Boarding PassElastiMed is offering a hand to those with leg pain
ElastiMed is offering a hand to those with leg pain
The company recently raised $850,000 to penetrate a market relevant for 1 in 20 Americans.
“More than 10 million people in the U.S alone suffer from painful and swollen legs due to lymphatic and venous diseases,” explained Omer Zelka, Founder and CEO at ElastiMed. “However, current solutions are uncomfortable, costly, or suffer from limited effectiveness in most cases.” According to the company, its product to help alleviate pain in the human body is already being tested in a clinical study at Sheba Medical Center, showing a 5x improvement in leg volume reduction compared to compression bandages which are the hospital’s standard treatment.
ElastiMed has joined CTech for its Startup Boarding Pass series to share how its Robotic Stocking can help millions of people with lymphatic and venous diseases that affect their legs.
Company Name: ElastiMed Ltd.
ElastiMed is developing the world’s first Robotic Stocking, a wearable medical device, designed to treat and manage lymphatic and venous diseases. The device is a sleeve for the calf, embedded with proprietary Artificial Muscle technology, to autonomously massage the patient’s leg.
Omer Zelka - Founder & CEO: Former DA Engineer at Intel; 10 years experience with Smart Materials. B.Sc Electrical & Computer Eng. from BGU.
Shai Buber - Executer Board Member and Investor: Former GM (Israel) and SVP at Paradigm, which was sold to Apax in 2012. Former CEO of Odigo, (a messaging app) acquired by Comverse in 2002. Earned an LLM from NYU and LLB from Hebrew U.
Year of Founding: 2015
Last Investment Round: $850,000
Last Investment Stage: Seed
Date of Last Investment: May 2021
Total investment to date: $5 Million
Investors (leading and all): Trendlines Medical, Pix VC, Angel investors, ExitValley, and Strategic market player.
Current number of employees: 3
Open positions: N/A
How was the idea born?
The idea was born in an improvised lab in a small apartment in Tel Aviv, which was a result of a passion project in the field of Smart Materials. It was a technology that was looking for problems and we found the perfect fit in compression therapy.
What is the need for the product?
More than 10 million people in the U.S alone suffer from painful and swollen legs due to lymphatic and venous diseases. However, current solutions are uncomfortable, costly, or suffer from limited effectiveness in most cases. The standard of treatment for these patients is primarily compression stockings, which suffer from 60% non-compliance, due to a tight fit and difficulty in putting them on and taking them off. A much more expensive alternative is pneumatic compression devices – inflatable sleeves powered by an air compressor. These devices, while effective, are typically cumbersome, noisy, and heavy, thus limiting the patient’s mobility and causing discomfort.
As a result, the common solutions in this global market are either too expensive, difficult to use, or both.
How is it changing the market?
ElastiMed shall offer the following advantages:
- 5x more effective than standard treatment according to an ongoing study
- Personalized treatment
- Remote monitoring
- Quiet operation
- Long battery life (5 days standard treatment)
How big is the market for the product and who are its main customers?
- 1 out of 20 people in the U.S (~16 million) suffers from leg lymphedema - mostly together with CVI (Chronic Venous Insufficiency).
- It’s caused by an accumulation of fluids in the legs which leads to swelling, pains, chronic wounds and mobility problems.
- Most patients are elderly females (but not necessarily).
- Originates from poor genetics, surgery, injury, or radiation treatment.
- It’s a chronic condition with no known cure.
- Estimated market size in the U.S - $1.8 billion
Does the product exist already? If not - at what stage is it and when is it expected to hit the market?
The product is currently tested in a clinical study at Sheba Medical Center, showing a 5x improvement in leg volume reduction compared to compression bandages which are the hospital’s standard treatment. The device is expected to reach the market within two years, following regulatory approvals and production scale-up.
Who are the main competitors in this sector and how big are they?
Leading players in compression stocking: Sigvaris, Medi, Jobst (by Essity), and Juzo. Around $200M-$300M in sales.
Leading players in pneumatic compression devices: Tactile Medical, Arjo, Bio-Compression, and MegoAfek (Israeli). Between $50M-$200M in sales
What is the added value that the founders bring to the company and the product?
We managed to bring the right mixture:
Omer Zelka: Endless passion and deep knowledge in Smart Material, designing and implementing processes from scratch
Shai Buber: Vast business experience and industry connections.
What will the money coming in from the round be used for?
Regulatory filing, reimbursement filing, production scale-up, and bringing the product to market.
In the "Startup Boarding Pass" section, CTech will cover the (relatively) small investments made in companies during the early stages of their existence - and the entrepreneurs and startups who have not yet had the opportunity to reveal their stories to the world. Please use the linked form and fill it out according to the guidelines. This form is intended for startups raising between $500,000 and $3 million from venture capital funds, angels, or official grants from Israeli and foreign institutions. If relevant, someone at CTech will be in touch for follow-up questions.
First published: 09:25, 19.04.22