Diagnostics Robotics Ltd. announced Monday that it has entered a collaboration with the joint Brown University-Lifespan Center for Digital Health to help accelerate the use of artificial intelligence and machine learning in healthcare.
Helsinki-based medtech company Disior specialises in converting CT and MRI images into mathematical models and numerical analysis. The company has developed a cloud-based 3D analytics software for doctors. This software automatically analyses, quantifies, and parameterises medical images. It quickly provides objective data for both patient diagnosis and treatment outcome assessment.
Raises €1.7M funding
In a recent development, Disior announced that it has raised €1.7M funding from Maki.vc and Tesi alongside existing investors. This investment will support the commercialisation of its newly CE-marked product Bonelogic Ortho Foot and Ankle. The 3D analytics software of Disior will be used by doctors across the world to improve patient care and outcome from medical images.
The fresh round of funds will be used to facilitate further development of the existing products of Disior along with new ones. This will open up new use cases within orthopedics and automated surgery planning. The company develops a product with neurosurgery applications via an existing collaboration with Augmedit, a Dutch company that specialises in the creation of AR/VR tools meant for surgeons.
“The diagnostic imaging market is a huge one, as medical images account for up to 90% of all medical data. Despite significant improvements in X-ray, MRI, and CT scan technologies, doctors still analyze these images using 2D slices – we like to say it’s like doctors examining medical images with one eye only,” Disior CEO Anna-Maria Henell explains.
“The new normal affects many industries, but medtech for sure is one that calls for more efficient and scalable solutions. Disior brings major technological advancements to medical verticals that have thus far been underserved,” says Ilkka Kivimäki, Managing Partner at Maki.vc.
Disior scales rapidly
Founded by Anna-Maria Henell, Sakari Soini, Risto Kontio, and Goncalo Barreto in 2016, Disior has scaled rapidly and its technologies are used in several leading hospitals across the world. It has nearly doubled its customer count by working with institutions such as the University of Iowa, the Federal University of Rio Grande do Norte, UPMC Pittsburgh, and Turku University Hospital.
The growth of this medtech startup has been further accelerated by its product that is CE-marked. The Bonelogic Ortho Foot and Ankle product was launched in June this year. The continued growth of the company seems likely as they struck a distribution deal with Planmed, a global medical imaging equipment provider. The company is in the process of securing FDA approval to help them bring their technology to the US markets.
The European diagnostic imaging market is estimated to have grown in 2020 and is estimated to be growing further by 2025. The key factors that drive the European diagnostic imaging market growth are the increase in the geriatric population, an increase in the prevalence of chronic diseases, the rising adoption of imaging devices used in medical evaluations, and technological advancements in imaging methods.
Medical imaging startups in Europe
The increase in the number of aging populations is expected to increase the various chronic diseases and result in high demand for medical imaging devices. Moreover, these advanced diagnostic imaging devices have improved both the diagnosis and treatment of ailments such as cardiovascular diseases and cancer. These devices increase the processing speed, expand the 3D and 4D settings, and capture images in the right place at the right time.
At a time when the medical imaging trends are growing in Europe, here we have curated a slew of medical imaging startups in Europe.
Founder/s: Krisztián Szigeti, Szabolcs Osváth Founded year: 2015 Funding: NA
Based out of Budapest, KinePict is a medical software company that makes X-ray imaging more powerful and safer. The company’s patented technology obtains motion-related functional information from X-ray image series and presents it as a kinetic image. The additional information that is obtained facilitates improved diagnosis of moving organs. And, Kinetic imaging may also make fluoroscopy and angiography safer by reducing contrast material and X-ray dose.
Founder/s: Dirk Loeckx, Wim Hecke Founded year: 2011 Funding: €18.4M
Leuven-based icometrix has developed a fully automated FDA-approved and CE-certified icobrain software. The company claims that its icobrain software paves the way for a better and faster understanding of medical images in a more consistent and personalised manner by quantifying the volume of brain structures and abnormalities. This software is of critical importance as brain scan plays a major role in the diagnosis and treatment of various disorders in an efficient way.
Founder/s: Jeroen van Duffelen, Mark-Jan Harte Founded year: 2015 Funding: €12.3M
Aidence is a Dutch medical imaging startup, which uses Artificial Intelligence to help medical professionals detect diseases such as lung cancer. The company has expertise in diagnosing early-stage lung cancer with AI algorithms. It has developed Veye Chest, which, according to the company, helps radiologists diagnose the pulmonary nodules to detect lung cancer.
Galgo Medical (Spain)
Founder/s: Antoni Riu, Luis Serra Founded year: 2013 Funding: €1.2M
Galgo Medical is a spin-off from the Universitat Pompeu Fabra that develops medical imaging software. It offers low-cost pathways for the creation of advanced solutions in the medical technology industry. Galgo Medical provides an effective means of bringing these solutions to the global market that is growing. This is possible with its in-house software development platform meant for the rapid prototyping of medical imaging applications.
Founder/s: Pierre Attali Founded year: NA Funding: €5M
QuantifiCare is a fast-growing Imaging CRO that offers pre-clinical to phase IV clinical trial services across a wide range of clinical areas to pharmaceutical, biotech and cosmetic industries. The company also provides imaging tools tailored for medical specialists including plastic surgeons, aesthetic specialists and dermatologists. The company intends to transform pioneering ideas into innovative products and services.
Founder/s: Jurgen van der Vlist Founded year: 2019 Funding: €300k
Eindhoven-based LabelFuse is a front-runner in real-time image labeling and deployment from a single platform. It provides a simple and secure interface powered by Artificial Intelligence letting customers to easily label and deploy their AI applications. Recently, the company secured €200k led by BOM Brabant Ventures to accelerate technical readiness for the mass market, resource expansion and focus on new aspects such as medical imaging.
Israeli medical diagnostics startup MeMed Diagnostics has received CE Mark clearance for its pioneering diagnostic test MeMed BV and point-of-need platform MeMed Key.
Founded in 2009, MeMed has built a diagnostic tool for distinguishing between bacterial and viral infections like the coronavirus. The company is now also developing a diagnostics test for early detection of viruses and the prediction of potential patient deterioration.