American-Israel Chamber of Commerce

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Active Implants Raises $10 Million

Memphis-based Active Implants Corporation, with its R&D Center in Netanya, has raised $10 million from its current investors in its third financing round. The Orthopedics start-up company, which has raised $25 million to date, has two products—the TriboFit Buffer hip implant, which has already been placed in 1,200 patients in Europe; and the NUsurface meniscus implant, a shock absorbing cushion for the knee designed restore function by redistributing the load similar to the function of the natural healthy meniscus. This product is undergoing a clinical trial and is due to reach market in 2015. 

While the TriboFit Buffer hip implant is in a competitive market, the NUsurface meniscus implant is targeting a niche market with no current solution. The meniscus is basically a shock absorber for the knee, and damage to it results in severe pain and erosion of the bone and cartilage. In cases of severe knee damage, the entire kneecap is replaced, but the procedure is only advised for active adults, because the artificial knee is limiting for young persons, and there is a risk that a second implant will be needed later.

NUsurface is implanted through a mini-open procedure in conjunction with routine arthroscopy without the need to replace the kneecap. Although Active Implants has EU CE Mark approval for the product, it decided not to begin sales until it completes a large clinical trial to demonstrate the product’s safety, performance, and clinical advantages.

AICC Organizes Financial Technology Matchmaker Event

Fifteen of Israel’s most innovative companies offering financial technology solutions are expected to visit Atlanta next month for a 2-day matchmaker event that will expose them to many of the leading US companies in the emerging field known as FinTech. Organized by AICC’s Software Committee, the US-Israel FinTech Business Exchange is designed to offer the Israeli companies the opportunity to present themselves and have one-on-one meetings with potential strategic partners, investors, and customers in an extremely cost effective and efficient format.

Co-sponsors include TAG FinTech and the Metro Atlanta Chamber Technology Leadership Council. For Sponsorship Packages, click here. For more information please contact Guy Tessler(678) 274-9699 or guy@aiccse.org.

VisionMap Establishes South Carolina Subsidiary

 VisionMap’s A3 photo system does the

work of dozens of static cameras.

Tel Aviv-based VisionMap Ltd has established a US subsidiary in Myrtle Beach South Carolina to provide sales, training, support and professional services in North and South America for their 3D aerial photo products systems.

VisionMap LLC was formed to provide local services for the growing community of VisionMap’s systems users, and is led by a team of seasoned executives, expert in the field of aerial cameras and photogrammetry. It is providing sales and field engineering for its new product line, featuring the A3 Core, A3 and A3 Edge cameras as well as the Lightspeed processing system. It also extends the availability of the MIST sensor for unmanned airborne systems.

BIRD to Invest $8.1 Million in Nine New Projects

Economic News from Israel

• Apple confirmed its completed acquisition of Herzliya Pituach-based Anobit, a developer of flash storage solutions. The company has also decided to open a development center in Israel focusing on semiconductors that will be led by Aharon Aharon, a veteran player in Israel’s high tech industry.
• The European Union has granted 2 million Euros for a biodiversity project led by Hadassah College of Jerusalem in a partnerships with the Environmental Research Center of the Palestinian Authority, Leitat Technological Center in Spain, the Hellenic Regional Center in Greece, Rutgers University, and North Carolina State University. The goal of the project is to identify endemic plants from the Mediterranean area which contain compounds that may be valuable for industrial products such as pharmaceuticals, food additives, and cosmetics.
• Cambridge, Massachusetts-based Akamai has acquired Kfar Neter-based Cotendo for $268 million. The company develops website and mobile site acceleration solutions to help enterprises improve the performance of their websites and simplify content encryption management. Cotendo was one of 4 Israeli companies presenting at AICC’s “Innovations in Cloud Computing” videoconference event in October 2010.
• The Israel’s GDP rose by 4.8% in 2011 following a similar rise in 2010 and 0.8% in 2009, the year of emergence from the global recession, according to the Central Bureau of Statistics. However, the Bank of Israel has cut its 2012 growth forecast to 2.8% from 3.2%, and its interest rate will be 2.25% at the end of the year, down from the current 2.75%.
• Israel’s unemployment rate fell to 5% of the civilian labor force in October 2011, an all-time low, according to the Central Bureau of Statistics. The figures are surprising, given that economic activity is declining, including by labor-intensive export-oriented manufacturing. However, the CBS points out that the unemployment rate is the economic indicator with the longest time lag in its response to changes in activity.