Israeli company CNoga Medical, which develops non-invasive diagnoses of diabetes, among other things, has completed a $12.5 million financing round from Chinese investment fund GoCapital. Cnoga has developed a device that uses the patient's skin color to diagnose high blood pressure without using air blowing, and to measure the blood sugar level without puncturing the skin. The blood pressure product has marketing approval in the US and Europe, while the diabetes diagnosis product has marketing approval so far only in Europe.
Cnoga was founded in 2004 by Dr. Yosef Segman, who previously founded OPlus Technologies, a manufacturer of components for plasma television sets, LED, and projectors that was sold to Intel in 2005. In 2007, Cnoga signed a cooperation agreement with Texas Instruments for development of a device for non-invasive measurement of blood sugar and other measures, such as hemoglobin, blood pressure, etc. The Israel-US Binational Industrial Research and Development (BIRD) Foundation mediated the agreement. The company is now developing the next generation of its products to fit in with the trend towards wearable computers.
In 2007-2012, the company raise $8 million from private investors in Israel and overseas. According to Dr. Segman, the current investment will enable the company to expedite its development of the next generation of devices, and expand its marketing and business development apparatus, with an emphasis on European and Asian markets, especially the Chinese market.
Published by Globes [online], Israel business news - www.globes-online.com - on October 27, 2014
© Copyright of Globes Publisher Itonut (1983) Ltd. 2014