Pain-response monitoring technology developer Medasense Biometrics announced today that it raised $18 million in a Series C funding round.
Ramat Gan, Israel-based Medasense collected the $18 million Series C round from Sabadell Asabys venture capital firm (Asabys Partners of Spain), Israeli family offices and returning investors Baxter Ventures, Olive Tree Ventures and LGL Capital, according to a news release.
Medasense develops the PMD-200 with its NOL index, a platform used to objectively monitor and quantify a patient’s pain response by means of a proprietary, non-invasive sensor platform and artificial intelligence. Currently, the technology is used in operating rooms and critical care settings for patients under anasthesia who are unable to communicate.
PMD-200 is currently distributed in Europe exclusively by Medtronic but is cleared for marketing in Canada, Latin America, Israel and Australia with capabilities for connecting with Philips patient monitors.
The company noted that it has also been active in implementing its technology on COVID-19 patients who have been intubated on ventilators.
“Together with our trusted investors, who share our passion to improve pain management, we expect to make a significant contribution to enhancing pain care,” Medasense founder & CEO Galit Zuckerman-Stark said in the news release. “This funding round will allow us to expand and further consolidate commercial deployment of NOL technology in Europe through our distribution agreement with Medtronic and to complete the process of obtaining FDA approval for commercialization in the U.S.”