GE Healthcare, through its GE healthymagination Fund, has invested $20 million in Ornim Inc., an Israeli developer of a muscle and tissue monitor.
The monitor, called CerOx, measures blood flow and oxygen to brain and muscle tissue using near-infrared spectroscopy and ultrasound waves, non-invasive technologies. Several invasive procedures are currently used for the measurements, which are important to clinical care.
The GE healthymagination Fund is an equity fund run by both GE Healthcare and GE Capital. It is used to invest in “highly promising healthcare technology companies.” New York-based investment firm OrbiMed’s Israel Partners Limited Partnership will manage the investment, which is part of its Series B financing round.
GE and Ornim may also create a strategic relationship long-term.
“Ornim’s technology is not only innovative but it presents great promise to better monitor patients in a critical care setting, providing additional information to aid clinicians in the care of their patients,” said Thierry Leclercq, general manager of GE Healthcare Systems Life Care Solutions.
Ornim, based in Lod, Israel, plans to launch the CerOx in the U.S. within 18 months.
“The investment announced today will enable Ornim to accelerate product development and promote the introduction of the CerOx monitor to the international market,” said Israel Schreiber, CEO of Ornim. “The relationship with GE, a world leader in patient monitoring, alongside OrbiMed, one of the largest healthcare venture capital fund managers, provides important benefits, including an in-depth understanding of the market as well as vast operational and marketing experience.”
