Avenda Health is a medical technology company that uses artificial intelligence to improve prostate cancer care. Pulse 2.0 interviewed Avenda Health co-founder and CEO Shyam Natarajan, PhD, to gain a deeper understanding of the company.
Shyam Natarajan’s Background
What is Shyam Natarajan’s background? Natarajan said:
“My background is in image-guided interventions, machine learning, and embedded systems. I was previously a professor of Urology, Surgery and Bioengineering at UCLA, where I led an NIH-funded lab. I also launched and validated the first image-guided prostate biopsy device in the U.S.“
Formation Of The Company
How did the idea for the company come together? Natarajan shared:
“Avenda Health was founded with support from a National Cancer Institute grant to usher in a new era of prostate cancer treatment. Following a decade and a half of research, Avenda officially launched in 2018. Our team of academics won a competition with MedTech Innovator before even incorporating, and that was our final push to officially form Avenda Health. That year we raised our first round of funding as well.”
Core Products
What are the company’s core products and features? Natarajan explained:
“Unfold AI, our AI-powered prostate cancer mapping tool, uses a patient’s diagnostic data (imaging, pathology, biomarkers, clinical information) to create a personalized, color-guided 3D map showing how far the cancer has extended within the prostate.”
“Prostate cancer manifests similarly to an octopus—a concentrated core with tentacles spearing out of it. These tentacles are extremely difficult to identify and are often missed on traditional imaging, like MRI. Unfold AI predicts the extent of cancer in the prostate with 84% accuracy, allowing physicians to make informed treatment recommendations.”
“Previously, doctors would opt for total gland removal for fear of leaving any cancer behind. This increased accuracy means doctors now know just how much of the prostate needs to be treated. For less advanced cases, a urologist may more confidently recommend a targeted focal treatment, preserving healthy tissue and preventing urinary or sexual dysfunction.”
Challenges Faced
What challenges have Natarajan and the team face in building the company? Natarajan acknowledged:
“Our biggest hurdle is our journey to reimbursement, which we have now made major progress on. There are three components to achieving reimbursement for new medical devices: a billing code, a payment rate, and reimbursement. The American Medical Association awarded Unfold AI a temporary CPT code, which went into effect this past summer, and CMS has established a Medicare payment rate. Reimbursement of Unfold AI would lead to improved access to this technology, making it possible for patients to use insurance to cover the cost of the device.”
Evolution Of The Company’s Technology
How has the company’s technology evolved since launching? Natarajan noted:
“Avenda was originally focused on developing a tool to provide targeted prostate cancer therapy. From our research and our conversations with physicians, we found a far greater need for AI in a diagnostic tool. This type of device would have far greater applications, and we’ve really evolved in an exciting way since then.”
Significant Milestones
What have been some of the company’s most significant milestones? Natarajan cited:
“In addition to earning our CPT code and CMS establishing payment this year, multiple studies have been published that further validate the efficacy of Unfold AI.”
“A multi-center study showed that Unfold AI dramatically improved urologists’ and radiologists’ abilities in identifying cancer extent, essentially showing that we’re not just elevating the novice, but giving the expert’s superhuman abilities to find cancer.”
“We’re continually expanding our network of physicians to urologists and hospitals across the country.”
Customer Success Stories
When asking Natarajan about customer success stories, he highlighted:
“One of our physicians in Jacksonville shared a really impactful patient story with us. He had a long-term patient who was very resistant to any sort of treatment for his prostate cancer. With Unfold AI, he was finally able to literally show this patient exactly where his cancer was and how far it had spread in the gland. This visual demonstration really made things click for the patient in a way it never had before, leading to a true understanding of his own condition. After seeing his personalized cancer map, the patient understood his risks and elected to go forward with therapy.”
Funding
When asking Natarajan about the company’s funding details, he revealed:
“We are quite proud of our ability to raise capital and stay lean while achieving significant accomplishments. Avenda has been able to raise $20M, less than a tenth of the capital as other AI medtech companies, achieving reimbursement in a third of the time. We will be raising another round later this year.”
Differentiation From The Competition
What differentiates the company from its competition? Natarajan affirmed:
“Unfold AI is the first and only platform that enables a physician to see the full picture of a patient’s prostate cancer. This allows them to better determine the treatment approach through information that otherwise would not be available with traditional imaging.”
Future Company Goals
What are some of the company’s future goals? Natarajan emphasized:
“Our primary goal is access. This technology is changing how men view their diagnosis and how physicians are treating cancer. We are working to expand our network of physicians who offer this technology in order to give more men agency over their cancer. As cost is a top concern for many patients, we are also working to secure reimbursement for Unfold AI to alleviate that cost burden.”
Additional Thoughts
Any other topics you would like to discuss? Natarajan concluded:
“The treatment and management for prostate cancer hasn’t changed in a major way in decades. The majority of physicians still operate on a one-size-fits-all approach. Unfold AI is the first product in an entirely new market to evaluate and make decisions for patients in a personalized manner. We’ve created a tool that allows patients to understand and visualize their condition without the need for an expert to interpret their results. They can literally see the state and extent of cancer in his prostate and make informed decisions for his health.”
