FluidAI Medical announces $15-million Series A for AI-driven postoperative monitor

Series A round comes almost exactly one year after rebranding from NERv Technology.

Kitchener-Waterloo healthtech startup FluidAI Medical has announced it raised a $15-million USD ($20-million CAD) Series A round for its AI-driven postoperative monitoring platform.

The Series A round was led by SOSV and Graphene Ventures, with participation from Boutique Venture Partners, Threshold Impact, Cur8 Capital, Leva Capital, Kyto Technology & Life Science Inc., Juno Pharmaceuticals, and SLS Partnering.

The company says a number of angels, funds, and government funding organizations also participated. The all-primary, mostly equity round also featured non-dilutive funding from government grants such as one from the Ontario Together Fund. As a result of its investment, Graphene Ventures retained a seat on FluidAI’s board.

FluidAI announced the funding on Oct. 10, almost exactly one-year after it rebranded away from NERv Technology on Oct. 11, 2022, to lean into an identity as an AI-based healthtech solution. The company said the timing of the Series A round announcement is not related to the rebrand anniversary.

ā€œFluidAI reflects our evolution from a pure MedTech company to a hybrid; combining the state of the art of nanotechnology sensing, hardware, ML/AI & cloud,ā€ FluidAI wrote in a LinkedIn post following the name change.

The timing of this Series A announcement reflects growing Interest in AI-based healthtech solutions in recent weeks, with Scale AI and Alberta Innovates committing a combined $29 million to the area.

FluidAI’s product operates in post-surgery care, monitoring for side effects such as anastomotic leaks. These occur after surgery when there’s a connection (anastomosis) between two parts of the digestive tract. A leak from this connection can lead to serious complications, including sepsis (blood infection) and death.

FluidAI says its Stream platform uses advanced sensors and an AI-driven algorithm that may prompt surgeons to identify these leaks earlier.

RELATED: NERv Technology wins 2019 Entrepreneurship World Cup global finals

FluidAI (then NERv) was co-founded in 2014 by CEO Youssef Helwa and COO Amr Abdelgawad, two University of Waterloo engineering graduates, with the startup’s executive team also consisting of CTO Abdallah El-Falou.

It went on to raise a $1 million pre-seed round in October 2019 and then won the first place $500,000 USD prize at the 2019 Entrepreneurship World Cup (EWC) global finals in Riyadh, Saudi Arabia.

RELATED: NERv Technology raises $3.32 million as it prepares to bring medical sensor tech to market

The Series A round co-leaders, SOSV and Graphene Ventures, are return investors, with SOSV returning after leading the company’s $2.65-million USD ($3.32 million CAD) seed round in April 2021 which Graphene Ventures also participated in. FluidAI said it has raised $17.5 million USD to date, but declined to disclose its valuation.

ā€œFluidAI is a perfect example of AI-powered proprietary sensing being developed to save lives,ā€ said Duncan Turner, general partner at SOSV, in a statement. ā€œWith FluidAI, surgeons can ensure better clinical outcomes, shorter hospital stays for patients, and cost efficiencies across the healthcare ecosystem.ā€

FluidAI said the investment will allow it to develop deeper medical record integration, expand into existing and new global markets, grow its team, and introduce AI-driven solutions catering to a broader range of postoperative complications.

UPDATE (10/17/23): This story was updated to note additional information shared by a FluidAI spokesperson.

Feature image courtesy FluidAI.

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