Cytovale, a company focused on medical diagnostics and dedicated to the development of technology for disease diagnosis, has announced the successful acquisition of $84 million in Series C financing. The investment is led by Norwest Venture Partners, with the participation of other stakeholders.
FUNCTIONALITY
Cytovale provides the IntelliSep diagnostic test, which received FDA 510(k) approval last year. The test aims to facilitate early identification of sepsis, an inappropriate immune response to infection that can lead to fatality.
The evaluation focuses on the host’s cellular response and is intended to be used in conjunction with clinical evaluations and laboratory findings.
This California-based entity intends to utilize the raised capital to expand the availability of IntelliSep in more emergency departments and healthcare facilities across the United States.
“Sepsis is a perilous and rapidly evolving condition that can lead to fatal consequences if not identified and promptly treated,” remarked Ajay Shah, CEO of Cytovale. “Our flagship diagnostic tool, IntelliSep, with a blood-to-answer timeline of under 10 minutes, aids healthcare providers in early sepsis recognition and facilitates critical, time-sensitive clinical decisions. With the backing of our investors, we can now intensify our efforts to place our tool in the hands of more healthcare providers to mitigate the potential deadly outcomes currently faced by patients.”
INDUSTRY TRENDS
In 2021, sepsis was associated with 330.9 deaths per 100,000 people aged over 65 years, as reported by the CDC.
The company AITRICS is employing technology for sepsis detection. It has developed VitalCare, an AI software for predicting a patient’s risk of cardiac arrest, sepsis, and death within four to six hours in the ICU.
Another player, TIIM Healthcare, is an AI health technology firm in Singapore that has obtained an exclusive IP license to commercialize a pioneering technology developed by the Duke-NUS Medical School for identifying patients at a high risk of succumbing to sepsis.
