Israeli pain response monitoring company Medasense Biometrics Ltd. today announced that it has raised $18 million in a series C round from Spain's Sabadell Asabys venture capital firm, Israeli family offices and returning investors Baxter Ventures, Olive Tree Ventures and LGL Capital.
Medasense technology uses a multi-parametric sensor platform, advanced AI algorithms to convert complicated data into a patient's "Signature of Pain." The technology, which is currently utilized in operating rooms and critical care settings, where patients are under anesthesia and unable to communicate, enables clinicians to personalize treatment: control pain, avoid overdose, and eliminate doubt. The company has also been active in the implementation of its technology on Covid-19 ventilated patients.
Medasense says that studies have shown that nociception level index (NOL) monitoring can potentially reduce hypotensive events and opioid consumption during surgery, reduce postoperative pain experienced by patients in the post anesthesia care unit, and reduce cost of care. This addresses a widespread need. It is estimated that 50% of surgical patients suffer from moderate to severe postoperative pain and 12% suffer adverse events due to pain relief medication. These can result in extended hospitalization, additional healthcare costs, and a 50% increase in hospital readmissions.
Medasense founder and CEO Galit Zuckerman-Stark said, "Together with our trusted investors, who share our passion to improve pain management, we expect to make a significant contribution to enhancing pain care. This funding round will allow us to expand and further consolidate commercial deployment of NOL technology in Europe through our distribution agreement with Medtronic and to complete the process of obtaining FDA approval for commercialization in the US."
Published by Globes, Israel business news - en.globes.co.il - on September 22, 2020
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