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EarlySense raises $3 million from Challenge Fund and ProSeed Venture Capital October 24, 2006

Posted by israelhealthcare in Monitoring System.

Healthcare monitoring system developer EarlySense has closed a $3 million second round of financing from Etgar Challenge Fund, and ProSeed Venture Capital Fund. The financing round will allow EarlySense to accomplish two significant milestones: submitting our system for FDA approval to and making first system installations in the USA.

“Early identification of chronic disease deterioration is the missing link in improving the outcomes of hundreds of millions of chronic patients across the globe,” said Avner Halperin, EarlySense co-founder and CEO. “EarlySense provides an early warning for chronic disease deterioration, enabling patient to get therapy, just in time.”

EarlySense developed a monitoring system focused on improving the care of Asthma, COPD and Congestive Heart Failure patients. The system operates without any contact with the patient’s body and without the need for patient compliance. A few weeks ago the U.S. Patent Office granted the company a wide ranging patent which covers the system’s application for several chronic conditions.

The Israeli medical device firm was founded about two years ago by Avner Halperin, a former Vice President at Radcom and Lenslet, Yossi Gross, a serial medical-device entrepreneur, Guy Shinar, former CEO of X-Technologies and Dr. Danny Lange who founded IDesia and Algodyne. To date, the company had raised about $1.25 million in two rounds: the seed round in 2004 from private investors and a first round from the Challenge Fund in 2005.

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