Israeli breakthrough Viral Blood Test Startup MeMed raises over $70 million

Israeli medical diagnosis startup MeMed has raised over $70 million with participation from new and existing investors including Ping An Global Voyager Fund, Foxconn, Caesarea Medical Holdings, Clal Insurance, Phoenix Insurance, OurCrowd, Social Capital, WTI, Horizons Ventures, and others.

Founded in 2009 by CEO Dr. Eran Eden and CTO Dr. Kfir Oved, MeMed develops and markets an automated blood testing device able to diagnose whether an infection and inflammatory diseases are viral or bacterial – Both have similar symptoms. The results based on the presence of specific proteins in the blood.

According to a study, published in April in the European Journal of Clinical Microbiology & Infectious Diseases, MeMed’s test was more accurate than any other method tested, including standard laboratory parameters used for patients with infections.

The company is currently developing MeMed Key, a point-of-care (POC) protein measurement platform as well as innovative tests that integrate machine learning and immune-based measurements to tackle big clinical challenges.

MeMed raised $30 million in equity investments, and $25 million in grants from governmental entities, including $9.2 million from the U.S. Department of Defense and the European Commission.