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SandRob robotic can sand, polish, and trim complicated shapes of any scale or measurement, the corporate stated. | Supply: Epica Worldwide
Epica Worldwide raised an $18 million development capital credit score facility with varied Avenue Capital Group funds. The preliminary funding of $13.5 million will likely be used to refinance current debt, assist strategic enlargement, and speed up analysis and improvement initiatives. A further $4.5 million is accessible upon the achievement of particular efficiency milestones.
The Landrum, S.C.-based firm develops superior medical imaging and precision robotics know-how. 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,” stated 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 companion with Avenue Capital, a agency with a confirmed monitor document of supporting revolutionary 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 consists of provisions for Avenue Capital to obtain a 0.5% fairness stake in Epica Worldwide. It consists of an possibility to speculate a further $2 million in fairness inside two years. The lender additionally has the proper to transform as much as $3.5 million of their principal into widespread inventory at a worth 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 drive suggestions system that controls the drive 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 created from marble, stone, wooden, styrofoam and different supplies. ScultoRob can be utilized as a versatile milling middle.
This strategic financing aligns with a broader trade development towards elevated funding in medical know-how, Epica stated. That is very true in areas similar to minimally invasive surgical procedure, image-guided remedy, and synthetic intelligence-powered diagnostics.
“We’re excited to companion with Epica Worldwide and assist their mission to revolutionize medical imaging and robotics,” stated Chad Norman, senior portfolio supervisor at Avenue Capital. “Epica’s proprietary know-how platforms and mental property portfolio place them for continued success in a quickly rising market. We look ahead to a protracted and fruitful partnership.”
