Company to use funds to invest in AI team, accelerate advanced technology development and fuel national expansion
Funding comes on the heels of rapid growth, including clinic opening in Los Angeles, Calif.
Prenuvo, a pioneer in advanced, radiation-free whole body imaging for early detection of cancer and other diseases, today announced that it has raised $70M in Series A equity and debt funding led by Felicis, with participation from existing investors including Tony Fadell, NYT bestseller author and founder of Nest; Dr. Timothy A. Springer, Lasker award recipient; Anne Wojcicki, CEO of 23&Me; Steel Perlot, with Eric Schmidt as chairman; entrepreneur Rande Gerber; and wellness investor, supermodel, and actress, Cindy Crawford. The funding will be used to invest in the company’s artificial intelligence (AI) team, new radiology tools, custom advanced MRI builds, and national expansion.
With Prenuvo, people and their doctors can reveal health problems early, if there are any, and gain peace of mind, if there are not. The company offers radiation-free, full-body MRI scans that are faster, less costly, and more intelligent than traditional methods, which can be prohibitively expensive and take three to four hours to complete. Using cutting-edge software and proprietary AI technology, a single Prenuvo scan covers 26 regions and organs of the body in under one hour. With high clinical diagnostic quality, it can screen for and diagnose more than 500 conditions – including most solid tumors at Stage 1 – at a fraction of the cost of traditional MRI screenings.
The company has grown in revenue by 240% year-over-year and is scaling quickly, with seven current clinics – including newly opened Santa Monica and Boca Raton locations – and plans to launch additional locations over the next year, in cities including New York City, Chicago, Boston, and Bethesda.
“The current healthcare system is reactive. For many, health information comes too late, once a disease or condition has progressed, has symptoms, and is more difficult and expensive to treat,” said Andrew Lacy, founder and CEO at Prenuvo. “Our series A financing is validation of Prenuvo’s mission to catch conditions before they become crises and transform the healthcare approach as we know it to one that is rooted in proactive health.”
Research by Healthy People, a federal program administered by the Department of Health and Human Services (HHS), found that preventive health screenings and primary care consultations can significantly increase life expectancy, particularly among the 30-to 49-year age group, yet only 8% of U.S. adults receive appropriate preventive healthcare services each year. Incorporating whole-body MRI scans into the healthcare routine could help provide a comprehensive baseline health profile to monitor changes over time.
“The typical physical hasn’t evolved in decades and lacks predictive power. Prenuvo gives patients unparalleled clarity and control,” added Dr. Raj Attariwala, co-founder and radiologist at Prenuvo. “Not only can patients make better-informed decisions about their health, but doctors can also make more accurate treatment or monitoring plans with technology that can measure changes that are simply invisible to the naked eye. We’re making powerful health insights more readily available to anyone at any time.”
Prenuvo clinics redefine the imaging experience. Scans are spacious and allow patients to relax, watch a show on flatscreen TVs or listen to music for the duration. Trained radiologists read the images and results are delivered to patients and their doctors – along with next steps – through the user-friendly Prenuvo web and mobile app.
“Everyone knows someone who has had cancer or has been surprised by a late-stage diagnosis. Prenuvo has a new vision for a world where fewer people will have to face this hard reality,” said Sundeep Peechu, General Partner and founding member at Felicis. “It’s an honor to support a company that is advancing patient health empowerment in this way.”
About Prenuvo
Prenuvo pioneered the use of advanced MRI using AI to proactively screen for cancer and disease in under one hour. Based on 10 years of clinical research, Prenuvo can detect solid tumors at Stage 1 and over 500 other health conditions, leading to much better health outcomes for its patients. Prenuvo is on a mission to allow consumers to take charge of their health by moving from reactive to proactive. Prenuvo operates preventative screening clinics in Vancouver, Silicon Valley, Los Angeles, Dallas, Boca Raton, and Minneapolis. For more information visit us at prenuvo.com.
About Felicis
Founded in 2006, Felicis is a venture capital firm investing in companies reinventing core markets, as well as those creating frontier technologies. Felicis focuses on early stage investments and currently manages over $2.1B in capital across 8 funds. The firm is an early backer of more than 41 companies valued at $1B+. More than 91 of its portfolio companies have been acquired or gone public, including Adyen (IPO), Credit Karma (acq by Intuit), Cruise (acq by General Motors), Fitbit (IPO), Guardant Health (IPO), Meraki (acq by Cisco), Ring (acq by Amazon), and Shopify (IPO). The firm is based in Menlo Park, CA. Learn more at www.felicis.com.
Originally announced October 18th, 2022
