Abu Dhabi’s Dh535 million Ghadan Ventures Fund has invested in SonoStik, a leading medical device space innovator.
DisruptAD, one of the region’s leading venture platforms that oversees Ghadan Ventures Fund, led the initial round of funding, which is also known as a series A round. The company did not reveal the amount or any other details on the investment round.
The investment from Ghadan Ventures Fund will be utilized to increase commercial production and launch the product in the UAE as well as other markets.
Abu Dhabi-based SonoStik’s first novel product was the SonoStik Guide Wire Introducer, a US patented and FDA-approved medical device that aids in the successful introduction of intravenous catheters in patients.
“This investment represents an affirmation of our view that there is a distinct need for a product like this in the health care setting, especially in a post-COVID-19 world where healthcare improvements are front and center. We intend to use this funding to ramp up production of our product and to begin commercial distribution in UAE and across other countries.”
Dr. Hawaa Almansoori, Chairman of the SonoStik said, “We are providing a solution to a real, unmet medical need. Making it easier to locate veins for infusions and blood tests will not only make the entire process more comfortable for patients but will save money and staff time in hospitals and other health care facilities in terms of the time spent on this process.”
Ghadan Ventures Fund
The Ghadan Ventures Fund is managed by DisruptAD as part of the Ghadan 21 program. The Fund is part of DisruptAD’s larger goal of supporting and nurturing 1,000 start-ups in Abu Dhabi over the next five years, as well as building a dynamic local ecosystem of entrepreneurs, fund managers, incubators, and accelerators. Ghadan Ventures Fund has invested directly in 15 top start-ups and collaborated with 7 early-stage venture capital funds, all of which have a local presence in Abu Dhabi.