Ornim, a Lod, Israel-based developer of a monitor (CerOx™) that non-invasively monitors blood flow and oxygen saturation in brain and muscle tissue, has raised $20m in Series B funding.
The round was led by OrbiMed, which made the investment through OrbiMed Israel Partners Limited Partnership, with participation from GE (NYSE: GE), which made the investment through the GE healthymagination Fund, and Agate Medical Investment LP, which made the investment through Agate-MAC Fund.
The company intends to use the funding to accelerate product development and promote the introduction of the CerOx™ monitor to the international market
Led by newly appointed CEO Mr. Israel Schreiber, Ornim, Inc., through its fully owned subsidiary Ornim Medical Ltd., is bringing to market the CerOx™ monitor, both FDA-cleared and CE marked device that, using near infrared light and ultrasound waves, continuously, non-invasively and in tandem, monitors two critical parameters in adult patients: regional hemoglobin oxygen saturation in the brain or in regions of skeletal muscle tissue beneath the sensor and microcirculation blood flow in tissue.
The company plans to launch CerOx™ in the U.S. and European markets within the next 18 months.