Epica raises $18M for industrial, medical robots

By The Robot Report Staff | September 22, 2024

Epica International raised an $18 million growth capital credit facility with various Avenue Capital Group funds. The initial funding of $13.5 million will be used to refinance existing debt, support strategic expansion, and accelerate research and development initiatives. An additional $4.5 million is available upon the achievement of specific performance milestones. 

The Landrum, S.C.-based company develops advanced medical imaging and precision robotics technology. It holds 75 issued and pending patents on its medical imaging and robotics platforms in the U.S., EU, and other countries. Its robots work in healthcare, veterinary care, orthotics and prosthetics, aerospace, automotive, manufacturing, and more. 

“This financing marks a significant milestone for Epica,” said Joe Soto, CEO of Epica International. “The capital infusion from Avenue Capital will empower us to strengthen our financial foundation, expand our market presence, and accelerate the development of groundbreaking technologies that will shape the future of medical imaging and robotics. We are thrilled to partner with Avenue Capital, a firm with a proven track record of supporting innovative companies.”

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Avenue Venture Opportunities Fund, L.P. and Avenue Venture Opportunities Fund II, L.P., which are funds of Avenue Capital Group, participated in the funding round. The growth capital loan has a four-year term and includes provisions for Avenue Capital to receive a 0.5% equity stake in Epica International. It includes an option to invest an additional $2 million in equity within two years. The lender also has the right to convert up to $3.5 million of their principal into common stock at a price of $8.50 per share.

Epica specializes in robots for manufacturing processes. For example, the SandRob system can sand, polish and trim complex shapes of any scale or size. It features an active force feedback system that controls the force exerted on the treated surface, to achieve different results on the same work piece.

The company also develops ScultoRob, a 7-axis robot for milling and turning operations on models and prototypes made from marble, stone, wood, styrofoam and other materials. ScultoRob can be used as a flexible milling center.

This strategic financing aligns with a broader industry trend toward increased investment in medical technology, Epica said. This is especially true in areas such as minimally invasive surgery, image-guided therapy, and artificial intelligence-powered diagnostics.

“We are excited to partner with Epica International and support their mission to revolutionize medical imaging and robotics,” said Chad Norman, senior portfolio manager at Avenue Capital. “Epica’s proprietary technology platforms and intellectual property portfolio position them for continued success in a rapidly growing market. We look forward to a long and fruitful partnership.”