Novadaq names Arun Menawat president and CEO
Menawat joins from Cedara Software, a provider of imaging software for medical devices and healthcare information technology systems, where he served as president and chief operating officer. He succeeds president Rick Mangat, who remains with the company in a yet-to-be determined role.
Prior to joining Cedara in August 1991, Menawat was vice president of operations at Tenneco, and previously served in positions, including chief operating officer, at Crown Products in the machinery industry, and as business manager and research and development manager at Hercules, a specialty chemicals company.
Last March, Novadaq secured $10 million in a Series B funding round, giving the company a post-money valuation of $38.4 million, up from a Series A post-money valuation of $22 million. The round was led by a large pension plan based in Toronto, with participation from Akorn, ATS Automation Tooling Systems, Lawrence Enterprise Fund, Lawrence and Co., L.D.B. Corp., and Richardson Ventures.
Founded in April 2000 as a spin-off from the National Research Council's Institute for Biodiagnostics in Winnipeg, Manitoba, Novadaq has raised a total of $13 million in two rounds.