MobileODT said today that it raised $6.8 million in a Series B financing round. OrbiMed Advisors led the financing and was joined by a previous investor, Tristel.
To date, the Israeli cancer diagnostic company has raised more than $13 million.
MobileODT’s device, EVA, is a cheap, portable device that uses an imaging system to detect cervical cancer. The colposcope is designed particularly for populations without access to traditional diagnostic methods.
The company already sells its product in the U.S. and is looking to expand into other markets.
“We are excited to accelerate our growth through this financing round led by some of the world’s best strategic and healthcare investors,” chairman & CEO Ariel Beery said in prepared remarks. “This financing together with the recent launch of the third generation mobile colposcope, the FDA cleared EVA System, will enable us to fulfill our promise to reach every patient.”
In connection with the funding, OrbiMed Advisors venture partner Dr. Ron Ginor plans to join the MobileODT’s board of directors.
“MobileODT is at the forefront of a critical race to bring contemporary healthcare to the billions of people who do not have ready access to expert physicians,” Ginor said. “I believe their platform will impact and improve lives across the globe”.
“There are 5.8 billion people worldwide who have no access to healthcare that we would consider adequate. But, a great number of this population has access to a mobile phone. This is a new frontier in medicine that is developing rapidly,” Tristel CEO Paul Swinney added. “MobileODT is at the forefront of this exciting development in healthcare, and has had the foresight to acknowledge the importance of disinfection. We take great comfort in investing alongside the leading healthcare investor, Orbimed Advisors.”
