- The funding is meticulously utilized for launching out the firms merchandize in the UAE as well as other markets.
- Recently, the UAEs Metropolis Abu Dhabi’s Dh535 million Ghadan Ventures Fund stated that an undisclosed amount of investment has been funded to promote the medical devices start-up SonoStik.
- The initial round of funding – also recognized as a series A round – was powered by DisruptAD, one of the region’s major venture platforms that accomplishes Ghadan Ventures Fund. The entities did not reveal any further facts about the investment round.
- The investment will be utilized to upsurge the profitable production and unveiling the merchandize in the UAE as well as other markets.
UAEs metropolis Abu Dhabi-based SonoStik’s initial novel product was the SonoStik Guide Wire Introducer – a US patented and Food and Drug Administration-permitted medical instrument that aids in the fruitful placement of intravenous catheters in patients.
The Chief Executive of SonoStik, Richard Fogel stated out that; “This investment represents an affirmation of our view that there is a distinct need for a product like this in the healthcare setting, especially in a post Covid-19 world.”
The Ghadan Ventures Fund is an integral part of DisruptAD’s broader mission to provision 1,000 start-ups over the forthcoming five years and generate a flourishing native community of founders, fund managers, incubators and accelerators in Abu Dhabi.
The Founder as well as chairperson of the start-up, Dr Hawaa Almansoori, further stated up that; “We are providing a solution to a real, unmet medical need.”
Further Ms Almansoori, who is also a member of the Federal National Council of the UAE, also stated that; “Making it easier to locate veins for infusions and blood tests will not only make the entire process more comfortable for patients, but will save money and staff time in hospitals and other healthcare facilities.”
Start-ups in the Mena territory involved a record $1bn in funding the preceding year, according to data platform Magnitt. Although E-commerce and FinTech were the top sectors to appeal the most funding, mandate for diagnostics and testing services have made the arena of medical technology ripe for deals.
In March, Abu Dhabi’s state holding company ADQ decided to merge its healthcare entities Rafed and Union71 with Dubai-based Pure Health to generate a major healthcare support services provider. Pure Health accomplishes a number of hospitals, medical visa screening centers and has 120 laboratories across the UAE. The business has also partnered with the UAE government to supervision the Covid-19 tests on all arrivals at the nation’s airports.