MeMed has secured the funding from new and existing investors including Ping An Global Voyager Fund, Foxconn, Caesarea Medical Holdings, Clal Insurance, Phoenix Insurance, OurCrowd, Social Capital, WTI, Horizons Ventures.

Proceeds from the funding will be used to advance Market adoption of MeMed BV, an immune-system based test for distinguishing between bacterial and viral infections.

The company will also use the funding for complete development, upscale manufacturing and clearance of MeMed Key, a point-of-care (POC) protein measurement platform; and expand its pipeline of tests that integrate machine learning and immune-based measurements to tackle big clinical challenges.

MeMed co-founder and CEO Eran Eden said: “For nearly a decade, with leading academic and commercial partners, we’ve developed MeMed BV, and then generated high quality double-blind clinical evidence to validate it. When measured on MeMed Key and on other platforms, MeMed BV has the potential to serve as a valuable tool in the fight against resistant bacteria – one of the biggest healthcare challenges of our time.

“The additional funds, and the significant support we are receiving from the US government and EU commission, solidify MeMed as a global leader in the space of host-based diagnostics of infectious and inflammatory disorders.”

The company said the resources will expedite the final development phases, clearance and manufacturing of the MeMed Key platform, which will run the MeMed BV test in minutes.

The Israeli company’s Key platform, as per the company has the potential to bring the capabilities of central lab precision to point-of-care.

It will allow measurement of multiple other proteins and signatures, both conventional and new, that currently are only measurable in the central lab. It can unlock enormous value in diagnosing and managing patients across a wide range of other diseases.

Ping An Voyager Fund chief medical officer Marco Huesch said: “This exciting innovation will greatly enhance diagnostic and therapeutic confidence among physicians and their patients when faced with distinguishing bacterial from viral infections.

“Beyond profoundly benefiting individual patients, this groundbreaking technology will address antibiotic overuse within the broader population and contribute to reducing the growing burden of antibiotic resistance.”