Israel-based medical device company Ninox Medical secured $10m yesterday in a series B round co-led by Mérieux Développement, the quasi-corporate venturing arm of holding company Institut Mérieux.
Venture capital firm Pitango Venture Capital co-led the round, which also featured VC firm Xenia Venture Capital. Xenia previously invested NIS 2.5m ($650,000) in Ninox in 2012.
Ninox will use the funding to gain regulatory approval in the US and Europe for its KeePap device, a wearable positive airway pressure device developed to treat snoring and obstructive sleep apnoea, a condition with symptoms including loud snoring and episodes of reduced or no breathing.
KeePap prevents a user from snoring without the need for the large air blower and mask equipment traditionally used to treat the condition.
The series B capital will also enable Ninox to scale its operations, expand its management and technical teams and create the required infrastructure for further clinical trials and commercialisation.
Valérie Calenda, partner at Mérieux Développement, will join Ninox’s board of directors in conjunction with the funding.