Remon Medical Technologies a privately held medical device company, today announced that it has raised $16 million in the initial close of a Series C financing.
This Series C Round is being led by Lilly Ventures and KBL Healthcare Ventures who were joined by new investor Ofer Hi-Tech Group and existing investors Polaris Venture Partners and Concord Ventures. Upon this first close of the financing, Joshua Salisbury, Executive Director, Finance at Eli Lilly and Company, and Michael Kaswan, Managing Director of KBL Healthcare Ventures, have joined the Remon board of directors. Remon plans to use the funds to expand its presence in the U.S. and continue the development of its product portfolio, through its Israeli R&D subsidiary.
“We are very pleased to have attracted outstanding new investors, and continue to enjoy the strong support of our existing investors”, said Hezi Himelfarb, Chief Executive Officer of Remon. “It certainly reaffirms the value embodied in our innovative intra-body communication platform”.
Remon Medical’s technology was developed by former Israeli naval officers, who applied ultrasound sonar concepts used in submarines to life-saving medical applications. The technology is integrated into minute implants, requiring no antenna, wires, or connecting leads, allowing a tiny device implanted deep inside the body to communicate wirelessly with other implanted devices and external systems. These devices monitor a variety of physiological parameters or stimulate tissues and organs or activate other devices, creating therapeutic responses.