Dvir Cohen, co-founder and CEO of Memic Innovative Surgery, is the latest Miami entrepreneur to be tapped by the global Endeavor network. Cohen was selected during Endeavor’s 20th Virtual International Selection Panel held this week.
The selection likely adds a unicorn to the Endeavor Miami herd. Memic – based in Israel and South Florida – is in the process of going public and was valued at $1 billion at the time the SPAC deal was announced. The selection also adds a medtech entrepreneur to Endeavor Miami’s portfolio. Medtech is one of the most active sectors for startups here.
“Many entrepreneurs across a range of industries in South Florida are breaking barriers and bringing change to the region and the world in positive ways,” said Claudia Duran, managing director of Endeavor Miami. “With our support, Dvir will have access to a number of resources that we hope will advance the innovative work being done at Memic and help build broader awareness of the company’s unique and disruptive robotic surgical platform that is positioned to transform the surgical robotics sector and, more importantly, patients’ lives.”
Memic, a venture-funded surgical robotic technology innovator founded in 2013, developed the first and only FDA-authorized surgical robot, Hominis, that features humanoid-shaped arms, with shoulder, elbow, and wrist joints, providing human level dexterity and 360 degree articulation to reach the entire surgical site. Its compact and mobile design occupies a minimal footprint at a significant cost advantage compared to available robotic technology. The company is initially focusing on women’s health procedures.
Because of the miniaturization of the robotics that mimic the way the joints in the body work, Hominis is able to perform robotic transvaginal techniques that were previously unfeasible, fulfilling a significant unmet need in women’s health, but with the potential to be applied to a broad range of indications including general surgery, said Memic Chairman and Miami serial entrepreneur Maurice Ferré, in an interview in August. He called Memic “a real game changer” for both medtech innovation and for South Florida, as Memic plans to grow the local team to about 100 employees over the next year, he said.
Cohen agrees. “At Memic, we believe that Hominis represents the most significant advancement in robotic soft tissue surgery in the last 20 years and will deliver great benefit to patients and their healthcare providers,” he said. “Our team is committed to growing our business and the reach of our technology and we hope our efforts have a positive impact on the South Florida region and the world as we continue to build on our momentum.”
Memic announced in August its plans to merge with Medech Acquisition Corporation, a publicly traded special purpose acquisition company. Memic is expected to trade on the Nasdaq upon completion of the merger, expected by the end of this year. If the deal goes through, it will be the second public company in Endeavor’s portfolio; FIGS went public this spring. Memic has raised nearly $128 million in venture capital since 2015, according to Crunchbase.
Endeavor Miami launched in September 2013 with the support of the John S. and James L. Knight Foundation as the first U.S. affiliate of Endeavor Global and today supports 32 companies and 51 entrepreneurs with mentorship and global access to resources, networks and capital. Last month, Endeavor added Carlos Domingo of Miami-based blockchain startup Securitize to the network. In recent months Endeavor has also tapped Martin Claure of Aprende Institute and the co-founders of the unicorn Cameo.
Endeavor Miami’s entrepreneurs generated close to $340 million in revenues and more than 3,000 jobs in South Florida in 2020.
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