EndoSound® Receives Investment From AGA's GI Opportunity Fund
EndoSound®, Inc., an Oregon-based medical device innovator developing technologies that enhance access, reduce cost, and increase the safety of endoscopic ultrasound (EUS) procedures, announced that the company received an investment from the American Gastroenterological Association (AGA), AGA's 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 health care costs is truly exceptional," said Lawrence Kosinski, MD, AGAF, AGA Governing Board Councilor for Development and Growth.
EndoSound was granted Food and Drug Administration (FDA) Breakthrough Device designation in July 2021. The EndoSound Vision System® (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 CT, MRI 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 around the world.
"As a practicing GI physician, the support of the AGA is an enormous validation for our mission," says Stephen Steinberg, MD, CEO and President of EndoSound, Inc. "We were initially honored as winners of te 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 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," said Andrea Vossler, co-founder and managing director, Varia Ventures.
EndoSound, Inc., is a privately held company based in Portland, Oregon. EndoSound is dedicated to expanding access to endoscopic ultrasound technology around the world. With its patented design, EndoSound transforms an upper endoscope into a fully functional EUS scope. It is comprised of an experienced team of scientists, engineers, clinicians, and seasoned business professionals with a track record of bringing new medical devices to market.
The American Gastroenterological Association is the trusted voice of the GI community. Founded in 1897, AGA has grown to more than 16,000 members from around the globe 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. For more information, visit www.gastro.org.
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.
About Varia Ventures
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. For more information, visit variaventures.com.