Cimon Medical is raising 60 MNOK to commercialize disruptive ultrasound technology

Published: 11.12.2020

(Trondheim, December 12th, 2020) ProVenture and Investinor are taking the lead as the Norwegian ultrasound company Cimon Medical AS raises a total of MNOK 60 in capital. Cimon Medical provides unique technology for continuous measurement of blood flow. The technology has been developed by world leading ultrasound researchers, located in Trondheim. The target group for the company’s first product is premature and critically ill children.

Variations in blood flow in the brain increase the risk of brain damage in premature and critically ill newborns. Cimon Medical has developed NeoDoppler – a product that makes it possible to measure blood flow in the brain of these children over time. Until now there has been no good tool available for continuous surveillance of blood flow in children. NeoDoppler will therefore be welcomed by health personnel, as NeoDoppler will increase their ability to detect changes and initiate the necessary procedures at the right time.

NeoDoppler is a transducer that is placed on the head of the child. In contrast to today’s solutions, NeoDoppler makes it possible to monitor blood flow continuously and directly. The product will be on the market toward the end of 2021. The technology is scalable and has many uses, not only in neonatal medicine, but also cardiology, general surgery and emergency medicine. “We have great ambitions internationally”, says Tormod Thomsen, CEO of Cimon Medical. “That is why we are very pleased to be supported by competent, long term investors whose industrial perspectives will contribute to the development of our company.”

“The company has the potential to become a world leader in selected market segments. Being able to attract competent international capital during such an early stage is a sign of quality,” according to Ann-Tove Kongsnes, investment director and leader for the health team at Investinor.

ProVenture, Investinor and CoFounder are investing up to 40 MNOK in the capital raise of 60 MNOK. “Many start-ups are underfinanced, live hand-to-mouth and underestimate both the total capital need and the importance of finding the right investors”, says Chairman of the Board Mårten Wigstøl. “We are therefore very pleased to have attracted high profile and experienced institutional investors, as well as prominent business angels such as PS Capital”. PS-Capital is owned and managed by Peer M. Schatz, an entrepreneur and executive with more than 30 years’ experience in the life sciences and former CEO of QIAGEN, a world-leading biotechnology company listed on NYSE and in Frankfurt.

Cimon Medical has its origin in the world leading ultrasound cluster in Doppler-ultrasound in Trondheim and is a part of the ultrasound group at NTNU and St. Olavs Hospital. As of today, four companies have emerged from this same environment. Central figures in the development of the technology and the product for Cimon Medical are Hans Torp, professor at NTNU, and Siri Ann Nyrnes, consultant physician and researcher in pediatrics at St. Olavs Hospital and NTNU, in cooperation with NTNU Technology Transfer AS.

“We see the combination of Cimon Medical’s unique technology, impressive team, and the right partners in an exciting market as a good investment opportunity,” says Geir Ove Kjesbu, Senior Partner in ProVenture.

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For more information, please contact
Tormod Thomsen, CEO Cimon Medical, tormod.thomsen@cimonmedical.com, +47 414 13 423
Geir Ove Kjesbu, Senior Partner ProVenture, geirove@proventure.no, +47 905 59 404
Ann-Tove Kongsnes, Investment Director, Investinor, anntove.kongsnes@investinor.no, +47 930 54 975