Neteera raises an additional $6.7M Series B Extension
Neteera Technologies, an Israeli-based startup disrupting the contactless patient monitoring market, has announced the successful closing of a $6.7 million Series B extension. The round was led by Aescuvest, a healthcare investment firm, alongside Foxconn Technology Co (FTC), an associate of Hon Hai Precision Industry, a large electronics manufacturer globally.
The funds of this extension round will be used to expedite production, meet the increasing demand for Neteera's platform, and recruit more installation and deployment personnel. This significant step will allow Neteera to further solidify its place in the contactless patient monitoring market.
Partnering with Foxconn Technology Group, a powerhouse in the electronics manufacturing market, will further boost Neteera's international growth. A cooperation to produce Neteera's products is already under way, with further business and technology collaborations in the pipeline.
"Neteera is an excellent medical equipment development company. We are delighted to participate in Neteera's current round of funding and to become their manufacturing partner, providing strong support for the mass production of their products," said William Hung, Chief Investment Officer at FTC.
In the face of challenging market conditions and VC funding slowdowns, Neteera has not only persevered but thrived. The startup's big pull is its proven product-market-fit for a globally applicable problem, coupled with essential regulatory approvals, such as the FDA stamp.
"Neteera successfully tackles a problem that we are all prone to. Our ageing populations deserve professional, humane care. Technological solutions such as Neteera's platform are a suitable answer to combat the problems of our healthcare systems," said Sebastian Gührs, Partner & Head of Investment at Aescuvest.
Founded in 2015, Neteera quickly gained recognition for its FDA-cleared remote patient monitoring platform, designed to enable continuous monitoring of patients' biomarkers without the need for contact or patient involvement. The platform is improving patient care and operator efficiencies all over the globe.
Outside of raising money, Neteera has been working on expanding access to its contactless patient monitoring platform. In 2023, the company began selling its solution to a large number of long-term care facilities in the US and has a significant pipeline of ordered products that are currently being deployed.
"We are proud to partner with such a renowned company as Foxconn to further expand our offering," said Isaac Litman, CEO of Neteera. "This funding and cooperation will expedite our solution production and deployment, opening doors and allowing us to get one step closer to achieving our mission: saving life, improving patient care while reducing the burden on clinical staff."