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Smartphone-Based Kidney Test Maker Raises $50M in Series D Round

NEW YORK – said Wednesday that it has completed a $50 million Series D financing round that will help the firm expand US adoption of its home-use, smartphone-based urine test to diagnose chronic kidney disease.

The Tel Aviv, Israel-based firm said the Series D round includes an unannounced $45 million investment completed in February 2022. The financing was led by Schusterman Family Investments with participation from venture capital fund Aleph and other existing shareholders. The company said the recent investment will support commercial expansion in the US of its Minuteful Kidney albumin-to-creatinine ratio test.

In 2019, the firm closed a $60 million Series C funding round.

The firm secured US Food and Drug Administration 510(k) clearance for the Minuteful Kidney test in July 2022, the firm's third clearance following the 2018 clearance of its 10-parameter urinalysis kit for urinary tract infections and prenatal care and the 2019 clearance of its point-of-care test for albumin-to-creatinine ratio. said 90 percent of the estimated 37 million Americans with chronic kidney disease are undiagnosed, and the disease disproportionately affects people in underserved communities. The firm said its albumin-to-creatinine ratio test can help identify kidney damage.

Through testing on more than 250,000 patients in the US and UK, the firm said it saw "unprecedentedly high adherence rates" of up to 50 percent among previously untested populations.

The firm also said that it has developed smartphone-based wound image technology that could aid management of chronic wounds and it is partnering with healthcare organizations in the US and UK to let clinicians monitor patients remotely.