Ornim Inc., a Kfar Saba, Israel-based commercial-stage medical technology company, closed on an initial raise of $20m in Series C financing.
The round, whose terms anticipate an additional investment amount of up to $10m, was led by LongTec HongTao China Ventures LP, with participation from existing investors including OrbiMed and GE Ventures.
The company intends to use the funds to accelerate current efforts in expanding its commercial presence in the U.S., obtaining China Food and Drug Administration clearance for its c-FLOW™ platform and, upon achieving clearance, commencing commercialization in China in the second half of 2017.
Led by Israel Schreiber, president and CEO, Ornim specializes in clinical research, development, and distribution of medical devices in the field of tissue and cerebral blood flow and perfusion.
Its FDA cleared lead product, the c-FLOW™ non-invasive patient monitoring system, provides real-time, blood flow or perfusion measurement to the brain and other vital tissue in the body. Based on Ornim’s proprietary UTLight™ technology combining near-infrared light with ultrasound pulses, the c-FLOW™ monitor is FDA-cleared direct, non-invasive, real-time bedside monitor clinically validated to accurately measure cerebral (and muscle tissue) blood flow changes.