Vectorious Medical Technologies reportedly raised nearly $10 million for the V-Lap implantable wireless heart monitor it’s developing.
Tel Aviv-based Vectorius said the $9.5 million Series B round was led by Boston venture capital shop Broadview Ventures and China’s GEOC, joined by individual investors, Globes reported. The round included a $2.2 million grant from the European Union’s Horizon 2020 R&D program and the Israel Innovation Authority.
Vectorius plans to use the proceeds to hire more workers as it ramps up to clinical trials ahead of a bid for CE Mark approval in the E.U., according to the newspaper.
“Vectorious has developed V-Lap, a first-of-its-kind in-heart wireless microcomputer for left-atrial monitoring. The data gathered about the patient with the sensory implant can be passed onto healthcare providers as required,” CEO Oren Goldstein said, the paper reported. “This additional financing round is a vote of confidence in Vectorious’s solution and has major significance when it comes from the world’s leading venture capital funds and medical centers and the EU. Chronic lack of supply to the heart is one of the most common causes of death in the western world. 1.2 million people are hospitalized each year in the US from deterioration of the disease at a cost of $32 billion to the US health system. In addition, half of patients need to be re-hospitalized after six months because of defective diagnosis and treatment. Vectorious’s product will prevent the disease from worsening, improve the quality of life of the patient and lengthen their lives.”
Founded in 2011 in the RadBioMed incubator, Vectorius employs 15 workers in Israel and at the Cleveland Clinic, which is an investor, Globes reported, noting that the company raised $5 million in its Series A financing round two years ago.