AGA’s Venture Capital Fund Invests in EndoSound

EndoSound Inc. has received an investment from the American Gastroenterological Association’s (AGA) new venture capital fund, GI Opportunity Fund 1.
 
“AGA’s commitment to driving innovation expanded through our venture fund and we’re proud to support emerging companies, like EndoSound, that are transforming care for patients with digestive disease. Technology that can increase patient access to care and procedure safety while also lowering healthcare costs is truly exceptional,” said Lawrence Kosinski, M.D., AGAF, AGA Governing Board Councilor for Development and Growth.
 
The EndoSound Vision System (EVS) won U.S. Food and Drug Administration (FDA) Breakthrough Device designation in July 2021. EVS) is a disruptive EUS platform whose attachable transducer and supportive components transforms a conventional upper endoscope into a fully functional endoscopic ultrasound device. EUS is an imaging technology like computed tomography, magnetic resonance imaging, and point-of-care ultrasound. It is critical to the diagnosis and treatment of a variety of benign and malignant diseases particularly those of the liver, gallbladder, and the pancreas. The cost of existing systems has limited the availability of this crucial modality in the United States and globally.
 
“As a practicing GI physician, the support of the AGA is an enormous validation for our mission,” EndoSound President/CEO Stephen Steinberg, M.D., said. “We were initially honored as winners of the AGA’s Tech Summit 2022 Shark Tank. This investment is an even greater testament to their belief in our team and technology. We could not be more pleased with a partner who shares similar values and a desire to provide the utmost innovative technologies to the GI community, its physicians, and their patients.”
 
By eliminating the burden of cost, the EVS will provide physicians with a technological option that can enable care for their patients in a greater number of locations and settings. This brings the potential for enormous benefits to patients, payers, and providers by reducing costs in the healthcare system. The EVS is not yet cleared by the FDA.

“We are excited to continue to build our fund’s portfolio of early-stage, high-growth GI companies with our recent investment in Endosound, a company with technology that converts any endoscope into an endoscopic ultrasound,” Varia Ventures Co-Founder/Managing Director Andrea Vossler stated.
 
EndoSound Inc. is a privately held company based in Portland, Ore., aiming to expand access to endoscopic ultrasound technology. With its patented design, EndoSound transforms an upper endoscope into a fully functional EUS scope. 
 
The American Gastroenterological Association is the voice of the GI community. Founded in 1897, AGA has grown to more than 16,000 members worldwide who are involved in all aspects of the science, practice, and advancement of gastroenterology. The AGA Institute administers the practice, research and educational programs of the organization. 
 
The AGA Center for GI Innovation and Technology supports innovation and the development of new technology in gastroenterology, hepatology, nutrition and obesity by guiding medical device and therapeutics innovators through the technology development and adoption process.
 
Varia Ventures is a next-generation venture capital platform for professional organizations interested in building wealth for themselves and their members through investing in a portfolio of highly curated, emerging companies originating from their organizations. Varia’s platform blends insights from key opinion leaders, strategic partners, and industry experts through its “end-to-end” technology solution designed to both support early-stage companies while providing compelling investment opportunities to its investors.