Itamar Medical Raises $11.5 Million to Advance Sleep Health Diagnostic Platform SleePath

VCBeat (WeChat Official Account: vcbeat) has learned that Itamar Medical recently raised $11.5 million through a private placement with investors from the United States and Israel. The funding round included participation from Deerfield Management, Triple Gate Capital, West Elk Partners, Alpha Capital Anstalt, and Israel’s Investment House.

Itamar Medical is a publicly traded medical device company headquartered in the Caesarea Industrial Park, Israel. Since its establishment in 1997, the company has been dedicated to the development and manufacture of non-invasive diagnostic devices for sleep disorders and cardiovascular diseases.

Itamar Medical officially stated that the proceeds from this round of financing will be used for marketing its flagship product, SleePath, which is primarily targeted at cardiology departments and related healthcare institutions.

According to foreign media reports, SleePath is a home-based diagnostic system used to test for breathing disorders during sleep. It includes an aerobic sleep dashboard that facilitates physicians’ diagnosis of patients’ conditions, thereby enabling more efficient identification of the link between heart failure and metabolic syndrome (heart disease, obesity, and diabetes) manifested in patients during sleep.

“SleePath was inspired by our customers,” said Gilad Glick, CEO of Itamar Medical. “Healthcare institutions do not know whether patients are adhering to their treatment plans, making it difficult to determine if the prescribed therapy is suitable for them. In the field of sleep health, there has been a gap in home-based diagnosis using the devices and instruments currently available to healthcare providers.”

“Digital health has shown great promise in the field of sleep apnea,” said Elad Anter, MD, of Beth Israel Deaconess Medical Center in Boston. To this end, Itamar developed WatchPAT, a home diagnostic device for monitoring breathing during sleep, and EndoPAT, a device designed to test endothelial dysfunction and assess cardiovascular disease risk, last year.

Deerfield Management, a global fixed-income investment advisory firm headquartered in Illinois, USA, has invested in more than 20 companies since 1993.

Golden Gate Capital is a San Francisco-based private equity firm founded in 2000, primarily engaged in providing equity investments to companies across various industries.

West Elk Partners is an investment firm headquartered in Colorado, USA, with over 25 years of transaction management experience and more than 30 years of corporate operational guidance expertise.

Alpha Capital Anstalt is an investment company headquartered in Liechtenstein, USA.

Investment House is an Israeli investment firm established in 1999, primarily investing in projects within the high-tech sector and promising startups.