Kyma Medical Technologies has raised US$10mn in a financing round led by Ganot Capital, the venture capital arm of family firm Ganot. Kyma's first investors, Elron Electronic Industries and Rafael Development (RD) also participated in the financing round. Kyma was founded at RD, a joint venture of Elron and Rafael Advanced Defense Systems.
Kyma is developing a miniature radar, which is placed on the torso and uses penetrating microwaves to accurately measure lung congestion in chronic heart failure patients. The microwave technology can locate lung congestion at an earlier stage, thereby avoiding the need for hospitalisation and preventing complications. Kyma's product has CE mark certification and the company is in talks with the FDA to approve the product on the basis of previous clinical trials. The company hopes to obtain FDA certification within six months following the current announcement.
Assaf Bernstein, CEO of Kyma, stated that the proceeds will be invested in obtaining certification, initiating sales, and demonstrating the company's economic claim that the product can save hospitals and health insurers money.