The funds raised will be used to accelerate commercialization activities of the company’s products for non-invasive monitoring of various blood parameters.

In 2010, OrSense has received FDA clearance for its non-invasive multi parameter monitor for continuous and spot measurement of normal and low signal oximetry for use in hospitals and outpatient sites.

OrSense has also received CE approval for the first non-invasive spot and continuous monitor of hemoglobin for anemia screening and hemorrhage detection applications.

OrSense customers include blood donation facilities, hospital departments, public screening program and outpatient facilities.

The company’s products are based on its proprietary optical technology, Occlusion Spectroscopy, which eliminates the need for needle-stick blood tests, and overcomes key obstacles of competing approaches.

OrSense CEO Lior Ma’ayan said anemia is a key undiagnosed and untreated condition affecting around 2 billion people worldwide which may benefit from a painless, safe and easy to use screening solution.

"The funds secured will allow us to expand our commercialization efforts into additional point of care segments such as women’s health, public health programs and homecare. During 2011 we will expand our geographical reach beyond Europe to Asia Pacific, Africa and the Americas," Ma’ayan said.