Trendlines Medical portfolio company Elastimed said today it raised $1 million to support its development of ‘smart’ compression stockings.
The Israel-based company is developing a wearable smart material stocking to treat chronic venous insufficiency and prevent deep venous thrombosis, according to a press release.
“We are extremely pleased with the interest that our technology has generated. The venture capital investment at this early stage is a testimony to the investors’ confidence in our team and in the business potential that this technology holds,” Elastimed CEO Omer Zelka said in prepared remarks.
Chronic venous insufficiency is a condition in which a patient’s veins cannot pump blood back to the heart, causing pooling in the veins, and can lead to deep venous thrombosis which in turn can result in hospitalization or death, the company said.
“For a company just starting off, this is an amazing achievement. I am confident that in the near future we will see ElastiMed’s technology implemented in the treatment of CVI to provide a solution for the many patients worldwide who suffer from this condition,” Trendlines Medical CEO Dr. Eran Feldhay said in a prepared statement.
Funds from the round included an investment from Singapore-based investment firm Pix Vine Capital, Elastimed said.
“We are excited to support the potential commercialization of a simple but effective wearable device based on smart material technology, to treat CVI and to prevent DVT,” Pix Vine Capital chief investment partner Patrick De Silva said in a press release.