Oncoustics Raises $5.5 Million in Seed Round

by Kay Aloha Villamor in July 25th, 2022

Oncoustics, a Toronto, Canada-based Digital health startup has raised $5.5 million in seed funding to develop an artificial intelligence-powered technology that will be used to spot and diagnose liver diseases from ultrasound images.

The financing round was co-led by Creative Ventures and Saltagen Ventures, with backing from NorthSpring Capital Partners, Fraser Kearney Capital, Pallasite Ventures, and Dr. Chen Fong, an eminent radiologist, and entrepreneur.

Oncoustics will use the new funding to accelerate the development of its lead software-as-a-medical device (SaMD) OnX, used to detect changes like scarring (fibrosis) and fatty build-up (steatosis) in chronic liver diseases.

Company: Oncoustics Inc.

Raised: $5.5M

Round: Seed Round

Funding Month: July 2022

Lead Investors: Creative Ventures and Saltagen Ventures 

Additional Investors: NorthSpring Capital Partners, Fraser Kearney Capital, Pallasite Ventures, and Dr. Chen Fong

Company Website: https://oncoustics.com/

Software Category: Virtual biopsy’ AI platform

About the Company: Led by CEO Beth Rogozinski, Oncoustics applies AI to raw ultrasound signals to do tissue characterization at the point of care for low-cost, noninvasive surveillance, diagnostics, and treatment monitoring of diseases with the high unmet clinical need. Oncoustics’ AI Solutions turn inexpensive Point of Care Ultrasound devices into powerful diagnostic tools for faster cost, effective detection and monitoring of diseases including diseases in the liver, prostate, kidney, breast, and thyroid. Our team is made up of experts in AI, Signal Processing, radiology, hepatology, digital health, and Ultrasound. Oncoustics turns low-cost, point-of-care ultrasound systems into powerful and portable surveillance, diagnostic, and monitoring systems for preventive care and early intervention.

Source: https://pharmaphorum.com/news/oncoustics-raises-5-5m-for-virtual-biopsy-ai-platform/

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