Israel-based medical device developer Ornim closed the $20m first tranche of its series C round on Wednesday, securing capital from backers including General Electric’s corporate venturing fund, GE Ventures.
China-headquartered venture capital fund LongTec HongTao China Ventures led the round, investing together with healthcare-focused investment firm OrbiMed and undisclosed existing investors.
Ornim’s lead product is a patient monitoring system called C-Flow that uses near-infrared light and ultrasound pulses to measure blood flow or perfusion to the brain and other vital tissue.
The device has been approved by the US Food and Drug Administration, and Ornim is seeking clearance from Chinese regulators with a view to launching C-Flow in the country in the second half of 2017. It plans to bring additional products using its technology to market in future.
OrbiMed led a $20m round for Ornim in 2012 through its OrbiMed Israel Partners Limited Partnership, with participation from General Electric’s Healthymagination Fund and Agate-MAC Fund, a subsidiary of Agate Medical Investment.
The same three investors added $10m in early 2014 before pharmaceutical company Fosun Pharma reportedly invested another $25m in Ornim in October 2015.
– Photo of C-Flow courtesy of Ornim Inc.