Signostics Parent Company EchoNous Receives Additional Investment from KKR
September 28 | 2017
Funding to drive Uscan market expansion and continued innovation of AI-driven, highly miniaturized ultrasound devices to solve common problems in health care
EchoNous, the parent company of Signostics, today announced a new $35 million dollar investment from KKR, a leading global investment firm. Building on KKR’s initial $35 million dollar investment in the company in 2015, this additional investment will be used toward funding the ongoing market conversion of the company’s Uscan intelligent ultrasound tool for bladder and kidney care, while pursuing the ultimate nursing tool with a vein-finding solution and bringing a major new Artificial Intelligence (AI)-driven ultrasound project to market. For KKR, the investment is made as part of the firm’s health care growth equity strategy, which is focused on high-growth companies for which KKR can be a unique partner in helping reach scale.
“KKR has been a strong partner since our first investment round together, so we are very pleased to receive additional support from them as we build a world-class company dedicated to solving everyday problems in health care by fusing machine learning and miniaturized ultrasound,” said Kevin Goodwin, CEO of EchoNous. “We are confident that with KKR’s continued investment, we will accelerate Uscan’s market share in hospitals across the country, bringing a series of highly innovative, intelligent and unique health care tools to those who need them.”
Since its U.S. market launch in 2016, approximately 20% of U.S. health care systems have converted to Signostics’ Uscan intelligent ultrasound tool. Standing out against legacy conventional bladder scanners, the Uscan utilizes artificial intelligence and the extreme miniaturization of ultrasound to precisely measure bladder volume and bladder wall thickness, saving nurses time and health care systems money, while leading to improved patient satisfaction by reducing unnecessary catheterizations. Signostics intends to leverage its AI ultrasound technology to address peripheral IV access in early 2018.
“EchoNous is approaching ultrasound with a unique, AI-driven focus that we believe will revolutionize the way this technology is used in patient care,” said Justin Sabet-Peyman, Director on KKR’s Health Care investment team and Chairman of the Board of EchoNous. “The rapid adoption of Uscan demonstrates the company’s ability to execute on its innovative approach to ultrasound technologies, and we are excited about its ongoing development of new intelligent devices to improve health care.”
As seen with Uscan, the company’s AI-driven approach has led to industry-leading accuracy, allowing health care providers to make fast and informed decisions to help patients, while reducing the unnecessary costs related to catheterizations and associated urinary tract infections. Critical to the company’s approach to ongoing machine learning, each Uscan device shares data collected to produce high resolution 3D models of the bladder —free of patient identifiers— with Uscan servers to continually improve accuracy through automated software updates.
Signostics Receives FDA Clearance for Uscan™ – The World’s First Smart Mobile-Connected Visualization Device Specialized for Urologic Care
Uscan provides urologic visualization for efficient and more confident point-of-care clinical decision-making
KIRKLAND, WASH. – MAY 6, 2016 – Signostics, the global innovator in smart, high reliability ultrasound devices for urology, announced today that it has received U.S. Food and Drug Administration (FDA) 510(k) clearance for Uscan™, the first smart mobile-connected ultrasound visualization device targeted at urologic care.
Using algorithms from the science of computer vision, Uscan actively recognizes the 3D contours of the bladder, for far more accurate volume measurements than the industry standard* even on obese and other hard-to-scan patients. It acquires up to 256 bladder slices – 32 times more than conventional bladder scanners – resulting in industry-leading accuracy. It also provides real-time ultrasound imaging of the kidneys, pelvic floor, prostate, gallbladder, bladder stones, and catheter emplacement, for quick and easy visual tracking and observation.
“Uscan doesn’t just scan; it sees – providing intelligent urologic visualization by leveraging science from current-day computer vision algorithms aimed at more efficient and confident point-of-care clinical decision-making,” said Kevin Goodwin, CEO. “Uscan will exceed historical industry standards for bladder volume measurement accuracy yet will also enable use for other urologic imaging needs, reducing the delays and expense of engaging specialized ultrasound equipment or sonographers.”
Uscan also offers integrated middleware not found in any comparably priced systems; and can be used in a range of clinical settings beyond urology, including the emergency department, maternity, pediatrics, oncology, rehabilitation, aged care and home nursing. The system’s removable probe, high-resolution touch screen tablet and handheld displays make it ideally suited for on-the-go clinical care.
It is compatible with Android operating systems, and has built-in WiFi and Bluetooth connectivity that enables fast and reliable image management and interoperability with electronic health record (EHR) systems.
Uscan also offers the industry’s lowest cost of ownership in this market space, coming with a designed- in 5-year product warranty, with a “no fine print” pledge and requires no annual calibration. It is simple to learn and use, and provides real-time user guidance, eliminating the need for extensive training.
Signostics will introduce Uscan to U.S. healthcare providers attending the American Urological Association’s 2016 Annual Meeting (AUA 2016) May 6-10, 2016 in San Diego, California.
Uscan is anticipated to be commercially available in the U.S. by June 2016.
Signostics Inc. is a wholly owned subsidiary of Signostics Limited, a global medical device manufacturer with headquarters in the U.S. and offices in Australia, UK and Japan. Signostics, a KKR portfolio company, is pioneering smart ultrasound devices to enhance imaging and clinical decision making in urologic care. The company’s products include Uscan, SignosRT ultrasound systems and the SignosRT Bladder Scanner – ultra-portable, affordable devices designed to assist with the diagnosis of common medical presentations at the bedside. The company has regulatory approvals in the U.S., Australia, Canada, Europe, Singapore and Japan, and exports to countries around the world. For more information, visit www.signosticsmedical.com.
Signostics and Uscan are Trademarks of Signostics Limited.
Caution: Federal (USA) law restricts this device to sale by or on the order of a physician.
*Based on comparative measurements of a phantom of known volume.
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