Israeli startup Healthy.io, which has developed technology to turn a smartphone camera into a clinical-grade medical device, has closed a $60 million Series C financing round led by Corner Ventures with participation by Joy Capital and all previous investors: Ansonia Holdings, Aleph, and Samsung NEXT.
The company has also announced that it has received US Food and Drug Administration (FDA) approval for its smartphone-based ACR test for diagnosing chronic kidney disease (CKD), which affects over 35 million Americans. This is the second FDA clearance the company has received.
The new funds will be used to accelerate Healthy.io's global expansion and product development.
Healthy.io was founded in 2014 by CEO Yonatan Adiri and in 2018 was chosen as one of the most promising startups in Israel by "Globes".
Adiri said, "The smartphone has the potential to be the great equalizer of healthcare. To unlock this potential, companies must adhere to the highest clinical standards. Our second FDA clearance and additional funding allows us to expand access to critical tests and care beyond our first 100,000 patients in Europe and Israel, making it a reality for millions of Americans suffering from diabetes and hypertension, who are at risk for chronic kidney disease."
FDA approval designates Healthy.io's smartphone-based ACR test as substantially equivalent to lab-based testing and authorizes the use of the test by healthcare professionals at any point of care. It makes it possible for any pharmacy, urgent care center, or health clinic to perform the test without investing in a tabletop lab device. Healthy.io's solution also allows immediate electronic medical record (EMR) connectivity through the automated smartphone scan.
In 2018, the company received clearance for its at-home, smartphone-based 10 parameter urine analysis test kit, called Dip.io, that can be used in testing for UTIs or in prenatal care. Next, the company plans to continue the approval process for its ACR test kit for at-home use.
"Today's health system doesn't make it easy for patients to get the care they need. Healthy.io is tackling this problem by meeting patients where they are, on their smartphones, and turning smartphone cameras into a clinical-grade medical device," said Michael Eisenberg, general partner at Aleph. "We are proud to support a company that can meet the highest FDA standards, while creating products that make life easier and more convenient for patients."
With the new funding, Healthy.io will continue its product development. The company recently announced a partnership with the UK's National Health Service (NHS) in addition to other retail pharmacies, placing its Dip UTI test kits in hundreds of pharmacies, allowing women to test and treat common UTIs, and announced a new pharmacy evaluation with the NHS
In the US, Healthy.io has worked with Johns Hopkins University and Geisinger Health, publishing strong results for its prenatal care and CKD testing products.
Published by Globes, Israel business news - en.globes.co.il - on September 12, 2019
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