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SandRob robotic can sand, polish, and trim complicated shapes of any scale or dimension, the corporate stated. | Supply: Epica Worldwide
Epica Worldwide raised an $18 million development capital credit score facility with numerous Avenue Capital Group funds. The preliminary funding of $13.5 million might be used to refinance current debt, assist strategic growth, and speed up analysis and growth initiatives. An extra $4.5 million is offered upon the achievement of particular efficiency milestones.
The Landrum, S.C.-based firm 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 big 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 may form the way forward for medical imaging and robotics. We’re thrilled to associate with Avenue Capital, a agency with a confirmed monitor report of supporting progressive firms.”
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 choice to take a position an extra $2 million in fairness inside two years. The lender additionally has the fitting to transform as much as $3.5 million of their principal into frequent inventory at a value of $8.50 per share.
Epica makes a speciality of robots for manufacturing processes. For instance, the SandRob system can sand, polish and trim complicated shapes of any scale or dimension. It options an lively power suggestions system that controls the power exerted on the handled floor, to attain 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 constituted of marble, stone, wooden, styrofoam and different supplies. ScultoRob can be utilized as a versatile milling middle.
This strategic financing aligns with a broader business pattern towards elevated funding in medical expertise, 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 associate 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 expertise platforms and mental property portfolio place them for continued success in a quickly rising market. We look ahead to a protracted and fruitful partnership.”