StemRad Raises $6.0 million in Series C Funding Round; Jeff Vinik Invests in Radiation Protection Leader
TAMPA, Fla., Dec. 4, 2017
TAMPA, Fla., Dec. 4, 2017 /PRNewswire/ -- StemRad Ltd., which has developed the world's first and only life-saving personal radiation shield for first responders, military personnel and civilians who face nuclear disasters and radiological threats, as well as protective vests for Astronauts on deep-space missions, announced today that it has secured up to a six million dollar investment round led by renowned investor and Tampa Bay Lightning Chairman and Governor, Jeff Vinik. The StemRad solutions are backed by three Nobel Laureates.
StemRad Founder and CEO, Dr. Oren Milstein, explained that the Series C financing is aimed at significantly expanding StemRad's sales and marketing efforts, as well as its manufacturing capabilities in the U.S. StemRad recently opened its U.S. subsidiary in Tampa, Florida and has initiated its sales expansion plans beyond the military vertical to include first responders and the nuclear energy industry nation-wide.
The investment proceeds will also be directed towards advancing the company's R&D efforts, which are now focused on creating a revolutionary lightweight protection vest for interventional radiologists in hospitals and medical clinics worldwide that would address ergonomic problems caused by current X-Ray aprons.
"This additional capital gives StemRad the resources to expand sales into new markets and to continue to innovate in order to become a leader throughout the entire spectrum of radiation protection including the nuclear, defense, space and medical industries," explained Milstein. "In addition, StemRad will benefit greatly from Mr. Vinik's unique experience in growing businesses, creating value and in furthering StemRad's important global mission."
Lead investor Jeff Vinik shared that "StemRad is an exciting company with unique solutions for our military and first responder teams. We believe the company has an outstanding management team, and we are proud to invest in such an innovative enterprise."
About StemRad Ltd.
StemRad, an Israeli-American company, was created after the Fukushima disaster to develop a solution for the protection of first responders exposed to highly-penetrating gamma radiation emitted in such events. StemRad's leap forward has been based on its innovative approach of selectively protecting organs with exceptional sensitivity to radiation. This approach led to the development of the only meaningful, life-saving protection with manageable weight against gamma radiation. StemRad has later adapted its technology to the protection of astronauts in partnership with Lockheed Martin, NASA's prime contractor for its deep space Orion capsule. A StemRad vest will be launched around the moon on board NASA's Orion for radiation testing as soon as 2019, on the much anticipated EM1 Mission. At a time when geopolitical events among dangerous rogue nations and terror groups raise the specter of nuclear confrontation, StemRad steps forward with the world's only operational safeguard to survive exposure to gamma radiation. See www.stemrad.com
About Jeff Vinik
Jeff Vinik is the Owner and Chairman of the Tampa Bay Lightning of the National Hockey League and serves on the NHL Board of Governors and Executive Committee. In addition, Jeff manages various family investments, oversees the Vinik Family Foundation with his wife, Penny, and is part owner, with Cascade Investment, of Strategic Property Partners, a real estate entity spearheading a $3 billion mixed use development in downtown Tampa. Jeff began his career in the investment management business with Fidelity Investments in 1986. From 1992-1996, Jeff ran the Fidelity Magellan Fund, the world's largest mutual fund at the time. In 1996, he left Fidelity to establish his own firm, Vinik Asset Management, where he grew assets under management from $800 million to $10 billion. Jeff closed fund operations in 2013 to focus on business and philanthropic interests in Tampa.
For more information, please contact:
Mr. Jack Ross, StemRad's VP, North America
email@example.com - 813-291-2303