CathWorks Ltd. has raised $15.8 million in a series B funding round, the company announced Monday.
Established in 2013 in Kfar Saba, 9 miles (14 km) northeast of Tel-Aviv, CathWorks develops medical devices for the cardiology market. The company's product enables physicians and clinicians to visualize oxygen delivery to the heart in real-time 3D using a specialized X-ray test.
CathWorks intends to use the funding for a clinical trial towards approval from the U.S. Food and Drug Administration for its product. The company received a CE Mark permission earlier this year.
The round was co-led by healthcare-focused venture firms Quark Venture and Triventures, the first based in Vancouver, the latter based in Herzliya, 9 miles (14 km) north of Tel Aviv.
Other participants in the round were Herzliya-based Pontifax and Michigan-based BioStar Ventures, both healthcare-focused venture capital firms, and Corundum Open Innovation, a Japanese-backed venture capital firm that invests in Israel-based startups.
“The technology can improve patient care and reduce costs while enhancing workflow in the lab," said Peter Fitzgerald, managing partner at Triventures, in the press release.