Breast cancer diagnostics co Vayyar Imaging raises $12m

Cancer diagnostics start-up Vayyar Imaging Ltd. has raised $12 million from Battery Ventures, Bessemer Venture Partners, and Israel Cleantech Ventures Funds, according to IVC Online.

Vayyar Imaging was founded in 2010 by Raviv Melamed, formerly VP at Intel Israel's wireless division, and Naftali Hayat, formerly chief scientist at Alvarion Ltd. (Nasdaq: ALVR; TASE: ALVR). The company has no website, and its executives declined to confirm or deny that it raised the capital.

Vayyar is developing a processor that uses radio frequency waves for the early detection of breast cancer. The idea is to detect breast cancer at an earlier stage and to slash the cost of the procedures compared with current diagnostic technologies, such as mammograms. The company will probably use the proceeds to further develop its product.

Published by Globes [online], Israel business news - www.globes-online.com - on August 2, 2012