ElastiMed Ltd., a Misgav, Israel-based wearable medical device company, raised US$1m in its second round of funding.
Backers included The Trendlines Group (SGX: 42T) (OTCQX: TRNLY), Pix Vine Capital and the Israeli Innovation Authority.
The company, which has raised US$2m to date, intends to use the capital to conduct a clinical study, regulatory filings, and to further expand its current intellectual property.
Led by Omer Zelka, Founder & CEO, ElastiMed has developed a wearable medical device improving circulation in the legs for the treatment of venous and lymphatic diseases. Based on proprietary technology and utilizing innovative smart materials, the company’s device compresses and massages the legs when stimulated by an electric pulse. The smart sock provides patients with an affordable treatment option to prevent symptoms such as swelling, blood clots, leg ulcers, and sports injuries.