OutSense, an Israeli IoT technology startup, raised $2.2m in a Series A funding.
Peregrine Ventures made the investment.
The company intends to use the funds to complete the development and testing of an IoT technology which monitors health and helps prevent life threatening diseases by quickly and accurately analyzing human waste from within a standard toilet bowl. The funds will enable OutSense to complete the final design of its toilet clip-on product and to expand medical trials in Israel and abroad for eventual marketing. Next year, the company will initiate the approval process with the FDA as well as other leading regulatory bodies.
OutSense’s proprietary technology include screening for hidden blood in stool, which is an established early sign of colorectal cancer (CRC). Furthermore, the technology monitors dehydration, urinary tract infections, constipation, and diarrhea, which are the major causes of deterioration and hospitalization of the elderly.
The IoT device attaches to a standard toilet bowl and the activation process is fully automatic. The device uses multi-spectral optical sensors, an illumination module, and an autonomous controller with a Wi-Fi receiver. The system captures the optical samples automatically, non-invasively, discreetly and without active user intervention. It delivers the results to the cloud, where the real time analysis is conducted using OutSense’s proprietary computer vision algorithms and AI. The sensor connects to the smartphone of either the caregiver or user or, where available, to the on-premises customer data system. The system sends notifications and results immediately if an abnormality is detected, thus enabling early treatment if there is any deviation from a predefined norm.
Proof of concept and initial testing of OutSense’s technology were carried out in Israel. Large scale testing in Israel and abroad is due to get underway in the coming months. A pilot is planned in Japan for detection of dehydration and urinary tract infections in the elderly, in cooperation with a multi-billion Japanese corporation that is active in the healthcare market and specializes in remote elderly care technologies. OutSense is looking for additional strategic partners and is planning another fundraising round next year that will enable the company to begin marketing efforts.
Founded in 2016 by Ms. Yfat Scialom, CEO, OutSense (Or Yehuda, Israel) started at the life sciences’ Incentive Incubator in Israel, which is owned and operated by Peregrine Ventures, in partnership with the Israel Innovation Authority.
FinSMEs
11/11/2020