Healthcare startup Oncoustics grabs more than C$5m in seed deal

Creative Ventures and Saltagen Ventures led the round.

  • The funding will be used to advance Oncoustics’ technology for the low-cost assessment of structural diseases at point of care
  • Other investors in the round include NorthSpring Capital Partners, Fraser Kearney Capital Corp, Pallasite Ventures and Dr. Chen Fong
  • In conjunction with the funding, Oncoustics have added Dr. Fong and James Wang of Creative Ventures to its board

Oncoustics, a Toronto-based provider of ultrasound-based tissue characterization solutions, has raised more than C$5 million in seed financing. Creative Ventures and Saltagen Ventures led the round.

The funding will be used to advance Oncoustics’ technology for the low-cost assessment of structural diseases at point of care.

Other investors in the round include 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.

In conjunction with the funding, Oncoustics have added Dr. Fong on behalf of Saltagen, and James Wang of Creative Ventures to its board of directors.

Oncoustics’ first product, the OnX liver assessment solution, is focused on detecting structural liver diseases including fibrosis and steatosis that can occur in all types of chronic liver disease.

“There’s a tsunami of need around detecting these types of liver diseases and our ultimate goal is to decrease or eliminate the need for high-end imaging or painful and invasive biopsies,” said Beth Rogozinski, CEO of Oncoustics, in a statement. “With this new round of funding, we will accelerate our liver solutions and enable low-cost diagnostics for earlier interventions and better patient care.”

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.