Smart Medical Systems, an Israel-based maker of endoscopy and colonoscopy products, raised $6.5m in funding.
Domain Elite, a partnership between Domain Associates, a U.S. venture capital firm investing in breakthrough life sciences technologies, and Elite Consulting, consultants and financial advisors to the Chinese pharmaceutical and medical device industry, made the investment.
Part of the investment is allocated directly to Smart Medical’s subsidiary in Hong Kong, to advance its platform of gastrointestinal (GI) medical devices for cancer prevention and endoscopic surgery in Greater China, including Hong Kong and Taiwan.
Led by Gadi Terliuc, CEO, SMART Medical Systems develops and manufactures innovative medical devices to improve the diagnosis and therapy of GI disorders and diseases, most notably, colorectal cancers. Its flagship product, the G-EYETM endoscope, uses innovative balloon technology to uncover pre-cancerous polyps that are hidden behind natural folds of the colon. It is currently marketed in Europe in partnership with Pentax Medical.
The company has additional products under development and commercialization, designed to allow standard endoscopes to access and visualize portions of the GI tract currently only accessible with the use of highly specialized equipment.
Smart is headquartered in Israel and operates in the United States through its wholly-owned subsidiary, SMART GI Inc., and in Greater China through its Hong Kong subsidiary, Medico HK Limited.