Innovative robot aims to revolutionize colorectal cancer staging accuracy
Tenomix secures $2M in oversubscribed Canadian funding round to advance a breakthrough cancer care robotics system
Tenomix, a pioneering medical technology company at Velocity, University of Waterloo’s startup incubator, successfully closed a $2 million all-Canadian seed funding round that will help develop a groundbreaking robotics system designed improve the accuracy of colon cancer staging.
Accurate determination of colorectal cancer stages is crucial to determining the right treatment plan but is often a delicate balance between art and science. The conventional process of searching for lymph nodes after tumours are removed isn’t reliable or efficient as some cancerous nodes could be missed during the manual search process resulting in improper treatment.
Recognizing this challenge, Tenomix has invented a robot that uses ultrasound and artificial intelligence to automate the current manual lymph node screening process and significantly improves cancer staging accuracy.
"Right now, pathology staff are feeling for firm areas in the tissue and just using their visual and tactile senses. It’s really not that reliable. "Because of those missed lymph nodes, even if only one or two are cancer positive, it can cause issues with proper cancer staging and results in the patient not getting the right treatment at the right time." - Saumik Biswas, co-founder and CEO of Tenomix.
Tenomix's innovative solution has garnered significant interest and support with FACIT, an Ontario-based oncology tech investor, leading the investment round.
“Our province’s life science ecosystem is world-renowned for its talent, who continue to push the envelope in developing the next-generation technologies that aid in medical breakthroughs,” said Vic Fedeli, Ontario’s Minister of Economic Development, Job Creation and Trade. “Tenomix’s cutting-edge cancer screening robotics system demonstrates the best of Ontario innovation, and we congratulate them on their continued successes.”
Other contributors to the funding round include $500,000 from the Ontario Centre for Innovation (OCI) through the Life Sciences Innovation Fund (LSIF), a co-investment of $1.6 million from Phoenix Fire (part of the Archangel Network of Funds), individual angel investors, and the Ontario Bioscience Innovation Organization, which invested through its Women in Health Initiative seed program.
Read the full story on Waterloo News.
