ElastiMed raises $1M in second funding round
In its second round of funding in October, Israeli medical startup ElastiMed has raised $1 million from a strategic investor, existing investors — The Trendlines Group and Pix Vine Capital — new private investors, and the Israeli Innovation Authority.
ElastiMed, which was founded in 2015, has developed a wearable medical device improving circulation in the legs for the treatment of venous and lymphatic diseases.
Omer Zelka, founder and chief executive officer of ElastiMed, said that based on new proprietary technology and utilizing innovative “smart” materials, ElastiMed’s device compresses and massages the legs when stimulated by an electric pulse.
ElastiMed’s product rhythmically expands and contracts, mimicking calf muscle contraction for improved circulation, combating venous insufficiency, lymphedema, deep vein thrombosis and various sports injuries.
“The smart sock provides patients with a comfortable, easy-to-wear, highly effective, and affordable treatment option to prevent symptoms such as swelling, blood clots, leg ulcers, and sports injuries,” he said.
“We are thrilled with the support and interest that our existing and new investors have demonstrated. It is indeed a vote of confidence in ElastiMed’s future and potential.”
The startup’s total funding of $2 million will be used to conduct a clinical study, regulatory filings and to further expand the company’s current intellectual property.
READ MORE: elastimed.com