UK contract manufacturer TT Electronics has signed an exclusive manufacturing agreement with a US medical equipment company.
The deal with Radwave in Minnesota will see TT provide the manufacturing for the next generation electromagnetic tracking platform for surgical navigation over the next five years. TT is also investing in Radwave as part of the deal although the amount was not disclosed.
Radwave’s electromagnetic tracking technology enables medical device customers to easily incorporate accurate, reliable and customizable tracking features into their diagnostic and therapeutic products. Electromagnetic tracking is a highly accurate object tracking technology that provides real-time position and orientation data when there is no line of sight.
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The two companies started working together early last year, providing customers with TT’s sensor technology optimized for Radwave’s electromagnetic tracking platform. This latest step extends the partnership to include manufacturing of Radwave’s Control Unit and Field Generating Antenna.
“As more procedures transition to minimally invasive techniques, we see electromagnetic tracking as an essential feature that will be embedded in many medical devices,” said Matt Sweaney, Vice President / General Manager at TT Electronics. “We’ve conducted extensive analysis of the surgical navigation market as part of our own medical strategy, and Radwave stands out as a real innovator with a strong customer value proposition, differentiated intellectual property and an experienced team.”
Since its founding in 2018, Radwave now has more than ten customers, including several Fortune 500 companies in minimally invasive and robotic surgeries, electrophysiology and interventional radiology. Radwave’s system, enabled by TT’s sensor technology, provides these medical device innovators with improved tracking capabilities that deliver highly flexible, accurate and precise tracking, even in challenging settings where other systems have been limited by interference or sensing volume constraints.
“2021 has been a transformational year for Radwave. We have made significant progress across our business with important advancements in our R&D, sales, and now manufacturing,” said Lev Koyrakh, CTO and President of Radwave. “With this most recent strategic collaboration with TT, Radwave is well-positioned to execute on our strategy of revolutionizing the EM tracking industry and help our healthcare customers improve patient outcomes.”
“We are delighted to further strengthen our relationship with TT Electronics by having TT as an investor and our exclusive manufacturing partner,” said Andrew Brown, CEO and co-founder of Radwave. “TT brings a wealth of manufacturing and supply chain expertise that will help accelerate our growth, especially as we start delivering production quantities to our customers.”
TT has design and manufacturing facilities in the UK, North America, Sweden, and Asia.
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