VANCOUVER, British Columbia & MELBOURNE, Australia --(BUSINESS WIRE)

Proton Intelligence Inc., developing the first-ever Continuous Potassium Monitoring (CKM™) platform, today announced the closing of its $6.95 million USD Seed Financing round joined by SOSV, We Venture Capital, Tenmile, LongeVC, 15th Rock, Exor, and Trampoline Venture Partners.

The CKM™ platform is designed to transform the management of cardio-kidney-metabolic diseases by providing clinicians and patients crucial data about potassium levels on-demand. Potassium is both the most important biomarker in cardiac-kidney-metabolic diseases and the hardest to measure. Dangerous fluctuations in potassium levels—whether too high or too low—lead to cardiac arrhythmias and sudden cardiac death. The inability to provide timely potassium levels to patients and providers is a major barrier to getting patients on the correct life-saving therapies. About 33% of people with chronic kidney disease (CKD) or heart failure (HF) unnecessarily stop life-saving therapy after a high potassium event, which ultimately results in a nearly 40% increase in 6-month mortality [1]. Proton’s CKM™ technology aims to provide providers and patients accurate, remote, continuous potassium levels allowing precise treatment of patients suffering from kidney disease or heart failure.

"We are proud to be the first institutional investor in Proton Intelligence," said Mohan S. Iyer, General Partner at SOSV. "The team's exceptional focus and relentless execution inspire confidence, and we are excited to continue to support them as they move into clinical validation.”

“We Venture Capital have been impressed by this true breakthrough in electrolyte sensing capability, which will fulfil a critical gap in the current care continuum for many patients at risk from dyskalemia. We look forward to working with the Proton Intelligence team on the next phase of their journey,” said Dr. Louise Warme, Head of We Venture Capital.

The company has initiated clinical studies assessing the performance of CKM™ in people living with severely impaired kidney function such as the underserved population living with end-stage renal disease (ESRD) or chronic kidney disease (CKD). According to the United States Renal Data System (USRDS), 14% of US adults have CKD and account >25% of Medicare spend. Patients with ESRD account for 7% of US Medicare expenditure annually [2].

“The ability to continuously monitor potassium will enable better data driven decision making for patients with late-stage chronic kidney disease or on dialysis, not only improving outcomes for these patients but saving health systems considerable costs,” said Dr. Steve Burnell, Managing Director at Tenmile.

“This fundraising milestone represents a major leap forward for us,” said Dr. Sahan Ranamukhaarachchi, Founder and CEO of Proton Intelligence Inc. “We are immensely grateful for the trust and support of our investors, who share our vision of revolutionizing cardio-kidney-metabolic care. Their belief in our mission sees us funded through a number of clinical feasibility trials ahead of a pivotal study planned for 2026 and get closer to making CKM™ a reality for millions of patients.”

About Proton Intelligence Inc.

Proton Intelligence Inc. is headquartered in Vancouver, Canada, with R&D operations in Melbourne, Australia. The company is revolutionizing healthcare with its continuous electrolyte monitoring technology, starting with CKM™ for potassium (akin to continuous glucose monitoring in diabetes). The CKM™ platform addresses a critical challenge in cardio-kidney-metabolic disease management by enabling the safe implementation of optimal medical therapies.

About SOSV

SOSV is a multi-stage, deep tech venture investor committed to “human and planetary health,” and invests beginning at a startup’s inception, the “First Check in Deep Tech®.” Headquartered in Princeton, NJ, SOSV operates the deeply resourced startup development programs in New York City and San Francisco (IndieBio) and Newark, NJ (HAX) equipped with labs for bio-safety, chem, food, EE, analytics and mechatronics. The SOSV ecosystem spans the globe, with 800+ startups operating in 40 countries.

About We Venture Capital

We Venture Capital is a specialized fund investing in diagnostics, as well as tools and digital solutions in the diagnostics area. Being the corporate investment arm of Werfen, a worldwide leader in specialized diagnostics, We Venture Capital is an active investor, leveraging the network and knowledge from Werfen to the benefit of our investments. We invest in and partner with early-stage startups close to market entry or early scale-ups, working closely with our portfolio to support their growth over time. We are firm believers of technical advancement as a means to improve patient outcomes and revolutionize healthcare.

About Tenmile

Tenmile is a health technology investment business that partners with early-stage companies to target unmet needs in healthcare and develop the Australian health commercialisation ecosystem. Launched in September 2022 with a $250m commitment we have team members in Perth, Sydney and New York. Health technology covers digital health, diagnostics, medical devices, tools, and therapeutics.

Visit our website for more information: https://www.protonintelligence.com/

Media
Rory St Clair
[email protected]

Copyright Business Wire 2024

Information contained on this page is provided by an independent third-party content provider. XPRMedia and this Site make no warranties or representations in connection therewith. If you are affiliated with this page and would like it removed please contact [email protected]