Israeli healthcare startup Lydus Medical raises $2.7m in seed round funding
Lydus Medical, a portfolio company of Sanara Ventures, a JV of Teva and Philips and an anastomosis technology provider, announced $2.7 million in a Pre-A funding, led by a US based strategic player with the participation of Sanara Ventures and existing shareholders. The funding will support the company's ability to accelerate FDA clearance while scaling product development and prepare for market entry.
Lydus takes an innovative approach to surgical anastomosis, the connection of ultra-small blood and lymph vessels to one another.
Jessica Weiss, CEO, Lydus Medical: "Anastomosis is one of the most complicated steps of surgery, and the key to success of many procedures, and it is still performed manually, making it time and labor intense, requiring high surgeon dexterity and a very unique skill set very few surgeons worldwide possess. This reality often results in poor clinical outcomes. Lydus technology delivers standardized, accurate anastomosis, significantly improving clinical results, shortening operation time and enabling successful microsurgery procedures even when a rare, highly skilled microsurgeon isn't available."
Lydus developed, the Vesseal, a unique surgical device that enables precise, symmetrical and rapid connection of blood and lymph vessels of tiny diameters, ranging from 4.0 to 0.5mm, for complicated procedures, from breast reconstruction and lymphedema to bypass surgery and vascular access for hemodialysis. Lydus pipeline includes a diverse portfolio of products, all based on a patented invention.
Assaf Barnea, CEO, Sanara Ventures: "Lydus Medical, brings great innovation to the complex unmet need of surgical suturing, which includes more than 7 million surgeries a year across a variety of indications, reflecting a huge number of potential users of Lydus device."
The funding round was led by the strategic player, together with additional investors Mor Research, Technion and Leon Recanati's private equity investment company, Glenrock, has joined this round as well as additional investors.
Lydus Medical was founded in 2017 by Prof. Ad-El, Head of Plastic Surgery Dep, Dr. Mansour, Plastic surgery Dep. both at Belinson Hospital in Israel and Mr. Daas, engineer and serial inventor, responsible for hundreds of patents and Sanara Ventures, an investment platform which focuses on early-stage life science companies.