Developer of pain response monitoring technology Medasense biometrics announced today that it has raised $18 million in a Series C funding round.
Israel-based Ramat Gan Medasense raised $18m Series C from venture capital firm Sabadell Asabys (Asabys Partners of Spain), Israeli family offices and returning investors Baxter Ventures, Olive Tree Ventures and LGL Capital, according to a press release.
Medasense is developing the PMD-200 with its NOL Index, a platform used to objectively monitor and quantify a patient’s pain response using a non-invasive proprietary sensor platform and artificial intelligence. Currently, the technology is used in operating rooms and intensive care facilities for patients under anesthesia unable to communicate.
The PMD-200 is currently distributed in Europe exclusively by Medtronic but is cleared for sale in Canada, Latin America, Israel and Australia with capabilities to connect to 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 for improving pain management, we plan to make a significant contribution to improving pain care,” said Medasense Founder and CEO. Galit Zuckerman-Stark noted in the press release. “This funding round will allow us to further expand and solidify the commercial deployment of NOL technology in Europe through our distribution agreement with Medtronic and to complete the process of obtaining FDA approval for marketing in the United States”