Israeli medical solutions firm MeMed announced on Monday that it had raised $93 million to commercialize its tech, which decodes the body’s immune response.
The investment brings the company’s total to over $200 million to date. The fundraising was led by new investors alongside previous investors, including Horizon Ventures, Comet Capital, Caesarea Medical Holdings, Union Tech Ventures, Kell Insurance, Phoenix, Bank Hapoalim, Ceocial CapitalFund,Touchwood CapitalFund,LaMaison Partners, WTI and others.
The Haifa-based company says its technology decodes the body’s immune response to infection, through the “host response,” rather than focusing on detecting the presence of the microbe. The test “demonstrates robust performance even when the infection site is inaccessible, or the cause of infection are emerging new pathogens,” the company has said. This enables better informed antibiotic treatment decisions, an essential tool in the fight against resistant bacteria.
In September, the company announced it had been granted 510(k) clearance from the United States Food and Drug Administration (FDA) for a test that can distinguish between bacterial and viral infections. The test, named the MeMed BV, has been cleared for both children and adults, the company said.
MeMed also developed a COVID-19 Severity test that they said can provide an early indication of deterioration and predict further disease progression and recovery. The test received a CE mark last summer and is cleared for use in Europe.
“The investment will enableMeMed-to accelerate its technological development and expand globally with an emphasis on the U.S. market,” said Dr. Eran Eden, CEO and co-founder of MeMed.