CPE News (10/29/2020) – Synex Medical has raised US $5.25 million in seed funding led by Accomplice with participation of Radical Ventures and private investor Naval Ravikant.
Founded by Ben Nashman in 2017, Toronto based Synex Medical has developed novel techniques that allow users to measure critical metabolites like glucose, lactate, and ketones in real-time, with the goal of providing consumers a compact non-invasive device.
photo credit: Synex Medical
News Release
Synex Medical Raises $5.25M in Seed Round to Develop Non-Invasive Blood Monitor
Toronto, October 27 — We’re excited to announce that we have raised US$5.25 million in a seed round to develop a non-invasive blood monitoring technology. The funding was led by Accomplice along with returning investors Radical Ventures and angel investor Naval Ravikant.
Synex Medical was founded by CEO Ben Nashman in 2017 with the vision of providing people with constant data about how their bodies are functioning. Our unique approach uses magnetic resonance, the same underlying principle as in magnetic resonance imaging (MRI), in a miniaturized system that can non-invasively measure critical metabolites like glucose, lactate, and ketones in real-time.
As Ben points out, “Every day I eat and drink, sleep and exercise, and do a hundred other things that affect how I feel and perform. But I do all of this without any idea what’s really going on inside my body. It’s like driving a car without a speedometer or fuel gauge.” To fix that, Ben set out to build a wearable device that would tell a user, in real time, how their body is performing by measuring the metabolites that affect everything from weight gain to athletic performance to the likelihood of developing diabetes. This knowledge will enable people to understand their bodies, change their behavior, and improve their lives.
The recent funding will help us pursue this goal by growing our team and expanding into the U.S. “In addition to the amazing technical developments in the last few months, we are also expanding our operations to Boston,” says Ben. “COVID-19 has shown us that we can make progress without being in the same room, and we’re excited to take advantage of the talent and research in Boston, especially with Accomplice in our corner.”
“Giving people a painless, easy, yet data-rich way to get insights into how their bodies work is an amazing vision,” said Jeff Fagnan, Founder and General Partner at Accomplice. “Ben and his team have an opportunity to make a real contribution to our society’s health, and we’re excited to support them.”
“Synex is tackling the hard and worthwhile problem of shrinking the MRI machine and bringing it to everyone,” said Naval Ravikant. “It’s the holy grail for self-measurement and improvement.”
“Synex’s combination of machine learning and novel magnetic resonance technology has opened up an entirely new category of applications to enable everyone to understand their bodies in real-time and proactively improve their health,” said Jordan Jacobs, Co-Founder and Managing Partner at Radical Ventures. “We are proud to continue supporting Ben and the Synex team and help make their extraordinary vision a reality.”
About Synex
Synex Medical is dedicated to providing users with accurate data about how their bodies are functioning so they can be proactive about their health. Using magnetic resonance, the same underlying principle used in Magnetic Resonance Imaging (MRI), the company has developed novel techniques that allow users to measure critical metabolites like glucose, lactate, and ketones in real-time, with the goal of providing consumers a compact non-invasive device. Founded in 2017, the company is headquartered in Toronto and backed by Accomplice and Radical Ventures.