Rapid Medical has completed an oversubscribed Series D financing worth $50 million, with money slated to support rapid worldwide commercialization of the Yokeam, Israel–based company’s minimally invasive stroke treatment tech.
The money raised comes on the heels of FDA clearance of the company’s Tigertriever revascularization device to treat ischemic stroke. Touted as a new class of clot retriever, the device includes intelligent control that allows neuro-interventionalists to better remove blood clots and restore blood flow to the brain following an ischemic event.
Rapid Medical also has the Tigertriever 13, which has a CE mark but is not yet FDA-cleared. The Tigertriever 13 is the smallest device it the company’s Tigertriever portfolio. The company describes it as the only clot retriever in the world indicated to remove clots from more distant areas in the brain.
“We’ve revolutionized intravascular devices by providing physicians with the ability to remotely adjust devices to the anatomy. We are thrilled that this new round will allow us to expand this mission,” Rapid Medical CEO and co-founder Ronen Eckhouse said in a news release posted today.
MicroPort led the $50 million round, with participation from CITIC private equity fund (CPE), Deep Insight and existing investors. Chen Chen, a principal at CPE, will join Rapid Medical’s board of directors as part of the funding round.
Jefferies was the exclusive placement agent for the money-raise.