🇮🇱 Biotech firm raises $93m from Horizon Ventures, others

MeMed, an Israel-based biotech firm, has raised US$93 million from new and existing investors, including Horizons Ventures, Shavit Capital, and Social Capital, in a new financing round.

MeMed founders Kfir Oved (left) and Eran Eden / Photo credit: MeMed

Founded in 2009, MeMed’s tech suite decodes the body’s immune response and provides physicians with patient management solutions that tackle key clinical dilemmas.

Recently, the US Food and Drug Administration greenlit the MeMed BV test to be used by healthcare providers for distinguishing between bacterial and viral infections in children and adults.

The company’s test for predicting severe outcomes in Covid-19 patients has been cleared for use in Europe.

MeMed’s capital raise comes amid heightened interest in companies in Israel’s deeptech and AI spaces as the pandemic shored up demand for remote care and telehealth.

Israeli companies in the digital health sector raised nearly US$700 million in the first quarter of 2021 – almost matching the amount raised by startups in the field throughout the whole of 2020.

MeMed was founded by Eran Eden, who is part of the board of Israeli Advanced Technology Industries, and Kfir Oved, who founded Canopy Immuno-therapeutics.

See also: Series SEA: Who’s investing in the region’s health startups?

The company has raised over US$200 million to date, which includes support from the US Department of Defense and the European Commission.

The latest investment will be used to scale up manufacturing, accelerate commercialization, and expand MeMed’s product portfolio centred around the body’s immune response.

Other investors:

• La Maison Partners
• Touchwood Capital
• Caesara Medical Holdings
• Union Tech Ventures
• ClaI Insurance
• Phoenix Insurance
• Poalim Equity
• Western Technology Investment