PROMISS Diagnostics, a startup that is developing a noninvasive, commercialized screening test for ovarian cancer that uses a machine learning algorithm to distinguish between a benign and malignant mass, has closed on $400,000 in capital to further develop its screening test.
The round of funding was led by the Wisconsin Alumni Research Foundation, the patent and technology licensing arm of the University of Wisconsin-Madison, and Northwestern Mutual’s Cream City Venture Capital, a $5 million venture fund dedicated to startups in southeast Wisconsin.
Promiss Diagnostics is currently operated from the University of Wisconsin-Milwaukee's Innovation Campus in Wauwatosa. PROMMIS stands for Predicting Risk of Ovarian Malignancy In Serum Samples.
“This funding will allow us to make big strides in developing the PROMISS test and move us closer to the market where it will significantly improve cancer diagnosis,” said CEO and founder Jalal Sulaiman. “We are very excited that WARF and Northwestern Mutual joined our journey and are supporting our efforts to make a difference in ovarian cancer survival.”
Sulaiman previously said the market size for ovarian cancer diagnostics is estimated to be $2 billion. Sulaiman also previously said the company plans to have the screening tests active on the market by 2024.
“Ovarian cancer is truly devastating. The world needs better tools which help physicians connect patients with the best possible care to cure their disease,” said Michael Partsch, chief venture officer at WARF. "This is an example of a startup based on a University of Wisconsin-Madison technology that has great leadership, a detailed and achievable development plan, and a clear product-market fit."
