Avicenna.AI, a Marseille, France-based medical imaging AI specialist, announced it has secured a Series A funding round, bringing aggregated investment in the company close to $10 million.
The round was backed by existing investors Innovacom and CEMAG Invest.
The new funds will be used to scale up the deployment of Avicenna.AI's solutions across the world and to diversify the company's offering into new areas of medicine.
"Last year was pivotal for Avicenna.AI, with huge growth in the deployment of our solutions around the world, and very positive feedback from our partners and users alike," said Cyril Di Grandi, co-founder, and CEO of Avicenna.AI. "We have created the conditions to accelerate the extension of our portfolio within our emergency suite but also outside our initial scope. We have finally obtained the first patents that will allow us to consolidate our position as a leader in the field with a disruptive approach to the use of deep learning in therapeutic decision-making. This new investment reflects the continued confidence of our investors and signifies our readiness to become a dominant force in healthcare AI."
The company provides healthcare AI solutions that use deep learning to identify, detect and quantify life-threatening pathologies from CT medical images.
Using a combination of deep learning and machine learning technologies, the company's solutions automatically detect and prioritize emergency cases within seconds, and assess them for severity, before seamlessly alerting radiologists.
Avicenna.AI's unique business model is based on an asset-light, R&D powerhouse expertise, generating rapid business growth potential through already-signed commercial partnerships with leading market actors in the US, Europe, and Asia.
Its AI solutions were rolled out to more than 140 hospitals in 14 countries across three continents in 2022, capping off a successful year for the company. The company is now prepared to scale up in 2023 and expects to open at least 30 new locations this year.
Round: Series A
Funding Month: February 2023
Lead Investors: Innovacom and CEMAG Invest
Company Website: https://avicenna.ai/
Software Category: Medical Radiology Software
About the Company: Founded in 2018 by Cyril Di Grandi and Dr. Peter Chang, Avicenna.AI develops medical imaging AI solutions for highly prevalent pathologies. The company uses artificial intelligence and deep learning to optimize the radiologist's manual tasks. Its CINA products leverage deep learning algorithms to identify acute abnormalities and enhance clinicians' workflow. Avicenna's R&D efforts will complement the four FDA and six CE mark approvals already granted to its products. The company's FDA-cleared and CE-marked tools for neurovascular and thoracoabdominal pathologies are seamlessly integrated into the clinical workflow, automatically triggering and reporting algorithm results through radiologists' existing systems. Avicenna.AI aims to develop AI-based solutions for radiology that provide healthcare professionals with the ability to accelerate the therapeutic decision-making process and improve patient outcomes.