Sonic Incytes, a medical device startup based in Vancouver, has raised a $3.5 million CAD seed round. This startup’s funding raised to date now totals $4.5 million CAD.
Investors in the round included non-profit research organization Genome BC, which contributed $1 million through its Industry Innovation program. Although Genome BC provided the largest portion of capital, there was no technical lead named as part of this round. Other participants included Small World Group, Think Top Investments, and Sunhope Venture Capital, in addition to angel investors World Changing Ventures, TMFOX, UBC Seed Fund, and E-Fund.
“Access to a point of care diagnostic solution that replaces biopsy and MRI is an urgent unmet need.”
The new capital will be used by Sonic Incytes to commercialize its medical device that assesses and manages chronic liver disease.
“This financing will go a long way in helping us redefine the standard of care in quantifying fatty liver disease. Physicians will soon be able to accurately diagnose liver disease with a solution comparable to MRI,” said George Aliphtiras, CEO of Sonic Incytes. “Access to a point of care diagnostic solution that replaces biopsy and MRI is an urgent unmet need for effective patient management, and we are ideally positioned to address this emerging health crisis.”
Sonic Incyte has developed a portable, non-invasive, handheld solution that measures liver disease using 3D tissue sampling, similar to how a magnetic resonance imaging (MRI) tool operates.
The solution is aimed to provide an accurate, clear picture of liver health in real-time, allowing physicians to be confident in diagnosing, treating, and caring for patients. The startup said the entire procedure takes approximately five minutes in a doctor’s office.
Sonic Incyte was spun out of the University of British Columbia (UBC) and founded in 2017. It has received support from the Innovation UBC network, a program that turns research discoveries and partnerships into new technologies, services, treatments, and policies. After graduating from the Hatch accelerator program, the company raised $1 million, according to Innovation UBC.
“We are pleased to provide Sonic Incytes with $1 million in capital through our Industry Innovation Fund,” said Tony Brooks, CFO and vice president of entrepreneurship and commercialization at Genome BC. “Our investment, alongside funding from other investors, will help Sonic Incytes commercialize this innovative solution and make a significant difference in the management of liver disease and improve overall health and wellness.”
Image source Genome BC.