The start-up company Olive Diagnostics expands the seed fundraising round to 7.3 million dollars. The European Standardization Authority has granted CE marking to Olive Diagnostics’ optical device that performs urine tests in the toilet. Following the approval, the company received first orders for the product from two European entities.
Olive KG, developed by Olive Diagnostics, is the world’s first optical device based on artificial intelligence, which is installed on every toilet and performs an analysis of the molecular composition and characterization of the patient’s urine, continuously, 100% passively and without the use of hands, in order to enable the identification of biological markers in the urine that may Testify about medical problems and diseases such as heart failure, kidney stones, kidney failure, urinary tract infection and more.
The company raised $7.3 million, after raising another $1.5 million from existing investors and private investors. Among the company’s investors in the pre-seed stages: Maccabi Health Services, Mayo Clinic, eHealth Ventures, Amgen Ventures, the Innovation Authority, and private investors from the US and Europe.
Olive Diagnostics was founded in 2019 by the CEO, Guy GoldmanandCorey Katz. The startup team includes experts in biochemistry, chemistry, physics, data analysis, optics and business development in the fields of health and quality of life. The company’s product is a medical device called KG Olive, the world’s first optical device based on spectroscopic technology and artificial intelligence that performs qualitative analysis of important parameters in the treated urine with each urination, passively and without the need for any aids. Among other things, the device produces indicators such as red blood cells, proteins, ketones, creatinine, nitrite, acidity, as well as characteristics of the urine such as quantity, pressure, color and frequency of urine.
KG Olive is equipped with IoMT (Internet of Medical Things) capabilities that can be installed in every toilet. It detects chemical components in urine optically and produces real-time personal data that is secured according to the GDPR directive and sent to the cloud and to the attending physician. Olive Diagnostics.
Guy Goldman, CEO of Olive Diagnostics said: “The CE approval is a milestone in the recognition of our vision and technology and paves the way for our entry into the European market. The Olive KG device is already installed in several assisted living facilities in the Netherlands and we believe that it will bring about a significant change in medical care through a preventive, passive and non-invasive approach that will help patients and health care providers support doctors remotely in diagnosing diseases in early stages, before the appearance of obvious symptoms.”
Source: Maariv.co.il – כלכלה בארץ by www.maariv.co.il.
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