Israel-based cancer diagnostics technology producer MobileODT secured approximately $6.8m yesterday in a series B round that included a $750,000 investment by disinfectant manufacturer Tristel.
Investment firm OrbiMed Advisors led the round, which included Tristel chairman Francisco Soler and Paul Barnes, who sits on Tristel’s board as a non-executive director.
Founded in 2012, MobileODT has developed a system called Enhanced Visual Assessment (Eva) that combines biomedical optics with smartphone technology to detect cancer.
Eva, a portable, light colposcopy device, is intended as a cheaper, more accessible alternative to the Pap smear for cervical cancer detection. It was approved by the US Food and Drug Administration in December 2016 and is sold in the US and some international markets.
The round took MobileODT’s overall funding to more than $13m, and Tristel’s investment gave it a 3.27% stake in the company, implying a valuation of $22.9m. MobileODT plans to use the funding to expand its technology portfolio and its sales and marketing efforts.
The company raised $600,000 of seed capital in 2014, in addition to securimg a $300,000 grant for winning the Wireless Innovation Project led by Vodafone Americas Foundation, an affiliate of telecommunications provider Vodafone.
– Image courtesy of MobileODT