You are currently viewing Startup Olive Diagnostics‘ Hands-free Urinalysis Raising $5M Round Led by Maccabi

Olive Diagnostics Ltd. is aiming to disrupt at-home urinalysis testing with a hands-free, non-invasive, artificial intelligence (AI)-based solution that provides remote 24/7 diagnostics by detecting urine’s molecular composition. The device, K2, attaches easily to the toilet rim to generate secure, personalized diagnostic data that directly links to a mobile app.

“The science behind K2 is astounding instant molecular detection, within a moving urine stream. It is cloud-based, to constantly expand its list of detectable health alerts, benefits users, and adds value to investors,” said Guy Goldman, Olive Diagnostics‘ CEO, Cofounder. “We’re excited for the next growth phase… active production and, ultimately, into households and clinics worldwide!”

Olive Diagnostics is raising its $5M round with Maccabi as the lead investor. The funding will be for clinical trials at the Hadassah Medical Center and to deploy its beta site testing with both Maccabi Health and Sabar Health Ltd, Israel’s largest outpatient service. Upon completion of the beta tests and CE certification, the company plans to reach the market by the end of this year or early next at the latest.

Olive Diagnostics recently graduated from the Hadassah accelerator, run by IBM, and joined the eHealth incubator, which is used as an innovation center by Maccabi Health. Compliant with ISO 13485, Olive Diagnostics will work to get the CE certification for Europe. Olive Diagnostics is targeting the elderly in Europe and will work through assistive care living institutions, outpatient facilities, and telemedicine, offering to lower their operating costs by reducing hospitalization as well as, offering them a new differentiation premium value added service. The K2 device will also offer family members and caretakers medical information so that conditions such as dehydration or bowel movements can be detected. Olive Diagnostics already has customers in Europe that have pre-purchased the product.

Olive Diagnostics was founded to answer a need to remote monitoring the vital conditions of a homebound patient. Both Guy Goldman’s parents passed away from cancer. When his mother was sick, Guy was based in London and was frantically trying to get information on how his mother was recuperating from chemotherapy and what her side effects were. At the time there was no available home device that could do that. Incidentally, Guy Goldman’s father was the legendary founder of both pioneer solar energy companies, Luz and Bright Source as well as the fax and the word processor. From an early age, Guy was exposed to the entrepreneurial bug.

High levels of accuracy in detection of many health inhibitors and life-threatening agents e.g. red blood cells, protein (preeclampsia, infections, pre-diabetes, and diabetes), electrolytes, ovulation, removed electrolytes, glucose, creatinine, and bacteria) have been achieved in clinical trials at Hadassah Medical Center Ein Kerem with 90% sensitivity and 87% specificity. Changes in urination patterns (volume, time of day, frequency, and duration), glucose, ketone, and specific gravity (hepatorenal syndrome), as well as bowel movements, are also monitored. This has the potential to alert users to pre-symptomatic issues, sometimes weeks in advance of symptoms for example, of urinary tract infection (UTI) and kidney stones.

Demo of the product – https://youtu.be/4j18PIhi58c

“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”

Olive Diagnostics is focused on early detection of disease, which is being able to see a disease in your body before you feel symptoms. This is critical for the elderly. There is no reason that a woman needs to be hospitalized for UTI (Urinal Tract Infection). With the K2 device, the onset of the disease can be detected early on, and she can go to a doctor and get antibiotic treatment for it to go away. Kidney stones can be detected weeks or months before the onset of pains allowing the removal of the kidney stones simply. There are many such ailments that can be detected early when it is a lot easier to cure and which greatly improves the quality of life.

Beta testing has begun at Sabar Health, the largest outpatient service company in Israel. The company has begun CE self-certification in Europe with the aim of beginning sales in Europe by the end of the year. Determination of the requirements for FDA approval in the US is also planned to be completed by year-end.

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. Goldman previously founded OptimizeIT, which he sold to NASDAQ company Better Online Solutions. The CTO is Dr Yaniv Oiknin, a BGU graduate, and also in the development team is Ofer Melamed, a neuroscience Ph.D. from Weizmann. Olive Diagnostics has also recruited a team of data scientists.

The company has secured almost $2 million from Cleveland Clinic, Amgen, Israeli Innovation Authority, eHealthVentures and private European fund Venturing, and American investors. Maccabi Entrepreneurship is the lead investor in the current series which aims at achieving $5 million.

Contact

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

Source: Olive Diagnostics https://www.olive.earth

About JLM- BioCity

News on the many life science and healthcare companies in the Jerusalem area can be seen at https://jlm-biocity.org/jlm-biocity-innovations/. Join the JLM-BioCity linkedin group at https://www.linkedin.com/groups/7060787 to get the news updates sent to you and to be part of the JLM-BioCity community.

JLM-BioCity  is a non-profit organization focused on developing and excelling Jerusalem’s bio-community.

We invite you, researcher, professional, investor and executive to become part of our vision, in building Jerusalem’s Biomed eco-system.

If you want your Company featured in our blogs , news releases, please contact: info AT jlm-biocity.org