Israeli MedTech startup CardiacSense, which develops a smart wearable device that accurately tracks vital signs, chronic conditions, heart arrhythmia, and other clinical details, announced that it has closed a 4-year $7.5 million distributing deal with a Dubai based company, opening the doors to the Middle East market.
CardiacSense developed a wearable medical watch that provides health monitoring of a variety of different vital signs, from temperature to heart rate, as well as supply a cloud based platform, connecting real-time data from the watch-wearing patient to the caring physician. In times of social distancing this becomes an optimal solution for keeping those who need continuous medical care (elderly and patients with preexisting conditions) under doctor’s supervision, while keeping them safe from exposure.
"The new agreement opens the door to innovative and patented Israeli technology, to markets that have so far avoided using the technology due to its Israeli origins. We believe that the unique technology we have developed will upgrade the ambulatory medical monitoring and surveillance capabilities in the local market," said Eyal Copitt, Commercial Director at CardiacSense
This distribution partnership further displays the incredible influx of innovation-based collaborations since the historic ‘Abraham Accords’ took its first steps towards peace. For CardiacSense this opens the doors to one of the hearts of the Middle Eastern tech-focused market, providing yet another potential commercial success added to a recent line of international distributing deals, including a most recent $2.5 million Swiss deal, which brings the company’s total distribution agreements to over $70 million. It was just a bit over a month ago that the company received its first Ministry of Health regulatory approval for its medical watch from the Israeli government.
According to reports the Israeli company, which was founded in 2009 by CEO Eld Shemesh, Benny Batash, and Avi Sjhitrit, will be able to start marketing in the UAE come H2 2021.. Considering the current geo-political tech-based-peace trend in the area, this first step in the Arabian peninsula could lead to an even stronger footprint as normalization continues to spread.
"The effectiveness of the wearable medical monitoring solution we have developed has proven unprecedented in clinical trials, in which it has diagnosed a variety of 99% cardiac and respiratory problems with an accuracy of 99%. The agreement now expresses further international confidence in the solution's capabilities to provide reliable infrastructure for healthcare In addition, we believe that this cooperation, between an Israeli company in the field of digital medicine and a distribution company from the United Arab Emirates, will contribute to strengthening the geopolitical connection between Israel and the countries of the region, and will lead to further cooperation with other countries in the Persian Gulf," Copitt explained.