The Israel-based company got Europe’s CE distinction for its optical urine analysis device which operate with AI to measure proteins, red blood cells, Nitrite, ketones, and pH.
Olive Diagnostics, an Israel-based startup dealing in health and wellness which recently created an optical urine analysis device powered by AI to analyse urine has protracted its seed funding round to $7.3 million. This extension is coming after it secured an extra $1.5 million from some private and already existing investors. Some of the investors that led Olive Diagnostics’ pre-seed stage are Amhen Ventures, eHealth Ventures, Mayo Clinic, Israeli HMO Maccabi Healthcare Services, The Israel Innovation Authority, and some participating European & American private investors.
The duo of Guy Goldman (company CEO) and Corey Katz founded Olive Diagnostics in 2019. The startup is designed for the health and wellness market, and ran by a combined aggregate of industry experts in the field of Biochemistry, Chemistry, Physics, Business development, Data Analytics, and Optics.
The Olive KG, Olive Diagnostics’ principal product is a spectroscopy-like device which carries out an advanced analysis of specific core parameters of urine for every different urination attempt. The Olive KG accomplishes this without the use of extra accessories. The device analyses proteins, red blood cells, Nitrite, ketones and pH accounting for frequency of urination, volume, colour and pressure among other features. The Olive KG device is a practical and manageable device which can be easily set on any toilet. It falls in the category of the Internet of Medical Things. Its mechanism involves the use of optics to identify chemical components in urine. Through what it identifies, a GDPR and HIPPA secured live data is generated for individual patients, and then uploaded to the cloud for physicians to access on behalf of patients.
The device has received the CE Marking; Europe’s seal of quality. According to Olive Diagnostics since Olive KG received this approval as a medical device, two European organizations have placed their orders for the device. This recent validation will no doubt give Olive Diagnostics’ vision on it’s new technology a much needed boost to penetrate Europe and the global medical market.
Speaking on the recent approval, Olive Diagnostics’ CEO Guy Goldman reflected on the potential impact of Europe’s CE mark of quality for the company: “Olive KG is already installed at several assisted living facilities in Holland, and we believe that our device will transform medical care to one of non-invasive prevention, aiding patients and healthcare providers to detect diseases earlier, even before symptoms appear.” Olive KG truly has huge potentials for medical care. Time and usage will help users determine the device’s utility for health and wellness.