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Technology giant Sony Corp. (TYO:6758) invested $10 million into Israel-based Rainbow Medical, a medical device portfolio company that has drawn other big players in the medtech industry.
Rainbow Medical, which has with technology in hypertension stents, retinal prostheses and implantable glucose sensors, among others, has drawn interest from Medtronic (NYSE:MDT) and Abbott (NYSE:ABT) in the past.
Among Rainbow’s portfolio companies are Enopace Biomedical, developer of endovascular neurostimulators for heart failure patients; Vascular Dynamics, a hypertension stent; Maxillent, maker of a a minimally invasive sinus implant; and Nano Retina, maker of a retinal prosthesis.
Sony’s investment falls in line with the company’s efforts to expand its footprint in healthcare technology, especially in medical imaging. In connection with the funding, Sony installed a full-time executive in Israel to watch over the investment and keep an eye out for potential acquisition opportunities, according to a report from Israel’s Globes.
Sony in September 2011 announced its intention to enter the medtech space with the acquisition of diagnostics device maker Micronics Inc. The merger, made through Sony subsidiary Sony Corp. of America for an undisclosed amount, aimed to help the company "accelerate its own research and development, particularly for Point of Care diagnostic equipment, as well as to accelerate the commercialization of these products," the company said at the time.
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