ElastiMed has raised US$1 million from a strategic investor, existing investors—The Trendlines Group and Pix Vine Capital—new private investors, and the Israeli Innovation Authority. This represents the company’s second round of funding, bringing total raises to US$2 million to date. Funds will be used to conduct a clinical study, regulatory filings, and to further expand the company’s current intellectual property.
ElastiMed has developed a wearable medical device improving circulation in the legs for the treatment of venous and lymphatic diseases. Based on proprietary technology and utilising 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.
Omer Zelka, founder and chief executive officer 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.”