Israeli medical device company Vectorious Medical Technologies has raised $9.5 million in a Series B financing round led by Boston-based Broadview Ventures and China's GEOC and with the participation of Zohar Gillon, Yehuda Zisafel, Prof. Nava Zisafel, Zohar Zisafel, Ari Raved and others. The financing round includes a $2.2 million grant from Horizon 2020, the flagship R&D program of the EU, and the Israel Innovation Authority (formerly the Office of the Chief Scientist). Previous investors include Cleveland Clinic. The company raised $5 million in its Series A financing round two years ago.
The new funds will allow the company to expand its work force and conduct clinical trials in order to receive marketing approval for Europe. Important people from the world of medicine including eminent researchers and department heads have joined Vectorious's board of directors.
Vectorious CEO Oren Goldstein said, “Vectorious has developed V-LAP, a first of its kind in-heart wireless microcomputer for left-atrial monitoring. The data gathered about the patient with the sensory implant can be passed onto healthcare providers as required.”
He added, "This additional financing round is a vote of confidence in Vectorious's solution and has major significance when it comes from the world's leading venture capital funds and medical centers and the EU. Chronic lack of supply to the heart is one of the most common causes of death in the western world. 1.2 million people are hospitalized each year in the US from deterioration of the disease at a cost of $32 billion to the US health system. In addition, half of patients need to be re-hospitalized after six months because of defective diagnosis and treatment. Vectorious's product will prevent the disease from worsening, improve the quality of life of the patient and lengthen their lives."
The company was founded in 2011 at the RadBioMed incubator by Goldstein, Dr. Eyal Orion, and Roni Weinstein. Vectorious has 15 employees at its offices in Ramat Hahayal in Tel Aviv and at the Cleveland Clinic.
Published by Globes [online], Israel business news - www.globes-online.com - on March 7, 2018
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