The move marks the expansion of the current strategic partnership between the two companies and will provide Radwave with advanced manufacturing capability for its next-generation systems under an exclusive five-year contract.
"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."
Radwave's electromagnetic tracking technology enables medical device customers to more easily incorporate accurate, reliable and customisable 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.
TT Electronics and Radwave began collaborating last year, and provided customers with TT’s sensor technology optimised 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 TT Electronics Vice President/General Manager, Matt Sweaney. “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.”
Radwave's system, enabled by TT’s sensor technology, provides these medical device companies 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.”