Israeli start-up EarlySense Ltd., which is developing a monitoring system for the improved care of asthma, Chronic Obstructive Pulmonary Disease (COPD) and congestive heart failure patients, has raised $3 million in its second financing round. Challenge Fund - Etgar led the round, joined by ProSeed Venture Capital Fund (TASE:PRSD) and private investors. The company previously raised $1.25 million in seed financing from private investors in 2004 and from the Challenge Fund in the company’s first financing round in 2005.
EarlySense founder and CEO Avner Halperin said, “Early identification of chronic disease deterioration is the missing link in improving the outcomes of hundreds of millions of chronic patients across the globe. EarlySense provides an early warning for chronic disease deterioration, enabling patient to get therapy, just in time.
“We would like to thank our shareholders, notably the Challenge Fund for their vote of confidence in the company, and we welcome the new support from ProSeed. This financing round will allow us to accomplish two significant milestones: submitting our system for FDA approval to and making first system installations in the US".
Before founding EarlySense, Halperin was VP at Radcom Ltd. (Nasdaq: RDCM; TASE:RDCM) and Lenset. EarlySense’s other co-founders are serial entrepreneur Dr. Yossi Gross, Guy Shinar (formerly CEO of X-Technologies Ltd.), and Dr. Danny Lange (who founded IDesia and Algodyne Ltd.).
EarlySense’s system is an automatic contact-less monitor that detects body motion and a respiratory audio signal through the mattress during sleep. The monitor automatically identifies the start of an asthma or heart attack in the patient, and sounds an alarm, thereby enabling early treatment to prevent deterioration, often saving the need for hospitalization. A few weeks ago, the US Patent Office awarded the company its first broad patent for the system’s operating principle.
Published by Globes [online], Israel business news - www.globes.co.il - on October 23, 2006
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