|
Take heed to this text  |
SandRob robotic can sand, polish, and trim complicated shapes of any scale or measurement, the corporate mentioned. | Supply: Epica Worldwide
Epica Worldwide raised an $18 million progress capital credit score facility with numerous Avenue Capital Group funds. The preliminary funding of $13.5 million can be used to refinance present debt, help strategic growth, and speed up analysis and improvement initiatives. A further $4.5 million is offered upon the achievement of particular efficiency milestones.
The Landrum, S.C.-based company develops superior medical imaging and precision robotics expertise. It holds 75 issued and pending patents on its medical imaging and robotics platforms within the U.S., EU, and different international locations. Its robots work in healthcare, veterinary care, orthotics and prosthetics, aerospace, automotive, manufacturing, and extra.
“This financing marks a major milestone for Epica,” mentioned Joe Soto, CEO of Epica Worldwide. “The capital infusion from Avenue Capital will empower us to strengthen our monetary basis, broaden our market presence, and speed up the event of groundbreaking applied sciences that can form the way forward for medical imaging and robotics. We’re thrilled to accomplice with Avenue Capital, a agency with a confirmed monitor document of supporting modern corporations.”
Avenue Enterprise Alternatives Fund, L.P. and Avenue Enterprise Alternatives Fund II, L.P., that are funds of Avenue Capital Group, participated within the funding spherical. The expansion capital mortgage has a four-year time period and contains provisions for Avenue Capital to obtain a 0.5% fairness stake in Epica Worldwide. It contains an possibility to speculate a further $2 million in fairness inside two years. The lender additionally has the best to transform as much as $3.5 million of their principal into frequent inventory at a value of $8.50 per share.
Epica focuses on robots for manufacturing processes. For instance, the SandRob system can sand, polish and trim complicated shapes of any scale or measurement. It options an energetic power suggestions system that controls the power exerted on the handled floor, to realize totally different outcomes on the identical work piece.
The corporate additionally develops ScultoRob, a 7-axis robotic for milling and turning operations on fashions and prototypes made out of marble, stone, wooden, styrofoam and different supplies. ScultoRob can be utilized as a versatile milling heart.
This strategic financing aligns with a broader trade development towards elevated funding in medical expertise, Epica mentioned. That is very true in areas comparable to minimally invasive surgical procedure, image-guided remedy, and synthetic intelligence-powered diagnostics.
“We’re excited to accomplice with Epica Worldwide and help their mission to revolutionize medical imaging and robotics,” mentioned Chad Norman, senior portfolio supervisor at Avenue Capital. “Epica’s proprietary expertise platforms and mental property portfolio place them for continued success in a quickly rising market. We stay up for a protracted and fruitful partnership.”
