PCaVision

The second tranche of PCaVision’s Series A financing round amounts to approximately €1.9 million, provided by existing and new professional investors. This co-investment complements the Invesdor equity round and secures the company’s minimum funding target of €2.4 million.

The funds are contributed by a strong group of committed backers who have supported Angiogenesis in previous rounds and continue to invest in its next growth phase.

If the full target amount is not reached, these committed co-investors will ensure that PCaVision maintains a solid 12-month financial runway under the minimum scenario.

PCaVision is currently executing its Series A financing round, structured in two tranches to support the company’s transition from R&D to commercial rollout.

The first tranche, amounting to €2.46 million, was completed in August 2024 and funded by existing shareholders, including NLC Health Impact Fund, Regoliet Family Office, Uneti Ventures, and several angel investors.

The second tranche, totaling €2.4 million, combines the €1.9 million in co-investments from existing and new professional investors with up to €0.5 million raised via the Invesdor platform. Together, these funds secure the minimum funding scenario of €2.4 million and provide a runway of approximately 12 months.

In the maximum scenario, the Series A round may be extended to €6-8 million, enabling accelerated international expansion, additional clinical studies, and market entry in the United States.

A follow-up Series B financing round of around €10 million is planned for December 2026, supporting large-scale global commercialization and operational scale-up.

Since its founding in 2018, PCaVision has raised approximately €12 million in a combination of equity, convertible loans, grants, and innovation credits. These funds have supported the development, validation, and certification of the company’s PCaVision diagnostic platform.

The early funding rounds were led by NLC Health Ventures, which supported PCaVision during its spin-out from Eindhoven University of Technology (TU/e). Additional capital was provided by institutional investors such as CbusineZ, Uneti Ventures, and TU/e University Holding, along with several family offices and angel investors.

The current Series A round builds on this foundation, following years of product and clinical development that have brought PCaVision to market readiness with CE certification and a clear commercialization roadmap.

This continuous investor support underscores strong confidence in PCaVision’s technology, management, and growth potential in the global MedTech market.

• The revenue projections may not materialise if clinic uptake is slower than modeled. As the procurement cycles are long (hospital IT integration, training, and pathway change management create friction) the risk for not reaching the sales forecast should be considered. In this case, there might be a need for additional funding before exit scenarios become actual.
• Even though the technical feasibility and clinical practicability of PCaVision have been sufficiently proven through earlier clinical trials and empirical studies, a peer-reviewed publication (expected in H1 2026) is still pending. If the peer-reviewed publication would not take place or be delayed, this could result in slower adoption by the market than expected.
• CE approval does not ensure payment. Market access remains country-specific and can be slow or unsuccessful, limiting adoption or shifting costs to patients/clinics. Even where reimbursement codes exist in each region, payer policies and utilization caps can restrict volumes negatively impacting profitability.
• There is a structural risk resulting from the fact that there is approximately at € 4.2 million of debt outstanding, which is significant. In 2027, debt repayments will be at € 1.6 million, consisting of a yearly repayment of innovation credit of € 666,000, a repayment of a CLA of the Brabant Startup Fund (€ 558,000) and several other smaller loans. 2028 and 2029 show a repayment burden of c. € 780,000. The project owner will need to raise further funding to service this debt. There is a risk that the project owner may fail to raise further capital in the future. Failing to do so completely or raising capital at a later stage than planned or less capital than planned may lead to the project owner not being able to realize an exit as forecasted. In addition, there is a structural risk resulting from the crowded shareholder structure. Even though to date there hasn’t been any issues around decision making with the shareholder base of the project owner, there is a risk that future fund-raisings or an exit could be slower to execute due to the crowded shareholder structure of the project owner.
• Angiogenesis Analytics’ biggest operational risks revolve around execution with hospitals and partners: rollout depends on OEM/channel partners staying aligned; hospital onboarding is slow due to procurement, IT/security reviews, clinician change-management and consistent scan quality plus a robust data pipeline are essential to avoid rework and delayed revenue. As deployments scale, cybersecurity/privacy obligations and eventual FDA clearance for the U.S. add may cause delays.
• As scale relies on Original Equipment Manufacturer/software partners, any changes in partner priorities, contractual delays, or channel conflicts could slow access to customers or require higher direct sales investment negatively impacting profitability.
• The project owner may be unable to compete effectively with existing and potential new competitors or to respond to changes in the competitive environment, it may adversely affect its business performance. Competition may become significantly more intense if competitors with more capital or better technology enter the market.   Also MRI-led pathways (with or without AI) are entrenched and may improve on cost. Ultrasound competitors could add diagnostic AI and pursue similar claims, although currently Angiogenesis has a first-mover advantage.
• There is a risk that the project owner will get negative media attention. This may lead to significant sales decline and losses for the project owner because there is insufficient demand for the project owner’s products because of the negative media attention.
• As first revenues are to be generated in late 2025 the key technology risk, namely whether the AI maintains diagnostic performance across different scanners, sites, and operators, remains relevant. E.g. poor ultrasound clip quality or inconsistent contrast protocols could decrease accuracy, which involves uncertainties with regard to the cash flow. Even though currently there are first key partners, in who the project owner has found a reliable development and has done extensive testing for the current product, there remains a residual risk that a new technical or clinical issue with the products of the project owner could arise potentially leading to a (partial) recall and negatively impacting profitability.

• The main financial risk is the adequacy of funding to support the project owner’s growth objectives. The project owner may require additional funding in the future, but the necessary funding might not be accessible to the project owner.
• Uncertainty in the core markets of the Group, the global economy and financial markets may adversely affect the project owner’s business and operating results.
• The project owner may be unable to implement its expansion strategy and take full or timely advantage of new business opportunities.
• The project owner’s business idea might not assert itself on the market or the planned business development might not be implemented as planned.
• There is always risk that the project owner or Angiogenesis Analytics Inc. may be subject to bankruptcy or other insolvency proceedings and other events may occur in relation to the project or the project owner or Angiogenesis Analytics Inc. which may result in the loss of the investment for the investors. Such risks may be caused by a variety of factors, including for example but not limited to, changes in the macro-economic circumstances, mismanagement of the project owner or Angiogenesis Analytics Inc., lack of experience of the project owner’s or Angiogenesis Analytics Inc.’s employees and/or management, fraud, project owner’s financing not fitting the business purpose or lack of cash flow.

• Various risk factors and circumstances may lead to a fall in the market price of the project owner shares, which may result in a partial or total loss of the invested capital.
• Even though the subscription price for the depositary receipts issued to the investor and the new shares issued to the STAK corresponds to the project owner’s Management understanding of the fair value of the depositary receipts and shares, the price may have been set too high, which may result in a partial or total loss of the invested capital when selling the depositary receipts.
• There may be no return on the investment at all.
• The project owner’s financial projections are subject to risks, as forward-looking estimates, targets, and other statements always involve uncertainty, and they are only predictions, not guarantees of the future. 
• In the future, the project owner may issue new shares or convertible bonds, or it may enter into agreements which might dilute the depositary receipts of the investors if they are not financially able or willing to buy new depositary receipts according to their pre-emption right.
• If a drag-along clause is included in the Shareholder’s Agreement of the project owner and it is applied, the investors have the obligation to sell their depositary receipts on the same terms which might lead to a lower price the investor would have expected (drag-along clause).
• As a growth company, the project owner does not, as a policy, pay dividends but rather reinvests returns into the further growth of the business and its valuation.

• The depositary receipts are not publicly or multilaterally traded on any marketplace, so there is no active or liquid secondary market for the depositary receipts. There is a risk that the depositary receipts may not be sold at the desired time or at all, or that the price offered may be lower than its subscription price or its actual value. The transferability of the depositary receipts is restricted as described in Part F (b) and (c) of this KIIS and the costs also described therein will be incurred.

• The Group is dependent on its management and qualified employees. Key-person risk is concentrated in founder-CEO Auke Jan Bloemendaal, who drives strategy, fundraising, and major partnerships; loss of his leadership would likely slow business development momentum and capital formation. Technical continuity relies on early senior hires, with deep knowledge know-how on the AI models, software architecture, integrations, and release process. Disruption here would directly affect productization and clinical performance. Even though the project owner mitigates these risks by equity/Stock Appreciation Right participation for key managers, a relatively wide, seasoned management team (>200 person-years), and structured oversight via Clinical/Advisory Boards that incorporate key opinion leaders and academics, the loss of key personnel could be detrimental to the business.
• Failure to recruit and retain qualified personnel may adversely affect the business performance of the Group.    

• The software products of the project owner (EU MDR Class IIb software) require strict regulatory compliance( e.g. ongoing ISO 13485/14971/62304/62366 obligations, and added EU AI Act requirements). Failure to comply with laws, regulations and general social responsibility relating to the project owner’s or Angiogenesis Analytics Inc.’s activities and products may result in sanctions and damage its image with its customer groups.
• Compliance with data protection regulations also entails risks. Especially handling of patient data, cross-border transfers, and cybersecurity incidents could block deployments and trigger penalties and damage the Group’s image with its customer groups.
• The project owner and Angiogenesis Analytics Inc. have no pending lawsuits or other open litigation, but as the project owner’s and Angiogenesis Analytics Inc.’s operations expand, legal risks may become more significant. E.g. clinical performance or misdiagnosis claims plus vigilance/complaint handling requirements could raise legal exposure.
• The Group’s legal regulatory environment may change, potentially making it more difficult for the project owner to conduct its business. Especially, country-specific guidelines and reimbursement procedures may lead to uncertainties regarding timing, even after certification.