Monday, February 16, 2015

Ping An, ZTE and Yongjin to Invest $25mm in Rainbow Medical

Israeli medical innovation investment company Rainbow Medical raised $ 25 million from leading Chinese companies such as Ping An Venture, ZTE Venture Capital (the investment arm of the Chinese mobile phone giant ZTE), Yongjin Group and Highlight Capital. The money raised will be used for the establishment of new companies with strong IP in various stages of clinical and pre-clinical trails in Israel and abroad.

Rainbow was founded in 2008 by entrepreneur Yossi Gross, CEO Efi Cohen-Arazi and GlenRock cooperation (the investment company of the Leon Recanati).

Rainbow's portfolio includes companies like Nano Retina, which develops an artificial retina on a microchip to regain sight to the blind, BlueWind Medical, a developer of a platform for nerve stimulation using a tiny wireless implant for treatment of neuropathic pain and Glusense that develops an implant that can directly measure blood sugar levels in people with diabetes. Overall Rainbow invested in 12 companies that develop products to treat a variety of chronic disease including cardiovascular disease, hypertension and more.

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