R&D Company Rainbow Medical, specializing in the construction and development of medical instrumentation companies and products, has opened a branch in China, The Marker reported.
The China branch has so far raised $25 million from insurance conglomerate PIngAn, investment and financial management company YONGJIN, mobile giant ZTE and Chinese venture capital funds specializing in biomed investments.
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Rainbow was established by GlenRock, the investment company belonging to Leon Recanati, Yossi Gross, and medical device entrepreneur Effi Cohen Arazi.
The company plans to use the money to establish new start-ups and to support existing start-ups in the company’s current investment portfolio.
Those include Nano Retina, developing an artificial retina microchip that allows returning sight to the blind; BlueWind Medical, developing a neural stimulation system using a tiny, wireless implant in treating neuropathic pain peripherals; and Glusense, developing a tiny implant to directly measure blood glucose levels in diabetics.