Electric Socks Startup Raises $1 million

Electrified socks startup ElastiMed Ltd. raised $1 million, the company announced Monday. The company previously raised 1$ million. ElastiMed will use the funds for clinical studies and regulatory filings.

 Established in 2015 and headquartered in Yokne'am, 55 miles (90 km) north of Tel Aviv, ElastiMed develops and manufactures a leg compression device for daily wear that mimics natural muscle contraction and stimulates blood flow using electrical pulses. The device is meant to treat medical conditions like swelling, blood clots, chronic wounds and sports injuries.

Investors in the round included Israel-based, Singapore-listed venture firm Trendlines Group ltd., Israel’s governmental technology investment arm, and Singapore-based venture capital Pix Vine Capital.

 "We are excited to continue our support for the potential commercialization of a usable and effective wearable device, to help treat chronic edema and to prevent DVT," said Patrick De Silva, Chief Investment Partner of Pix Vine Capital.