New Funding Announced for Revolutionary Disease Detection Technology
Noze is the first-ever Canadian company to receive investment funding from the Bill & Melinda Gates Foundation.
MONTREAL, July 30, 2024 /PRNewswire/ — Canadian-based Noze, the global leader in breath-based diagnostics, announced today that it has secured a $5 million equity investment from the Bill & Melinda Gates Foundation. This investment anchors a new funding round for the breath-based diagnostics startup and marks the first time the Gates Foundation has made an equity investment in Canada. The funding follows two previous grants from the foundation, bringing its total contribution to $6.8 million.
The funding will support further development of Noze’s disease detection platform for deployment in low and middle-income countries, where it promises to significantly impact the fight against infectious diseases. Tuberculosis, for instance, infects approximately 10 million people each year and causes 1.5 million deaths, ranking it as the deadliest infectious disease worldwide. Despite being preventable and treatable, TB screening in these regions has historically been hampered by limited access, high costs, and slow results. Noze is committed to changing that.
“Our handheld diagnostic breathalyzer, DiagNoze®, uses the world’s leading and only digital odor perception technology to detect disease biomarkers in the breath,” explained Noze CEO Karim Aly. “This device will allow for real-time detection of serious illnesses such as cancers and infectious diseases, along with other clinical conditions, without requiring blood draws, lab equipment, or visits to healthcare facilities. DiagNoze® is a low-cost, completely noninvasive, and fully portable device that can be used in any point-of-care, even a patient’s home.”
Aly went on to explain that traditional diagnostic tools are not only more invasive but also tend to be costly and involve long wait times due to specialized equipment and heavy demand. This has exacerbated the healthcare accessibility gap, particularly in underserved and rural areas. However, DiagNoze® is designed to transcend geographical and economic boundaries, enabling earlier diagnosis, timely treatment, and improved health outcomes.
“We’re thrilled the Bill & Melinda Gates Foundation is supporting our efforts to deliver a radically new approach to diagnostics,” Aly noted. “This investment will help Noze advance its mission to improve global health by transforming the way healthcare is delivered, ensuring that everyone, regardless of location or economic status, has access to state-of-the-art diagnostic tools.”
About Noze: Noze is the global leader in digital odor perception. Featuring the world’s most advanced digital nose, Noze accurately detects and identifies odors in real-world settings with unmatched precision. By leveraging cutting-edge machine intelligence and sensors developed with exclusively licensed NASA technology, Noze is committed to enhancing human health and wellbeing. Our mission is to improve patient outcomes through real-time disease detection at any point of care, using breath-based odor biomarkers. For more information, visit noze.ca.
Media contact: Corrie A. Fisher
Email: Noze@KNBComm.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/new-funding-announced-for-revolutionary-disease-detection-technology-302209897.html
SOURCE Noze
