OrSense Ltd., a Ness Ziona, Israel-based developer of monitors for non-invasive measurements of key blood parameters, closed a U.S.$18m financing.
The round was led by Israel Healthcare Ventures, with participation from IHCV, STAR Ventures and Lewis Trust Private Equity division.
The company intends to use the funds to accelerate commercialization activities of its products for non-invasive monitoring of various blood parameters. Led by CEO Lior Ma’ayan, OrSense plans to expand its geographical reach beyond Europe to Asia Pacific, Africa and the Americas during 2011.
Last year, the company has received FDA clearance for its monitor for continuous and spot measurement of normal and low signal oximetry for use in hospitals and outpatient sites.
OrSense has also received CE approval for its non-invasive spot and continuous monitor of hemoglobin for anemia screening and hemorrhage detection applications.
The company’s products are based on its proprietary optical technology, Occlusion Spectroscopy, which eliminates the need for needle-stick blood tests, and overcomes key obstacles of competing approaches.
Customers include blood donation facilities, hospital departments, public screening program and outpatient facilities.