Existing investor Samsung Next returned for a $60m series C round as Healthy.io secured regulatory clearance for its app-based kidney disease test.
Israel-based medical device manufacturer Healthy.io completed a $60m series C round today backed by Samsung Next, an early-stage technology investment fund owned by electronics producer Samsung.
Venture capital firm Corner Ventures led the round while investment holding company Ansonia Holdings and VC firms Joy Capital and Aleph also took part.
Healthy.io has created an app-based version of the urine-albumin-to-creatinine-ratio (ACR) test, making it possible to detect conditions such as chronic kidney disease and urinary tract infections without the need for lab equipment. The app can also connect to a user’s electronic medical records.
The series C round was announced alongside news the company has secured US regulatory approval for the ACR test to be used by healthcare professionals in detecting chronic kidney disease. It will continue to pursue regulatory clearance for home use of the test.
The capital will drive global expansion and product development activities for Healthy.io. Gary Loveman, former executive vice-president of insurance provider Aetna, is joining its board of directors.
Samsung Next previously contributed to an $18m series B round for the company in February this year that was led by Aleph and backed by assorted private investors.
Holding company Quantum Pacific had reportedly supplied a total of $15m for Healthy.io and led its $11.5m series A round in 2017. The company did not however identify Quantum Pacific as being one of its investors this week.