In March 2022 West Fountain Global Fund LP ("West Fountain"), a parallel fund outside of China, was the lead investor in Israeli medical device startup Tingo Medical, Ltd. ("Tingo Medical") with follow-on investments from established investors, including Grove Ventures and ForMed Ventures, both leading Israeli early stage investors. The funding will fuel the development and commercialization of Tingo Medical's next generation continuous glucose monitoring device (“CMG”).

Founded in 2020, from its inception, Tingo Medical has received seed round investments from Grove Ventures and ForMed Ventures, as well as from leading individual angel investors and healthcare industry insiders. The company was founded by two well-known Israeli entrepreneurs in the medical device industry, who together have over thirty years of experience in technology advancement, product development, medical product registration and team management in the medical device industry. Prior forming Tingo, they founded two insulin pump startups that were successfully acquired by Medtronic and Roche, respectively.
According to the International Diabetes Federation (“IDF”), as of 2023, it is estimated that over 500 million people are living with diabetes worldwide, making it one of the world's largest groups of patients with chronic disease, and according to the IDF, that number is expected to grow to over 643 million people worldwide by 2030. Tingo is developing a CMG monitoring device with advanced next-generation sensor technology for all types of diabetic patients, including type I, type II and gestational diabetes, which is expected to provide those patients with a continuous blood glucose monitoring solutions that combines high performance, ease of use and cost effectiveness, which will help them to better control their diet and exercise, and effectively improve their health and overall quality of life.

We believe that Tingo Medical, as a startup with cutting-edge technology and outstanding leadership, will quickly grow into a rising star in the field of continuous blood glucose monitoring, bringing a safer, lower-cost and more comfortable healthy living experience to diabetic patients.