Oncoustics, a Toronto, Canada-based provider of ultrasound-based tissue characterization solutions, raised $5M+ in Seed funding.
The round was led by Creative Ventures and Saltagen Ventures with participation from NorthSpring Capital Partners, Fraser Kearney Capital Corp., Pallasite Ventures, and Dr. Chen Fong, a renowned radiologist, entrepreneur/investor and inductee into the Order of Canada for his contributions to medical technology innovation and philanthropy. With this close, Oncoustics added Dr. Fong on behalf of Saltagen, and James Wang of Creative Ventures to its board of directors.
The company intends to use the funds to advance its SaMD (software as a medical device) technology for the low-cost assessment of structural diseases at point of care.
Led by CEO Beth Rogozinski, Oncoustics applies AI to raw ultrasound signals to do tissue characterization at point of care for low-cost, noninvasive surveillance, diagnostics, and treatment monitoring of diseases with high unmet clinical need.
Oncoustics’ first product, the OnX liver assessment solution, is focused on detecting structural liver diseases including fibrosis and steatosis (fat) that can occur in all types of chronic liver disease (CLD).
The solutions for ultrasound will be submitted for regulatory approval in the United States (FDA 510(k)), Canada (Health Canada medical device license) and the European Union (CE Mark). The OnX Liver Assessment Solution has not been cleared for clinical use and is For Investigational Use Only.