Israeli MedTech startup keepMed, a developer of a medical device to treat sleep apnea, raised $15 million in a Series C funding round. The investment was led by new investors Celeste Management, Financière Arbreval, and 4See Ventures, alongside the company’s existing investors: Merieux Equity Partners, C4 Ventures, Xenia Venture Capital , Pitango Venture Capital, and Lavorel Medicare.
“We are honored to welcome new investors and are thankful to our existing investors, especially Merieux Equity Partners, for their continued support of our efforts to bring this breakthrough solution to OSA sufferers. Our mission is to enable individuals with OSA to breathe without interruption during the night – as naturally as possible and with minimal intervention. A good night's sleep is key for good health and quality of life,” said Alex Rapoport, CEO and founder of keepMed.
Recruit the respiratory system to handle the apnea
Sleep apneia is a syndrome characterized by return episodes of upper airway obstruction during sleep, and is linked directly to an increase chance of suffering from heart-related issues, diabetes, and strokes. The syndrome is accompanied by an array of quality of life altering side effects, such as loud snoring, disrupted sleep patterns, and chronic fatigue, which all impact a person’s personal life from work to even practicing safe driving.
keepMed developed a product called keePAP, a responsive device for treating obstructive sleep apnea (OSA) by utilizing personalized positive airway pressure (PAP). Much like other more traditional PAP devices, keepMed’s product also focuses positive pressure on the upper airways.
Like traditional PAP-based devices, keePAP uses positive airway pressure to keep the upper airway open. However, instead of pushing tens of liters of pressurized air per minute into the upper airway continuously, keePAP mobilizes the user’s respiratory system to deliver just the amount of PAP needed – intermittently and with minimal airflow.
“We are delighted to have contributed to the strengthening of keepMed’s financial position, with new investors sharing the same excitement for what is, in our view, a revolutionary yet very adequate treatment solution for patients suffering from sleep and respiratory disorders. We look forward to the completion of the next clinical study of keePAP,” added Valérie Calenda, Partner at Merieux Equity Partners.
keepMed was founded in 2012 by Rapoport, and according to Pitchbook, has raised $25 million to date. The company has received the European CE Mark of approval, in addition to completing human trials towards the end of 2019. keepMed intends to use the newly acquired funds to advance keePAP’s clinical trials towards an FDA approval, and eventual launch in Europe and the U.S.