NEW YORK and SINGAPORE, Aug. 24, 2020 /PRNewswire/ -- Fibronostics, a global company providing non-invasive, algorithmic diagnostics for NASH patients, announced today that it has secured $8 million in series A funding. The financing round was led by AT Capital, a leading private investment firm in Asia and Elev8.vc, an early stage deep-tech VC fund.
This funding arrives as Fibronostics' lead product, LIVERFASt, has recently been granted a Current Procedural Terminology (CPT) code by the American Medical Association, with the highest reimbursement fee in its category, facilitating market access in the United States.
LIVERFASt is a non-invasive patented test that works with a simple blood draw. Using a combination of AI technology and broadly available biomarkers, the test enables precise staging of organ lesions to diagnose liver disease. A cloud platform offers seamless integration with healthcare providers to deliver the right treatment at the right time.
"Liver disease has historically required more invasive procedures such as biopsies," said Sanjay Bakliwal, CIO, AT Capital. "We believe Fibronostics' technology can relieve some of the burden placed on health care systems today, providing a low risk, cost-effective and scalable diagnostics solution. We are excited to partner with Tikehau Capital and SPRIM Ventures to take the company to the next level of growth."
LIVERFASt is commercialized on four continents, screening more than 70K patients and has broad support from key opinion leaders and patients alike. Most recently, Fibronostics recruited Dr. Steve Harrison to its board of advisors, adding a valuable perspective to help expand our clinical footprint globally. The company has plans to penetrate new markets and grow its line of products.
"We are thrilled to receive this funding from new and existing investors," said Roni Amiel, CEO, Fibronostics. "The financing will accelerate the commercialization of LIVERFASt in the U.S. and help expand our SaaS platform with new products targeting other disease states, including COVID-19, kidney and lung diseases."
About AT Capital
Founded by Mr. Arvind Tiku, the AT Capital group is a Singapore based family office with over US$2 billion of proprietary assets under management. AT Capital Group's key strategic investments are in the renewable energy and residential & commercial real estate sectors, in addition to significant public market investments.
Fibronostics is a global diagnostics company, providing non-invasive, algorithmic diagnostics and insights to detect and manage organ lesions caused by metabolic diseases. The company leverages artificial intelligence to screen and measure the progression and prognosis of liver & kidney disease as well as other chronic conditions.
Fibronostics is incorporated in Singapore & New York and is currently commercialized in North America, Asia, Europe and LATAM.