Avenda Health, an AI healthcare company creating the future of personalized prostate cancer care, today announced it has raised $10M in Series B funding led by VCapital. The round also includes participation from Plug & Play Ventures and Wealthing VC Club.
Avenda Health notes the capital will be used to accelerate the use of iQuest, an AI-enabled patient management software that identifies and visualizes a patient’s prostate cancer. The funding will also be used to continue clinical evidence development.
Avenda Health has introduced technology that is innovating the men’s health industry to improve treatment and cancer mapping for prostate cancer care. The Avenda Health FocalPoint System powered by iQuest reimagines laser ablation with a system to treat prostate cancer in-office under ultrasound guidance while preserving quality of life. The system spares healthy tissue by targeting only the tumor, which minimizes side effects, and uses patient-specific information and AI to deliver a precise and personalized treatment. To better predict the extent of disease and support decision-making in cancer care, Avenda Health developed iQuest, which uses AI-deep learning to uncover cancer previously hidden within traditional MRI mapping and can be used by physicians to better plan treatments.
“Our company’s mission is to provide clinicians and their patients greater access to care while maintaining quality of life that is often missing in prostate cancer treatment. Our technology is solving key issues in men’s health and we look forward to creating real change in prostate cancer care,” said Dr. Shyam Natarajan, co-founder and CEO of Avenda Health. “This funding will play a critical role in expanding the capability and reach of our technology, while adding to our experienced team of Urology, medical device, and AI leaders.”
At the 2022 American Urological Association annual meeting, a retrospective study of 50 patients showed iQuest improved tumor encapsulation1 over conventional treatment planning from 56 percent to 80 percent2. In 2021, the company received Breakthrough Device Designation FDA clearance for the Avenda Health Focal Therapy System. The system was also voted the “Most Promising Ablative Technology” at FOCAL 2020: Focal Therapy Gauntlet, attended by top urologists from around the country.
“We are thrilled to be a part of Avenda Health’s journey in making incredible strides in the future of prostate cancer care, ” said Ryan Kole, Partner at VCapital. “Investing in something meaningful, innovative and groundbreaking in men’s health, is something VCapital is proud of.”
FocalPoint is FDA cleared for soft tissue ablation. iQuest and its use with FocalPoint are not FDA cleared and are for investigational use only.