Electrified socks startup for the treatment of venous and lymphatic diseases ElastiMed Ltd. has raised $1 million in the second round of funding, the company announced Monday.
Investors include strategic partner Trendlines Group, existing investors Pix Vine Capital, new private investors, and the Israeli Innovation Authority. ElastiMed will use the funds for clinical studies and regulatory filings and intellectual property.
This bringing total raises to $2 million to date.
ElastiMed has developed a wearable medical device that improves circulation in the legs for the treatment of venous and lymphatic diseases. Based on proprietary technology and utilizing innovative smart materials, ElastiMed’s device compresses and massages the legs when stimulated by an electric pulse. 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.
Chronic leg swelling (edema), which is caused by poor circulation, affects more than 7.4 million people in the United States alone. Edema may result from old age, cancer treatments, poor diet or pregnancy.
Blood clots, which are formed in the legs (DVT, deep vein thrombosis), affect over 790,000 people in the United States and EU. Applying constant or changing external pressure on the legs has been proven to be a highly effective treatment to improve circulation and reduce swelling.
With a more than 60% non-compliance rate for existing treatment options, ElastiMed’s device is aimed at improving patient compliance with a comfortable, highly effective clinical treatment. ElastiMed addresses a potential worldwide market of US$3.3 billion.
Omer Zelka, Founder & CEO of ElastiMed, commented: “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.”
Todd Dollinger, Chairman and CEO of Trendlines, added: “ElastiMed’s huge market is clearly in need of better solutions for chronic edema and DVT. We are proud of ElastiMed’s achievements so far and look forward to seeing them enter the marketplace.”