Today, MobileODT announced it has raised an additional $6.825 million in a Series B fundraising round led by OrbiMed Advisors - a leading healthcare venture fund. Previous investors Tristel plc. also participated in the round. MobileODT has raised over $13 million to date.
MobileODT plans to use the Series B funding to continue to expand its product portfolio and IP as well as grow sales and marketing efforts in the US and international markets in which it is currently selling.
Ariel Beery, CEO & Chairman of the Board said “We are excited to accelerate our growth through this financing round led by some of the world’s best strategic and healthcare investors. This financing together with the recent launch of the third generation mobile colposcope, the FDA cleared EVA System, will enable us to fulfill our promise to reach every patient.”
As a part of the new financing, Dr. Ron Ginor, a Venture Partner at OrbiMed Advisors, will join the MobileODT Board of Directors. Mr. Ariel Beery, the company’s co-founder and CEO will also serve as the Company’s Chairman of the Board and continue to lead MobileODT forward.
Ronny X. Ginor, MD, Venture Partner at OrbiMed Advisors commented: "MobileODT is at the forefront of a critical race to bring contemporary healthcare to the billions of people who do not have ready access to expert physicians. I believe their platform will impact and improve lives across the globe".
Paul Swinney, CEO of Tristel, added: “There are 5.8 billion people worldwide who have no access to healthcare that we would consider adequate. But, a great number of this population has access to a mobile phone. This is a new frontier in medicine that is developing rapidly. MobileODT is at the forefront of this exciting development in healthcare, and has had the foresight to acknowledge the importance of disinfection. We take great comfort in investing alongside the leading healthcare investor, Orbimed Advisors.”
MobileODT builds portable, smart, connected medical devices to enable health providers to reach every patient, everywhere. Their first product, the FDA cleared EVA System, is being used across 43 health systems in the United States, and by public and private providers in 26 countries around the world for cervical cancer screening and diagnosis, and forensic colposcopy for sexual assault examinations. The EVA System has been developed to serve as a practical solution to the challenges of resource limited healthcare: affordable and practical for the nurse or general practitioner at the point-of-care and point-of-treatment, and powerful enough to be used by expert clinicians as a replacement for their larger, more expensive devices, everywhere.
About OrbiMed Advisors
OrbiMed is a leading investment firm dedicated exclusively to the healthcare sector, with $14 billion in assets under management. OrbiMed invests globally across the spectrum of healthcare companies, from venture capital start-ups to large multinational companies utilizing a range of private equity funds, public equity funds, royalty/debt funds, and other investment vehicles. OrbiMed maintains offices in New York City, Herzliya, San Francisco, Shanghai, and Mumbai. As the largest investment firm dedicated to the healthcare sector globally, OrbiMed seeks to be a capital provider of choice. OrbiMed has the flexibility to provide equity and debt capital along with the global team resources required to be an exceptional long-term partner for building world-class healthcare companies.
Tristel is an infection prevention business which is unique in utilising the chemistry chlorine dioxide for the high-level disinfection of medical devices. The company operates in over 40 countries and is listed on the London Stock Exchange.