Diagnostic solutions developer MeMed has completed a new $70m funding round to support further development of its products.
The financing round was joined by new and existing investors including Foxconn, Caesarea Medical, Clal Insurance, Ping An Global Voyager Fund, Phoenix Insurance, Social Capital, WTI, OurCrowd and Horizons Ventures.
The company plans to use the funds to promote market adoption of its immune system-based test, called MeMed BV, which differentiates bacterial infections from viral ones.
It will also continue gathering clinical evidence required to validate the test’s performance.
In addition, the financing will be utilised to complete development, upscale manufacturing and clearance of the point-of-care (POC) protein measurement platform, MeMed Key.
MeMed co-founder and CEO Eran Eden said: “For nearly a decade, with leading academic and commercial partners, we’ve developed MeMed BV, and then generated high quality double-blind clinical evidence to validate it.
“When measured on MeMed Key and on other platforms, MeMed BV has the potential to serve as a valuable tool in the fight against resistant bacteria, one of the biggest healthcare challenges of our time.”
MeMed Key can run the MeMed BV test within minutes. It can measure a variety of proteins and signatures, facilitating the diagnosis of different diseases.
MeMed co-founder and chief technical officer Kfir Oved said: “Importantly, the MeMed Key platform opens the way to central lab precision at the point-of-care.
“It will allow measurement of multiple other proteins and signatures, both conventional and new, that currently are only measurable in the central lab. This unlocks enormous value in diagnosing and managing patients across a wide range of other diseases.”
The company will further bolster its pipeline of tests that leverage machine learning and immune-based measurements to address select clinical challenges.