OrbiMed Raises $203 Million for Israel Biomed Fund
OrbiMed Advisors, a healthcare investment firm in New York, has brought in $203 million for its one-year-old OrbiMed Israel Partners fund—including $40 million from the Israeli government, according to VentureWire. OrbiMed will use the fund to back 15-20 Israeli startups, OrbiMed general partner Jonathan Silverstein told VentureWire. The fund’s first big move is a $10.5 million investment in SMT Research and Development, an Israeli company that’s developing medical devices for use in complex heart procedures. OrbiMed is also expanding its team in Israel, according to a press release.