Vancouver’s Sonic Incytes has completed a $9.3 million Series A round led by Nimbus Synergies.
The strategic equity round, which was oversubscribed by 150%, comes after the launch of Velacur, the first handheld 3D liver health assessment solution, in the US market in early 2021.
Cleared by the FDA, Velacur is a handheld, point of care ultrasound solution that quantifies liver disease using technology similar to MRI elastography combined with 3D tissue sampling. It provides consistently accurate results, enabling a clear picture of liver health in real time, so physicians can be confident in the diagnosis, treatment and care of their patients with chronic liver disease.
Unlike biopsy and MRI, the procedure is non-invasive, comfortable and convenient. It takes about five minutes and can be performed in a physician’s office.
“Velacur is poised to make a mark as an innovative solution to detect liver disease, and we’re excited to have the support of investors who believe in our vision and mission,” states George Aliphtiras, CEO of Sonic Incytes.
“Their support is based on the recognition that fatty liver disease is a significant health issue and underscores the need for an accurate, accessible and affordable point of care diagnostic tool to assess and manage millions affected by this often-silent disease.”
In addition to Nimbus Synergies’ investment, Paul Geyer, CEO of Nimbus Synergies, will be joining the Sonic Incytes’ Board of Directors effective immediately. Over the past 30 years, Geyer has founded or led three companies, and since 2008 has focused on assisting entrepreneurs in building successful businesses as a mentor, partner, and investor.
“Paul is a successful entrepreneur, board member, angel investor, and venture capitalist, and we’re pleased to leverage his expertise as part of our Board of Directors,” explains Aliphtiras.
“Fatty liver disease is a growing global epidemic affecting more than one billion people and is commonly associated with diabetes and obesity. This disease causes permanent liver damage and mortality,” states Geyer.
“Our vision at Nimbus is to improve health through Canadian-led innovation and by investing in this technology spun-out of the University of British Columbia, we are helping solve real-world health crises like chronic liver disease.”
The round also included Nicola Wealth, Mint Venture Partners, Consortium Medteq, Wavemaker Three-Sixty Health, Gaingels and INP Capital, as well as notable angel investors.
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