Olive Diagnostics Extends Seed Round to $7.3M for Urine Analysis Device to Detect 20+ Diseases

Olive Diagnostics, a digital healthcare and diagnostic solutions provider, transforms in-home urinalysis with the world’s only functional, hands-free, non-invasive prototype: Olive KG, providing complete diagnostics, health assessments, and early detection of 20+ diseases..

“We’re trying to catch diseases before you go to the doctor,” Guy Goldman, CEO of Olive Diagnostics. “We’re enabling the medical community to begin doing preventative medicine versus reactive medicine.”

Olive Diagnostics upped its round A funding to $ 7.3 million. Mayo Clinic, as well as Israeli HMO Maccabi Healthcare Services, Texas Medical Technology, eHealth Ventures and Amgen Ventures, are among the investors. The funding will allow them to finish beta testing and start entering the European and American markets.

The Olive KG transforms peeing into a personalized, convenient, tech-savvy healthcare tool, capable of detecting diseases weeks and even months before conventional medicine! The Olive KG detects diabetes, kidney diseases, dehydration, bladder cancer, and urinary tract infections.

The diagnostic tool combines the best in biochemical and spectroscopy research with the latest in biomedical science, AI, and data analytics. Clinical trials at Hadassah Ein Kerem in Jerusalem, run and analyzed by third-party Technostat, confirmed the Olive system’s ability to effectively detect protein in urine in over 900 samples, proving more effective than traditional urine sticks.
Olive KG is being tested in a large assisted-living facility on the US East Coast and is monitoring high-functioning people with mental disabilities. The Olive KG is already being used for elderly patients at assisted living facilities in Holland, where it gathers more and more data every time they use the toilet.

The Olive KG detects protein, red blood cells, proteins (common in pregnancy preeclampsia), electrolytes (disbalance), Ketone, Glucose, Creatinine, nitrates, pH, the urine’s density, as well as other characteristics (volume, pressure, color, frequency). Diabetics can monitor their sugar levels in a painless manner. The personalized diagnostic data generated is transmitted securely and directly to a mobile app. This app not only provides the measured medical data but also provides recommendations for the person’s wellbeing.

The data collected from the Olive KG is sent directly to the clinical departments of the assisted living facilities it currently operates in. It can connect with its new Apple Watch app Olive WatchOS, which brings AI-based urinalysis results to smartwatches.

The company is also creating a new sensor that it will start selling directly to customers, complete with an app that gives user diagnostics, by the end of 2023.

“Urine is central to medicinal, health monitoring. Current solutions are cumbersome, limiting tracking analysis or medical history,” said Dr. Joseph Rosenblum, medical director, Maccabi Entrepreneurship. “People want convenient, at-home healthcare solutions, passive diagnostic tools, disease prevention, early detection, and accurate intervention, especially with rising healthcare costs and COVID.”

Traditional cup-paper-dipstick ‘solutions’ are cumbersome, unsanitary, inaccurate, and slow. Olive KG‘s HIPPA-GDPR-compliant data produces accurate diagnostics for immediate conditions and long-term trends before users can even flush!

“The science behind Olive KG is astounding, instant molecular detection, with a moving urine stream. It’s cloud-based, to constantly expand its list of detectable health alerts, user benefits and investment value,” said Guy Goldman, Olive Diagnosticss CEO, Cofounder. “We’re excited for the next growth phase… active production and, ultimately, into households and clinics worldwide!”

The Olive KG mounts to any toilet and consists of optical sensors fitted to a toilet seat able to measure the way light reflects off the flow of urine in real-time, allowing for the accurate diagnosis of a range of illnesses. These sensors optically analyze the 3,000 molecules contained in urine – each of which interacts with different frequencies of light.

About Olive Diagnostics

Jerusalem-based Olive Diagnostics was founded in 2019 by CEO Guy Goldman and Corey Katz, a medical practitioner focused on wellness, based in California. Guy previously founded OptimizeIT, which he sold to NASDAQ company Better Online Solutions. The CTO is Dr. Yaniv Oiknin, a BGU graduate, and also on the development team is Ofer Melamed, a neuroscience Ph.D. from Weizmann. Olive Diagnostics has also recruited a team of data scientists.

Olive Diagnostics has secured almost $4 million from Cleveland Clinic, Amgen, Israeli Innovation Authority, eHealthVentures and private European fund Venturing, and American investors. The company plans to work with assisted living facilities, outpatient facilities, and telemedicine providers in Europe to provide the service. Olive Diagnostics has completed its ISO 13485 certification, a critical milestone necessary for CE certification. Following this approval, Olive received its first orders for the product from two European organizations. It is in the FDA pre-submission phase for the United States.

Maccabi Entrepreneurship is the lead investor in the current series which aims at achieving $7.3 million.

Contact
Guy Goldman, CEO
Olive Diagnostics https://www.olive.earth

Source: Olive Diagnostics

 

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