Sonic Incytes Medical Raises $7.3M in Series A Funding

Sonic Incytes Medical Corp. is $7.3 million richer these days.

The company’s latest Series A financing round was led by Nimbus Synergies, with contributions from Nicola Wealth, Mint Venture Partners, Consortium Medteq, Wavemaker Three-Sixty Health, Gaingels, and INP Capital, as well as notable angel investors. The strategic equity round—oversubscribed by 150 percent—follows the launch of Velacur, the first handheld 3D liver health assessment solution, in the U.S. market.

“Velacur is poised to make a mark as an innovative solution to detect liver disease, and we’re excited to have the support of investors who believe in our vision and mission,” states George Aliphtiras, CEO of Sonic Incytes. “Their support is based on the recognition that fatty liver disease is a significant health issue and underscores the need for an accurate, accessible and affordable point of care diagnostic tool to assess and manage millions affected by this often-silent disease.”
 
The FDA-cleared Velacur is a handheld, point-of-care ultrasound solution that quantifies liver disease using technology similar to MRI elastography combined with 3D tissue sampling. It provides consistently accurate results, enabling a clear picture of liver health in real time, so physicians can be confident in the diagnosis, treatment and care of their patients with chronic liver disease. Unlike biopsy and MRI, the procedure is non-invasive, comfortable and convenient. It takes about five minutes and can be performed in a physician’s office.
  
In addition to Nimbus Synergies’ investment, Nimbus Synergies CEO Paul Geyer joined Sonic Incytes’ Board of Directors. Over the past 30 years, Geyer has founded or led three companies, and since 2008 has focused on assisting entrepreneurs in building successful businesses as a mentor, partner, and investor. “Paul is a successful entrepreneur, board member, angel investor, and venture capitalist, and we’re pleased to leverage his expertise as part of our Board of Directors,” said Aliphtiras.
 
“Fatty liver disease is a growing global epidemic affecting more than one billion people and is commonly associated with diabetes and obesity. This disease causes permanent liver damage and mortality,” stated Geyer. “Our vision at Nimbus is to improve health through Canadian-led innovation and by investing in this technology spun-out of the University of British Columbia, we are helping solve real-world health crises like chronic liver disease.”
 
Sonic Incytes creating diagnostic solutions. Recognizing the rise of chronic liver disease, its point of care ultrasound solution (Velacur), boasts diagnostic accuracy comparable to MRI. Founded in 2017, Sonic Incytes is a health technology company headquartered in Vancouver, British Columbia, Canada. 
 
Nimbus Synergies leads early-stage financings in health technology companies in Canada. By bringing these companies together to share resources, industry specific knowledge, and relationships, Nimbus is accelerating their growth and increasing their likelihood of success. Nimbus is significantly impacting the digital health sector through its leadership as investor, partner, and mentor.