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
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SOURCE Noze