Chinese Invest $25 M in Rainbow Medical
There is high regard for Israeli technology in China, said Efi Cohen-Arazi, Co-founder and CEO of Rainbow Medical, which has raised $25 million from investors in China and opened a China office to promote strategic collaborations.
“We opened the office in Shanghai to capitalize on China’s fast-growing market for our products and to foster collaborations with Chinese medical device companies,” said Cohen-Arazi.
“These investments by leading Chinese industrial and financial entities are an expression of the high esteem with which they view our technologies and the products we are developing,” he noted, adding, “There is a strong demand in the fast-growing Chinese healthcare industry for Rainbow Medical’s breakthrough technologies.”
Participants in the current round of fundraising include China’s largest private insurance holding company Ping An, investment and financial management company YongJin, the Chinese telecommunications giant ZTE Corporation, and Chinese venture capital funds.
Rainbow Medical will invest these funds in seeding new startup companies based on intellectual properties owned by Rainbow Medical as well as to provide additional funding for Rainbow Medical’s existing portfolio companies including:
Nano Retina, the developer of an ultra-small artificial retina designed to restore vision to the blind; Enopace Biomedical, the developer of a minimally-invasive aortic neuro-stimulator for the treatment of Chronic Heart Failure; BlueWind Medical, the developer of a minimally-invasive wireless neuro-stimulation implant platform for the treatment of a wide range of neurological indications; GluSense, the developer of an implantable continuous glucose sensor for diabetes patients; and Vascular Dynamics, the developer of an implantable stent-like device for the treatment of hypertension.
Rainbow Medical, a private operational investment company, currently holds a portfolio of 12 companies that are developing products for the treatment of a range of chronic indications such as heart disease, diabetes, hypertension, blindness, uterine fibroids, chronic neuropathic pain, and others.
Rainbow Medical raised significant funds from strategic entities around the world, including medical device giants Medtronic and Abbott, the European Sorin Group and Japanese Sony Corporation.
Rainbow Medical was founded by GlenRock Israel, a private equity investment company specializing in technology and life sciences owned by Leon Recanati, one of Israel’s leading business figures; Yossi Gross, a world-renowned medical device industry entrepreneur; and Efi Cohen-Arazi, one of Israel’s most widely-respected life science industry executives.