FIZE Medical Announces First Close of $20M Series B Financing Co-Led by Asahi Kasei Medical and Rapha Capital

The round marks a significant deepening of FIZE Medical's strategic relationship with Asahi Kasei Medical, which launched FIZE kUO^® in Japan and serves as FIZE's exclusive distribution partner in the country. Asahi Kasei Medical will now also distribute FIZE kUO^® in Europe, expanding FIZE Medical's commercial reach into a major new market while strengthening the companies' collaboration across critical care.

With this investment, Asahi Kasei Medical is expanding its involvement beyond distribution and into fluid management, signaling a deeper strategic commitment to FIZE Medical's technology and its vision for the future of critical care. The partnership comes as FIZE Medical advances FIZE Optima, which is designed to harness continuous physiologic data to predict fluid-related risk and guide treatment decisions.

"Asahi Kasei Medical has been an important and trusted partner in bringing FIZE kUO to clinicians in Japan, and this investment represents a meaningful next step in our relationship," said Dror Zerem, CEO of FIZE Medical. "We are moving beyond monitoring toward a future in which continuous patient data can help clinicians anticipate fluid-related risk and make more informed treatment decisions. Having Asahi Kasei Medical deepen its commitment to FIZE at this stage is a powerful validation of both our technology and vision."

"As a world leader in development and production of devices and systems for blood treatment and purification, we already know this space well, and fluid management is a natural extension of our presence in critical care," said Shuichiro Inadome, CEO of Asahi Kasei Medical. "We're excited to deepen our partnership with FIZE Medical as it advances from precision monitoring toward predictive, AI-powered fluid management. We see significant potential in FIZE's technology and look forward to expanding access to FIZE kUO in Europe."

"Asahi Kasei Medical's investment is a vote of confidence in FIZE Medical's technology and trajectory," said Kevin Slawin, M.D., Founder and Managing Partner of Rapha Capital Management. "We began investing in FIZE from its earliest stage because we believed in its potential to fundamentally change medicine through its groundbreaking kUO device. Today, we continue that commitment as FIZE establishes the kUO as the leading device in real-time kidney urine output data collection and takes the next step towards utilizing that data to deliver real-time fluid management solutions to clinicians when it's needed most."

Proceeds from the round will be used to accelerate development of the FIZE Optima platform for AI-driven prediction and treatment guidance, and to strengthen commercial activities in FIZE Medical's leading markets.

About FIZE Medical

FIZE Medical is an innovative MedTech company dedicated to transforming fluid management for critically ill patients. Its proprietary FIZE kUO® system, commercially available in Japan, Europe and the U.S., provides real-time, digital monitoring to support precision fluid management, early intervention, and improved patient outcomes. FIZE Medical is committed to redefining fluid management through continuous innovation, AI-driven data insights, and clinical evidence.
https://fizemedical.com

About Asahi Kasei Medical Co., Ltd.

Asahi Kasei Medical Co., Ltd., headquartered in Tokyo, serves the global market with dialysis products and therapeutic apheresis devices, such as membrane type plasma separators, plasma component separators, and immunoadsorption columns. With a strong focus on intensive care, Asahi Kasei Medical is committed to advancing technologies that support healthcare professionals in improving outcomes and saving lives in the most critical clinical settings.

*Effective April 1, 2027, Asahi Kasei Medical Co., Ltd. will operate under the new company name "MILIFE CARE Corporation".

https://www.asahi-kasei.co.jp/medical/

About Rapha Capital Management

Rapha Capital Management, LLC is an investment advisory firm focused on making strategic investments in early stage, non-public biotechnology companies, through special purpose, joint venture entities (SPVs), which it manages. Rapha Capital was founded by its President, Kevin Slawin, M.D., a successful and experienced urologist, oncologic and robotic surgeon focusing now on disruptive healthcare technologies. Previously, he was the founder of Bellicum Pharmaceuticals, Inc., the very first CAR-T cell company, which he took public in 2014 with a $55 million crossover Series C and a successful $161 million IPO in December 2014.

After leaving Bellicum, he founded Rapha Capital Management, LLC (https://raphacap.com), which offers alternative asset management services to Rapha's fifteen SPVs, Rapha Capital Investment I to XV, LLC, as well as to its private equity fund, Rapha Capital PE Life Sciences Fund VI, which is the current vehicle for all investments managed by Rapha Capital Management.

For more information about Rapha Capital Management, email [email protected] or visit https://raphacap.com

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SOURCE FIZE Medical