Toronto-based ClaroNav, a provider of surgical navigation technology, has raised C$2 million in funding. The investors were not named. The capital infusion will be used to ramp up marketing, training, sales and support activities for ClaroNav’s flagship Navident product.
TORONTO, Feb. 19, 2020 /PRNewswire/ — ClaroNav, an innovator in surgical navigation technology, announced today that it closed its first external equity financing round following five years of strong growth. The company plans to use these funds to continue to innovate and expand global marketing, training, sales and support activities for its flagship Navident product. Navident is a dental navigation system which uses volumetric medical images (CBCT) and real-time optical motion tracking to help dentists place implants more precisely, and less invasively.
“This is the first time in our history we invited outsiders to buy equity in ClaroNav. We approached selected distributors, customers, suppliers, friends and employees and were pleased with their responses. We sold over C$2M of common shares at a pre-money valuation of C$52M, about eight times our 2019 revenues,” said Claudio Gatti, co-founder and co-CEO of ClaroNav. “60% of the shares were sold to external investors, and 40% to employees. It was very empowering for us to feel the trust of people who know us well and worked with us for many years, and to reconfirm that every team member at Claronav believes in, and is committed to, our shared success.”
“We saw such strong interest in our shares because of our track record of rapid revenue growth, exceeding 50% on an annualized basis for the last five years, and because investors saw good reasons to believe the exponential growth will continue,” said Doron Dekel, co-founder and co-CEO of ClaroNav. “We are proud that our systems are already helping surgeons deliver better care in about 2,000 hospitals and clinics, and are excited about our future, as we gear up to launch additional features and products built on our shared proprietary surgical navigation technology platform.”
About ClaroNav Inc.
Similar to a GPS assisting drivers, ClaroNav’s surgical navigation technology assists surgeons in visualizing, planning and executing surgeries. This enables minimally invasive (keyhole) surgeries and reduces execution errors, thereby increasing the likelihood of a successful surgery and reducing pain, recovery time, cost and complications. Led by pioneers and world experts in this technology, enabled by reusable proprietary software and hardware components, and by vertically integrated efficient operations, ClaroNav is able to create innovative products with an exceptional price/performance ratio. ClaroNav is a privately owned company headquartered in Toronto, Canada. ClaroNav develops, manufactures and markets MicronTracker, a family of optical tracking systems, Navident, a dental navigation system, and Navient, a family of cranial navigation systems.
ClaroNav was formerly the Surgical Navigation group within Claron Technology, founded by Claudio Gatti and his partner Doron Dekel in 2001. In January 2015, following the acquisition of the balance of Claron by Lexmark, the company was renamed ClaroNav. The Navient products family is developed and marketed by ClaroNav Kolahi Inc (CKI), a majority-owned subsidiary of ClaroNav.
Visit www.claronav.com for more details.