MeMed, a Haifa, Israel-based developer of point-of-care platform and immune-based test for distinguishing bacterial versus viral infections, completed an over $70m round of financing.
Backers included Ping An Global Voyager Fund, Foxconn, Caesarea Medical Holdings, Clal Insurance, Phoenix Insurance, OurCrowd, Social Capital, WTI, Horizons Ventures, and high-net-worth executives.
Co-founded by Dr. Eran Eden, CEO, and Dr. Kfir Oved, CTO, MeMed has developed and validated an immune-based protein signature called MeMed BV™ for distinguishing between bacterial and viral infections – a tool to fight against resistant strains of bacteria.
The company intends to use the funds to advance in three areas:
– Market adoption of MeMed BV™;
– Complete development, upscale manufacturing and clearance of MeMed Key™, a point-of-care (POC) protein measurement platform; and
– Expansion of its pipeline of innovative tests that integrate machine learning and immune-based measurements to tackle big clinical challenges.