-ray images to digital files. In the last year it began developing systems that accomplish the same for all medical x-rays.
The systems were commercially launched in September 2001. Orex says they are more affordable than similar products on the market.
The company expects sales to reach $12 million in 2002, and to achieve profitability in the first quarter of next year. Sales this year totaled $5 million.
Orex, founded in 1995 under the name of Digident, has in the recent year revamped its management. Karen Sarid, former executive at Lumenis was appointed COO and CFO.
Orex employs 55 people, 50 at its R&D center in Yokneam and another 5 in its newly opened Boston offices.