Augere Medical secures NOK 23M in the “first close” funding round

The proceeds will be used to strengthen the PolypAID European sales & marketing efforts and to expand the AI development capabilities

OSLO, Norway, Nov. 19, 2024 (GLOBE NEWSWIRE) -- On back of the MDR CE-mark for its Class IIb PolypAID™ system which the company secured in August, Augere has secured NOK 23M (USD 2.1M) for its expanded activities.

The AI-driven PolypAID™ system helps clinicians and healthcare providers to augment screening of colorectal cancer. The proceeds will be used to strengthen the European sales and marketing efforts as well as hire highly skilled AI development engineers. In addition, Augere has started regulatory activities towards larger overseas markets and expects to achieve important milestones in these geographies over the next months.

David Borge Larsen, Augere’s interim CEO, commented: “Securing this first close financing enables the Augere team to focus on the real task at hand: bringing the PolypAID system to endoscopists and the patients being screened for colon cancer. We thank our investors for the continued support and are looking forward to expanding our customer base.”

During this quarter, Augere also exhibited at the UEG (United European Gastroenterology) Week in Vienna and received substantial traffic at our booth from customers as well as our competitors. The company will continue these marketing efforts by attending several important conferences in the Nordics, Germany, and other relevant European countries.

For more information, please contact:

Jon H. Hoem
Executive Chair
Mobile +41 79 606 2 902
jon@augere.md

About Augere Medical
Augere Medical is a commercial stage Norwegian medical device company founded in 2018 and is developing systems based on Artificial Intelligence (AI) to improve polyp detection rates during screening for colorectal cancer. Augere’s first product, the PolypAID^TM system, is being developed in cooperation with leading colonoscopists and in close cooperation with our internal development resources and the research group at Simula Research Laboratory. The company is supported by Norwegian investors and has received public grants from Innovation Norway and the Research Council of Norway. Augere has now started the European launch of the PolypAID^TM system, and this system is not available in other geographies at the current time. The tagline for all our efforts is Confidence in outcomes™ which highlights the expectations of the endoscopists as well as the patients.