Medical Diagnostics Tech Firm MeMed Raises $70M

The Israeli medical diagnostics company MeMed announced on Thursday that it raised over $70 million from new and existing investors including Ping An Global Voyager Fund, Foxconn, Caesarea Medical Holdings, Clal Insurance, Phoenix Insurance, OurCrowd, Social Capital, WTI, Horizons Ventures, and others.

MeMed said in a statement that it will use the funds to advance three projects: the market adoption of MeMed BV™, an immune-system based test for distinguishing between bacterial and viral infections; the completion of the development, upscale manufacturing and clearance of MeMed Key™, a point-of-care (POC) protein measurement platform; and expand its pipeline of innovative tests that integrate machine learning and immune-based measurements to tackle big clinical challenges.

MeMed was founded in 2009 and is run by co-founder and CEO Dr. Eran Eden and co-founder and CTO Dr. Kfir Oved.

Eden said in a company statement: “The overwhelming enthusiasm to participate in the latest round reflects the vast clinical challenge and huge market opportunity our technology addresses.”

Dr. Marco Huesch, Chief Medical Officer at Ping An Voyager Fund said: “This exciting innovation will greatly enhance diagnostic and therapeutic confidence among physicians and their patients when faced with distinguishing bacterial from viral infections. Beyond profoundly benefiting individual patients, this groundbreaking technology will address antibiotic overuse within the broader population and contribute to reducing the growing burden of antibiotic resistance.”

Last year, MeMed secured a $9.2 million contract by the Defense Threat Reduction Agency (DTRA), a branch of the US Department of Defense (DoD) to improve clinical applications of its technology.