Biobeat Technologies Ltd. is starting the new year on sound financial footing, having closed a $50 million Series B equity financing.

The financing was led by new investors Ally Bridge Group, OrbiMed Advisors, and Elevage Medical, and included participation from a strategic investor. Proceeds from the financing will be used to expand U.S. commercialization.

Cuff-based ambulatory blood pressure monitoring (ABPM) devices have historically been underutilized due to their frequent and disruptive inflation cycles resulting in low patient compliance and logistical device and data collection issues for clinical staff. By contrast, the Biobeat sensor allows the patient to go about their daily activities and sleep undisturbed. Once the test is complete, the device is disposed of by the patient and a report is generated automatically (available in seconds), stored in the institution’s electronic medical records system.

“I am delighted to welcome venture capital investors Ally Bridge, OrbiMed and Elevage to the Biobeat team. We believe that Biobeat will have a profoundly positive impact on clinical utilization of ABPM, similar to what was experienced with ambulatory ECG monitoring once a patch-worn device became available,” Biobeat Executive Chairman Raymond W. Cohen stated.

The company has welcomed Steven Plachtyna of Ally Bridge, Dina Chaya of OrbiMed, and Evan Melrose of Elevage to its Board of Directors.

“This is an exciting time for the company as we bring on a talented field sales team to expand commercialization of our ABPM system,” Biobeat CEO Arik Ben Ishay said. “Based on our clinically validated embodiment, the time has finally arrived to make ABPM a true standard of care to help diagnosis and titrate anti-hypertensive medications for the over 100 million hypertensive patients in the U.S.”

Biobeat is a company with operations in Tel Aviv, Israel, and Boca Raton, Fla. Biobeat is striving to revolutionize the blood pressure monitoring landscape by expanding the use of ABPM for hypertensive patients and providing 24-hour blood pressure data that allows for patient comfort and uninterrupted sleep while capturing critical nighttime BP measurements seamlessly and accurately.

Ally Bridge Group is a global healthcare investment management firm focused on high impact life science innovation. The firm was founded by Frank Yu in 2013. The firm manages assets from offices in New York City and Hong Kong. Since establishment, Ally Bridge has led or co-led more than $6 billion of transactions in healthcare.

OrbiMed is a leading healthcare investment firm with more than $19 billion in assets under management. OrbiMed invests globally across the healthcare industry, from startups to large multinational corporations, through private equity funds, public equity funds, and royalty/credit funds. OrbiMed seeks to be a capital provider of choice, providing tailored financing solutions and extensive global team resources to help build world-class healthcare companies. OrbiMed’s team of more than 130 professionals is based in New York City, London, San Francisco, Shanghai, Hong Kong, Mumbai, Herzliya, and other key global markets.

Elevage Medical Technologies is a platform established by Patient Square Capital and supports medical technology companies that can improve health outcomes and quality of life for patients. Elevage provides capital along with deep technical, regulatory, and operational expertise to companies ranging from advanced clinical development to commercial acceleration stage. Elevage supports rapidly growing, highly differentiated companies with paradigm-shifting technologies and strives to help build industry-leading medical technologies.