Israeli startup HealthWatch the developer of a shirt for cardiac monitoring and preventing heart attacks, today announced a $20 million investment by Chinese company Yiling. The investment is at a company value of $65 million, after money.
Yiling, a leading company in China traded on the Shenzhen Stock Exchange at a $2.5 billion market cap. Yiling specializes in Chinese medicine, and is now establishing a division for devices in conventional medicine.
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HealthWatch is a pioneer in the smart-digital garments with interwoven sensors unobtrusively measuring vital signs of hospital-grade quality. When coupled with HealthWatch’s monitor and control device attached to the garment, users get personals alerts and constant monitoring from medical experts without affecting lifestyle.
According to the agreement $15 million of the investment goes into the company for 23% stake, while $5 million is a payment to Healthwatch for a license to market the roduct in China.
Yiling established a marketing company, in which HealthWatch is a shareholder, for the Chinese marketing license. Yiling will invest few more million dollars in this joint venture.
Founded in 2012 by CEO Yoram Romem and CFO Amos Shattner, HealthWatch has raised $10 million to date.