Israel's OrSense announced this morning the closing of a $18 million financing round led by Israel Healthcare Ventures. Other participants in the financing included STAR Ventures and Lewis Trust Private Equity division. The funds raised will be used to accelerate the commercialization of the company's products for non-invasive monitoring of various blood parameters.
"Anemia is a key undiagnosed and untreated condition affecting around 2 billion people worldwide which may benefit from a painless, safe and easy to use screening solution," says OrSense's CEO Lior Ma'ayan in a statement. "The funds secured will allow us to expand our commercialization efforts into additional point of care segments such as women's health, public health programs and homecare. During 2011 we will expand our geographical reach beyond Europe to Asia Pacific, Africa and the Americas."
OrSense's products target non-invasive monitoring of blood glucose in the hospital and for home use. They address markets that represent annual revenue opportunities of more than $10 billion, according to the company's website.
Last year, OrSense received FDA clearance for its non-invasive multi parameter monitor for continuous and spot measurement of normal and low signal oximetry. It also has received CE approval for the first non-invasive spot and continuous monitor of hemoglobin for anemia screening and hemorrhage detection applications.
- see the OrSense release