Home ultrasound device company Pulsenmore has raised $40 million in iאs TASE IPO at a company valuation of $190 million, before money. All the money raised by the company, which saw demand boosted by the flourishing of the remote medicine sector in the wake of the Covid pandemic, will go to the company, with no element of an offer to sell by existing shareholders.
As far as is known, investors included a range of leading Israeli institutional investors including three large insurance companies, two large provident funds and one major hedge fund. Among shareholders are Fujifilm, a leading ultrasound manufacturer, and leading physicians in the field.
The company, which was founded in 2015 by Dr. Elazar Sonnenschein, has no revenue, but an agreement with the Clalit health fund enabled it to report an orders backlog of NIS 2.5 million last week for delivery in the first half of this year, and a backlog of NIS 15.7 million for delivery in the second half of the year. At present the company has no other customers.
Sonnenschein previously founded Medigus, which developed an endoscope for incisionless treatment of GERD (gastroesophageal reflux disease).
In its last financing round in March 2020, completed just before the spread of the Covid-19 pandemic, the company raised $30 million.
Pulsenmore's product is for home use by pregnant women. It is meant to reduce the need to visit hospital emergency departments when fetal movements cease to be felt or there is some other reason to fear for the condition of the fetus. The patient receives guidance via her mobile telephone on how to scan the belly area and sends the scan to a doctor who interprets it immediately. There is a limit on the number of scans that can be carried out in a day or over the length of the pregnancy, in order not to overwhelm the doctors.
Published by Globes, Israel business news - en.globes.co.il - on June 10, 2021
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