New funding: Medical device startup Sonivate is raising cash to fund its efforts to make ultrasound devices that fit on physicians’ fingertips. A SEC filing reveals $1.4 million raised of a larger round. The company did not respond to requests for comment on the financing.
Company background: Because Sonivate’s SonicEye devices mount onto fingertips, physicians can continue using their hands as they gather ultrasound images. That makes the devices especially useful for situations like military combat, in which field medics need lightweight devices that are simple to operate. The system works with an app for Windows and Android that shows a live feed of the ultrasound scan.
The Portland, Ore.-based company expects to launch its SonicEye portable system in Q4 of this year. FDA clearance for its SonicEye probe is expected early next year, according to its website.
Sonivate, founded in 2001, has received a total of $8.7 million through the Small Business Innovation Research (SBIR) and Broad Agency Announcement (BAA) programs.
Industry: The diagnostic ultrasound market is set to reach $7 billion by 2025, according to Global Market Insights. Other companies based in the Pacific Northwest building ultrasound-related technology include Yor Labs, which recently raised investment for its AI-powered handheld ultrasound system.
Fujifilm SonoSite, a longtime leader in ultrasound, is also betting that artificial intelligence will play a key role in the future of the technology. The Bothell, Wash.-based company is collaborating with the Allen Institute for Artificial Intelligence to use AI to interpret ultrasound images.
Leadership: Sonivate was founded by chief medical officer Dr. Ronald Schutz, a cardiologist by training who is currently chief marketing officer. CEO James Hatland was previously senior vice president of research, development and engineering at medical device firm Arrow International. Carl Anderson, former CEO of Arrow International, is the chairman of the board at Sonivate. Bernard Mara, vice president of engineering, is another Arrow alum.