Neteera raises an additional $6.7M Series B Extension
The Israeli startup raised the first $13 million in April 2023 in a round led by Aescuvest, which led this extension as well. Foxconn Technology joined.
JERUSALEM, Israel, Oct. 31, 2023 /PRNewswire/ -- Neteera Technologies Ltd., an Israeli-based startup disrupting the contactless patient monitoring market, today announced the successful closing of a ~$6,7M Series B extension. The round was led by Aescuvest, a renowned healthcare investment firm, alongside Foxconn Technology Co., Ltd. (FTC), an associate of Hon Hai Precision Industry Co., Ltd., the largest electronics manufacturer globally.
The funds of this extension round will be used to expedite production, meet the increasing demand for Neteera's platform, and to recruit more installation and deployment personnel. This significant step will allow Neteera to further solidify its leadership in the contactless patient monitoring market.
Partnering with Foxconn Technology Group, the world's leading company and powerhouse in the electronics manufacturing market, will further boost Neteera's international growth. A cooperation to produce Neteera's products is already under way, with further business and technology collaborations in the pipeline.
"Neteera is an excellent medical equipment development company. We are delighted to participate in Neteera's current round of funding and to become their manufacturing partner, providing strong support for the mass production of their products," said William Hung, Chief Investment Officer at FTC.
In the face of challenging market conditions and VC funding slowdowns, Neteera has not only persevered but thrived. The startup's big pull is its proven product-market-fit for a globally applicable problem, coupled with essential regulatory approvals, such as the FDA stamp.
"Neteera successfully tackles a problem that we are all prone to. Our ageing populations deserve professional, humane care. Technological solutions such as Neteera's platform are a suitable answer to combat the problems of our healthcare systems," said Sebastian Gührs, Partner & Head of Investment at Aescuvest.
Founded in 2015, Neteera quickly gained recognition for its FDA-cleared remote patient monitoring platform, designed to enable continuous monitoring of patients' biomarkers without the need for contact or patient involvement. The platform is improving patient care and operator efficiencies all over the globe.
Outside of raising money, Neteera has been working on expanding access to its contactless patient monitoring platform. In 2023, the company began selling its solution to a large number of long-term care facilities in the US and has a significant pipeline of ordered products that are currently being deployed.
"We are proud to partner with such a renowned company as Foxconn to further expand our offering," said Isaac Litman, CEO of Neteera. "This funding and cooperation will expedite our solution production and deployment, opening doors and allowing us to get one step closer to achieving our mission: saving life, improving patient care while reducing the burden on clinical staff."
Aescuvest is a healthcare investment company that focuses on funding digital healthcare ventures to make a significant impact. As the operator of a dedicated investment platform, the company offers exclusive access to promising healthcare ventures and facilitates direct investments through SPV structures. By providing entrepreneurial investments in a thriving market, Aescuvest enables investors to participate in lucrative healthcare investment opportunities.
Foxconn Technology Co., Ltd., an associate of Hon Hai Precision Industry Co., Ltd., was established in Taiwan in 1990. FTC is positioned as a professional ODM manufacturer whose products & expertise include system assembly of 3C products, mechanical design, processing, and sales. It provides global customers with complete design capacity, fast volume manufacturing capability, and efficient customer service. In recent years, Foxconn Technology has diversified its portfolio, delving into the medical device CDMO sector, robotics, and electric vehicles. With a reputation built on precision and innovation, the company continues to evolve, meeting the demands of modern industries and setting benchmarks in technology and beyond.
Neteera's FDA-cleared continuous, contactless, passive vital signs and bio-data monitoring solution provides better patient monitoring both for the crisis ridden healthcare system and home health. Our sensing platform eliminates the need for device manipulation, removal of clothing, and caregiver presence. Neteera's technology is a based on a safe, maintenance-free, sub-THZ micro-radar on chip sensor solution that protects privacy as it is not based on a camera. We improve care and ultimately reduce healthcare costs by enabling optimal comfort for patients.
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