Introduction to Cancer and its Impact
Cancer is one of the leading causes of death worldwide, with the National Cancer Institute reporting nearly 20 million new cancer cases and 9.7 million cancer-related deaths globally in 2022. The number of new cancer cases is projected to rise to 29.9 million by 2040. This alarming trend highlights the need for innovative solutions to detect and treat cancer early.
Craif: A Pioneer in Early Cancer Detection
Craif, a Japanese startup spun off from Nagoya University in 2018, is at the forefront of developing an AI-powered early cancer detection software using microRNA (miRNA). The company has raised $22 million in Series C funding to expand its operations in the U.S. market and enhance its research and development capabilities. Ryuichi Onose, co-founder and CEO of Craif, revealed that the company completed its Series C funding round with a valuation of just under $100 million.
Funding and Investors
The latest funding round was led by X&KSK, an existing investor, and included other prominent investors such as Unreasonable Group, TAUNS Laboratories, Daiwa House Industry, and Aozora Bank Group. This investment brings Craif’s total funding to $57 million to date.
The Story Behind Craif
Craif’s journey began when Onose’s family was affected by cancer, with both his grandparents being diagnosed with the disease. This personal experience inspired Onose to co-found Craif with Takao Yasui, an associate professor at Nagoya University, who had developed a new method for early cancer detection using urinary biomarkers.
The Challenge of Early Cancer Detection
Traditional diagnostic methods like blood tests can be invasive, causing people to avoid regular screening. Limited access to medical facilities in certain areas also makes it challenging for individuals to obtain cancer testing. Craif aims to address these gaps by providing a non-invasive urine-based test that enables early cancer detection, even at a very early stage, like Stage 1.
How Craif’s Technology Works
Craif’s test can be conducted from the comfort of a patient’s home and is powered by advanced microRNA analysis, making early detection more accessible and effective. The company’s users are health-conscious individuals who are concerned about cancer but find it challenging to commit to conventional screenings due to time, cost, and accessibility constraints.
Differentiation from Competitors
Craif differentiates itself from other startups in the industry by using microRNA as a biomarker instead of cfDNA (cell-free DNA) and utilizing urine. Onose explained that miRNA is known for its deep involvement in cancer biology, even at the earliest stages, making it particularly suitable for early cancer detection.
Products and Revenue
Craif’s first product, miSignal, is a test that detects the risk of seven different cancers using urinary miRNA. The product is already generating revenues in Japan, with distribution channels including clinics, pharmacies, direct-to-consumer sales, and corporate wellness programs. The company has partnered with over 1,000 medical institutions and about 600 pharmacies in Japan, serving around 20,000 users.
Expansion Plans
Craif intends to broaden the scope of miSignal to include 10 different types of cancers this year. The startup is also preparing to use its technology for the early detection of non-cancerous diseases, such as neurodegenerative disorders like dementia. With its R&D lab in Irvine, California, and plans to open another office in San Diego, Craif is well-positioned to enter the U.S. market.
Conclusion
Craif’s innovative approach to early cancer detection using microRNA has the potential to revolutionize the way cancer is diagnosed and treated. With its strong funding backing and expanding operations in the U.S. market, Craif is poised to make a significant impact in the fight against cancer. As the company continues to develop its technology and expand its product offerings, it is likely to play a key role in improving cancer detection and treatment outcomes worldwide.
