$5 million is being raised now and a further $5 million according to milestones.
Startup company NINOX Medical has announced a $10 million financing round, with the participation of leading Israeli and overseas funds.The round will take place in two stages: $5 million will be raised immediately, and an additional $5 million according to milestones. The shareholders in the company before the round are Xenia and entrepreneur Alex Rapoport. The financing round is the company’s first, before the completion of its incubation period. Xenia will invest $250,000 both stages of the round – a total of $500,000.Ninox is developing a device for the treatment of obstructive sleep apnea (OSA) that is designed to be effective, comfortable to use, and without the side effects typical of other treatment devices. Patients with OSA suffer from repeated episodes of upper airway obstruction during sleep that disrupts the quality of their sleep and causes accompanying ailments, such as hypertension, diabetes, heart attacks, and stroke.
18 million people in the US alone suffer from OSA. The existing solutions include invasive surgical procedures and sleeping with cumbersome systems that affect the quality of the patient’s sleep. The market for treating OSA amounts to $4 billion a year, with double-digit percentage growth projected annually in the coming years.