Rainbow Medical, a Herzeliya Pituach, Israel-based R&D and operational investment company, specializing in seeding and incubating medical device startups and developing innovative medical technologies, raised $25m in funding from investors in China.
Participants included private insurance holding company Ping An, investment and financial management company YongJin, the Chinese telecommunications company ZTE Corporation, and unnamed venture capital funds.
The company, which also opened a Shanghai, China-based office to promote strategic collaborations, will invest the funds to seed new startup companies based on owned intellectual properties as well as to provide additional funding for its existing portfolio companies including:
– Nano Retina, a developer of an ultra-small artificial retina designed to restore vision to the blind;
– Enopace Biomedical, a developer of a minimally-invasive aortic neuro-stimulator for the treatment of Chronic Heart Failure;
– BlueWind Medical, a developer of a minimally-invasive wireless neuro-stimulation implant platform for the treatment of a wide range of neurological indications;
– GluSense, a developer of an implantable continuous glucose sensor for diabetes patients; and
– Vascular Dynamics, a developer of an implantable stent-like device for the treatment of hypertension.
Founded by GlenRock Israel, a private equity investment company specializing in technology and life sciences owned by Leon Recanati, one of Israel’s leading business figures; Yossi Gross, a world-renowned medical device industry entrepreneur; and Efi Cohen-Arazi, one of Israel’s most widely-respected life science industry executives, Rainbow Medical currently holds a portfolio of 12 companies that are developing products for the treatment of a range of chronic indications such as heart disease, diabetes, hypertension, blindness, uterine fibroids, chronic neuropathic pain, and others.
Among others, the company has raised funds from medical device corporations Medtronic and Abbott, the European Sorin Group and Japanese Sony Corporation.