Israel-based biotech firm Ornim Medical has attracted $20m in its series B round led by healthcare venture capital firm OrbiMed Advisors with participation from US-listed industrial conglomerate General Electric, which will be supplying financing through its corporate venturing GE Healthymagination fund.
GE’s Healthymagination is a $250m equity fund that makes investments in healthcare technology companies, and is managed both by GE Capital and GE Healthcare. GE Healthcare will be exploring a potential strategic relationship with Ornim.
Agate Medical Investment, an Israel-based group of healthcare funds, also joined in participation through its Agate-MAC Fund, which was formed in February 2012 in partnership with the South Korean government.
The funding will be used to develop Ornim’s CerOx monitor, a device that non-invasively monitors blood flow and oxygen saturation in brain and muscle tissue. Currently, the only methods available to healthcare staff are invasive and costly, despite the great need to be able to monitor blood flow and oxygenation in the brain. The company hopes to bring the product to market in the US and Europe within 18 months.
Ornim also announced the appointment of Israel Schreiber, former chief executive officer of ITGI medical, as the company’s new chief executive.
Schreiber said, “The relationship with GE, a world leader in patient monitoring, alongside OrbiMed, one of the largest healthcare venture capital fund managers, provides important benefits, including an in-depth understanding of the market as well as vast operational and marketing experience.”
Thierry Leclercq, general manager of GE Healthcare Systems Life Care Solutions, added: “Ornim’s technology is not only innovative but it presents great promise to better monitor patients in a critical care setting, providing additional information to aid clinicians in the care of their patients.”