Israeli company RescueDose, which has developed a compact robot system for dispensing liquid drugs for injection and for filling syringes and IV bags, has announced a $2.5 million financing round. The company has raised a total of $5 million since it was founded. Founded in the hiCenter Ventures incubator in Haifa, RescueDose latest investment is from ERA Brazil Israel, a company owned by Advocate Eric Ben-Mayor and a group of Brazilian partners. ERA Brazil Israel has invested in a variety of high-tech companies in Israel, and in medical and dental companies.
Automation of drug dispensing has two main advantages. The first is more accurate control of the process of preparing drugs and more accurate monitoring of the dosage. The second is protection of pharmacists against hazardous materials. Syringes with most dangerous drugs are currently prepared manually. The transition to an automated process enables a pharmacist to oversee the process. RescueDose's first line of products is designed for nuclear medicine. The company has two patents in the US and one being registered in China.
RescueDose CEO Gilad Einy said, "This significant financing round is a vote of confidence in the innovative product developed by the company. It will enable us to penetrate additional markets. The company has a joint project with EC Squared, the market leader in medical and nuclear pharmaceutical computer systems, with assistance from the Israel-U.S. Binational Industrial Research and Development (BIRD) Foundation. The company also has projects with companies in China, and is bringing its systems to the Chinese market. It is also entering additional medical sectors."
Ben-Mayor added, "The global hospital and pharmacy automation market is estimated at $5-7 billion a year, and is projected to grow substantially in the next five years. ResdueDose specializes in automation of liquid drugs, and is developing products in nuclear medicine and chemotherapy that will be used next year in hospitals and pharmacies in Israel and worldwide. Very few companies are now supplying automated solutions in this sector."
hiCenter Ventures CEO Yael Mittelman said, "I see great potential in robotics for medical uses. I foresee that this financing round will enable the company to deepen its penetration of the markets and make it possible for it to develop applications in additional medical sectors in which IVs are frequently used."
Published by Globes [online], Israel Business News - www.globes-online.com - on August 16, 2017
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