Sharjah-based conglomerate Crescent Enterprises has completed a $16 million investment in two US-based micro-robotic medical device companies, it announced today.
According to a statement, the firms, ColubrisMX and XCath, were invested in through the multinational’s new corporate venture arm, Crescent Enterprises Venture Capital (CE-VC).
CE-VC led what was a Series A round for the two firms.
Earlier this week, Crescent Enterprises had announced the formal launch this new venture capital arm and said that it that could invest up to $150 million in emerging businesses over the coming three years.
According to CEO Badr Jafar, the fund focuses on strategic direct investments in early-to-late stage startups across the world, but at least half the capital would be allocated to firms in the MENA region.
At the time, Jafar also revealed that Crescent Enterprises had made several investments in the last six months alone.
Launched this month, CE-VC plans to invest $150m over the next three years, making it one of the largest corporate venture units in the Middle East and North Africa.
“In addition to ColubrisMX and XCath, CE-VC has invested in a wide range of technology-driven startups over the last two years,” Jafar added.
Both ColubrisMX and XCath were developed at the University of Texas Medical School’s Microsurgical Robotics Laboratory and are incorporated in the state of Texas too.
ColubrisMX is developing a minimally invasive, microsurgical robotic device that can treat life-threatening conditions such as fetal malformations and brain abnormalities through microsurgery.
XCath is developing steerable robotic microcatheters for treating endovascular conditions such as cerebral strokes.
Such devices allow patients to be treated remotely and are especially useful in parts of the world with underdeveloped healthcare systems.