Home-based Urinalysis technology innovator, Olive Diagnostics, begins financing round led by the Maccabi Foundation, eHealth Ventures and Venturing Ltd., as it readies for market launch
JERUSALEM, Oct. 4, 2021 /PRNewswire/ -- Olive Diagnostics, developer of the world's first optical sensor for passive and seamless uranalysis technology at home, begins a round of funding led by the Maccabi Foundation. The strong vote of confidence from the healthcare sector sends a clear signal of the need for the company's non-invasive urinalysis device and data.
"Taking our next step in building the #UriNation we will see our devices in aged care homes around the world!" said Guy Goldman, Founder and CEO of Olive Diagnostics. "One might say 'ur-ine luck' with the volume of data that is seamlessly collected before a user can even flush! We are bringing home-based, remote monitoring into the digital age and allowing users to better manage chronic illnesses through the continuous detection of urine-based bio markers. We are proud and thrilled that our investors have recognized the golden opportunity."
With a potential market of every active toilet user wishing to monitor their health, Olive Diagnostics expects its devices to initially hit elder care homes and women's health clinics by the end of 2021, with unprecedented potential for expansion throughout Aged-Care systems and individual homes around the world.
Olive Diagnostics' technology passively collects molecular and volumetric data via real time spectroscopy of the user's urine stream. The data available in urine (biochemistry, minerals, vitamins, pH and more) is critical to patient health and central to medical diagnostics. The solution will bolster early detection and accurate early intervention to help combat rising healthcare costs and improve user's quality of life.
"The innovation and potential that will be introduced with this technology is endless. When we consider the vast amount of information available in urine, it becomes obvious that this is a major area of opportunity for improvement," said Dr. Joseph Rosenblum CMO eHealth Ventures. "Olive's sophisticated technology, which delivers instant molecular detection of a moving urine stream, provides an innovative new direction and will make the current modes of spot testing via cumbersome cup-paper-dipstick obsolete," added Dr. Rosenblum.
About Olive Diagnostics
Olive Diagnostics has developed the world's first 100% passive, non-invasive uranalysis sensor that seamlessly collects and analyses data in real-time. Its flagship device, the Olive KG, attaches easily to any toilet and analyzes the urine stream, combining advanced spectroscopy and AI to detect many health inhibitors and life-threatening agents that may be present in the urine. Olive Diagnostics enables users to leverage the ample health data from biomarkers flowing out of their bodies to better detect and manage their health.
Please visit: www.olive.earth
eHealth Ventures is the leading early-stage investor in Israeli digital health. A partnership consisting of Maccabi Healthcare Services, Amgen, Mayo Clinic, SCI, Medison Ventures and supported by the Israeli Innovation Authority, has already reviewed over 1400 projects and companies and invested in 15 groundbreaking digital health companies. EHV's focus is on digital diagnostics, therapeutics and home care. The partnership also operates an accelerator and a VC fund for more advanced companies.
Please visit: www.ehv.health
About Maccabi Foundation:
Maccabi Healthcare Services (Israel) is one of the world's largest non-profit HMOs. With 2.5 million members and approximately 100,000 doctor-patient interactions per day, it is among the most advanced and innovative healthcare organizations globally.
Maccabi members benefit from diverse and high-quality health services, using expert personnel in all medical and paramedical fields as well as a network of specialized facilities, performing diagnostics and treatments, including Assuta Medical centers and hospitals, the largest private hospital chain in Israel, which is fully owned by Maccabi, and Assuta Ashdod, which operates a public hospital. Operational since 2017, it is the only public hospital to be established in Israel in the last 40 years.
Please visit: www.maccabi4u.co.il
About Venturing Ltd:
Venturing is one of the founding investors in Olive Diagnostics who partners with both early and late-stage hi-tech startups and companies. Venturing provides vast experience and infrastructure support through investment introductions, business expertise, marketing consultation, admin and finance services, HR resources, as well as access to engineers, academics, industry experts and others in the ecosystem.
Please visit: www.venturing.tech
Danny Brill, VP Operations
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SOURCE Olive Diagnostics