Prenuvo, a California-based medtech company that uses advanced MRI using AI to proactively screen for cancer and disease in under one hour, has raised $70M in Series A equity and debt funding led by Felicis.
Other participating investors include Tony Fadell, NYT bestseller author and founder of Nest; Dr. Timothy A. Springer, Lasker award recipient; Anne Wojcicki, CEO of 23&Me; Steel Perlot, with Eric Schmidt as chairman; entrepreneur Rande Gerber; and wellness investor, supermodel, and actress, Cindy Crawford.
The US company will use the funds to invest in it’s artificial intelligence (AI) team, new radiology tools, custom advanced MRI builds, and national expansion.
“The current healthcare system is reactive. For many, health information comes too late, once a disease or condition has progressed, has symptoms, and is more difficult and expensive to treat,” says Andrew Lacy, founder, and CEO of Prenuvo. “Our series A financing is a validation of Prenuvo’s mission to catch conditions before they become crises and transform the healthcare approach as we know it to one rooted in proactive health.”
MRI scans that’s faster and cheaper
Founded by Andrew Lacy, Prenuvo offers radiation-free, full-body MRI scans that are faster, less costly, and more intelligent than traditional methods.
Using cutting-edge software and proprietary AI technology, a single Prenuvo scan covers 26 regions and organs of the body in under one hour.
With high clinical diagnostic quality, it can screen for and diagnose more than 500 conditions – including most solid tumors at Stage 1 – at a fraction of the cost of traditional MRI screenings.
Prenuvo operates preventative screening clinics in Vancouver, Silicon Valley, Los Angeles, Dallas, Boca Raton, and Minneapolis.
The company claims to have grown in revenue by 240% year-over-year and is scaling quickly, with seven current clinics – including newly opened Santa Monica and Boca Raton locations – and plans to launch additional locations over the next year, in cities including New York City, Chicago, Boston, and Bethesda.
“The typical physical hasn’t evolved in decades and lacks predictive power. Prenuvo gives patients unparalleled clarity and control,” adds Dr. Raj Attariwala, co-founder and radiologist at Prenuvo. “Not only can patients make better-informed decisions about their health, but doctors can also make more accurate treatment or monitoring plans with technology that can measure changes that are simply invisible to the naked eye. As a result, we’re making powerful health insights more readily available to anyone at any time.”
“Everyone knows someone who has had cancer or has been surprised by a late-stage diagnosis. Prenuvo has a new vision for a world where fewer people will have to face this hard reality,” says Sundeep Peechu, General Partner and founding member at Felicis. “It’s an honor to support a company advancing patient health empowerment this way.”
The post Prenuvo rakes in $70M to develop radiation-free MRI for early detection of cancer and other diseases appeared first on Tech Funding News.
