Abu Dhabi-based venture capital (VC) platform DisruptAD is investing in SonoStik, a provider of medical devices also based in Abu Dhabi.
The investment will be made via the AED535 million (US$145.6 million) Ghadan Ventures Fund managed by DisruptAD.
The capital will be used to ramp up production and begin commercial distribution across the region, according to SonoStik.
“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 centre,” said Richard Fogel, chief executive at SonoStik.
To date, the Ghadan fund has made 15 direct investments in Abu Dhabi-based start-ups and partnered with seven early-stage VC funds.
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