Medasense Biometrics Ltd., developer of the NOL technology (Nociception Level) for pain-response monitoring, announced Tuesday that it has raised $18M in a series C round, from Sabadell Asabys venture capital firm (Asabys Partners, Spain), Israeli family offices and returning investors Baxter Ventures, Olive Tree Ventures and LGL Capital.
The firm’s technology uses a unique multi-parametric sensor platform and advanced AI algorithms to convert complicated data into a patient’s “Signature of Pain,” according to a release from the company.
The technology, currently utilized in operating rooms and critical care settings where patients are under anaesthesia and unable to communicate, enables clinicians to personalize treatment: control pain, avoid overdose, and eliminate doubt.
The company said it has also been active in the implementation of its technology on COVID-19 ventilated patients.
Studies show that NOL monitoring can potentially reduce hypotensive events and opioid consumption during surgery, reduce postoperative pain experienced by patients in the post anaesthesia care unit, and reduce cost of care. This addresses a widespread need, the company said.
It is estimated that 50 percent of surgical patients suffer from moderate to severe postoperative pain and 12 percent suffer adverse events due to pain relief medication. These can result in extended hospitalization, additional healthcare costs, and a 50 percent increase in hospital readmissions.
Josep Ll. Sanfeliu, founding partner of Asabys Partners, said in a statement, “Medasense is a model startup, having successfully introduced a disruptive medical device technology to the market. Its artificial intelligence solution is impacting clinical outcomes to benefit patients and to enable better use of healthcare resources.”
“Together with our trusted investors, who share our passion to improve pain management, we expect to make a significant contribution to enhancing pain care,” said Galit Zuckerman-Stark, Medasense founder and CEO. “This funding round will allow us to expand and further consolidate commercial deployment of NOL technology in Europe through our distribution agreement with Medtronic and to complete the process of obtaining FDA approval for commercialization in the US.”