In the upcoming elections in Slovakia, healthcare is emerging as a paramount issue, echoing sentiments from the U.S. 2020 elections. With a worldwide emphasis on healthcare reform and innovation, the stage is set for disruption. Enter AI: the latest frontier for driven entrepreneurs aiming to revolutionize the healthcare sector. But with such a surge in interest and investment, the critical question arises: just how successful are these AI Healthcare startups?
Evaluating the success of startups can be based on various metrics. Should we judge them by their valuation, FDA/EMA clearances, or other standards? This post will highlight companies excelling in both areas, providing links to sources for those who wish to delve deeper.
These AI-driven ventures can be categorized by various criteria., such as the domain they work in (histopathology, radiology, oncology) or how they use AI (computer vision / natural language processing, etc.)
Evaluating the success or trajectory of healthcare startups necessitates a multifaceted approach. Key metrics like FDA or EMA clearances are crucial, signifying regulatory approval and validating the safety and efficacy of their technologies, which in turn, aids in gaining market access and consumer trust.
Computer Aided Diagnostics (CAD) with Computer Vision
AIdoc
FDA/EMA: ✓
Core idea: Time is of the essence when treating neurological conditions like stroke. Automated assessments can provide rapid analysis, which is crucial for initiating timely treatment. This speed in diagnosis can significantly improve patient outcomes.
Founded in 2016, AIdoc has emerged as a leading player in the AI healthcare sector, particularly in radiology. Its AI solutions facilitate faster and more accurate diagnosis by aiding in the analysis of medical imaging. The company has attracted significant investment, amounting to around $237.5M over nine funding rounds.
| Date | Round | Amount | Lead Investor |
|---|---|---|---|
| Jun 16, 2022 | Series D | $110M | Alpha Intelligence Capital, TCV |
| Jul 13, 2021 | Series C | $66M | General Catalyst |
| Sep 16, 2020 | Series B | $20M | Square Peg Capital |
| Apr 17, 2019 | Series B | $27M | Square Peg Capital |
| Apr 26, 2017 | Series A | $7M | TLV Partners |
| Oct 20, 2016 | Seed Round | $4M | Shahar Tzafrir |
| Oct 1, 2016 | Seed Round | $3.5M | Magma Venture Partners |
Brainomix
FDA/EMA: ✓
Core idea: Time is of the essence when treating neurological conditions like stroke. Automated assessments can provide rapid analysis, which is crucial for initiating timely treatment. This speed in diagnosis can significantly improve patient outcomes.
Brainomix specializes in creating software to support clinical decision-making for neurological and cerebrovascular diseases. Their flagship e-ASPECTS software helps automate the assessment of CT scans for stroke patients, a crucial tool in determining the appropriateness of thrombolytic treatments. A notable recent development is their partnership with Boehringer Ingelheim, a collaboration aimed at expanding their impact on stroke management. With 60 employees and a recent Series B funding of $21.9M, Brainomix continues to grow and contribute to medical imaging advancements.
Biocam
FDA/EMA: x
Core idea: BioCam pioneers in making gastrointestinal examinations more affordable and comfortable with its AI-powered endoscopic capsule, addressing the challenges of traditional endoscopy procedures.
BioCam, a Polish medtech startup, is at the forefront of integrating AI with telemedicine. They’ve developed an endoscopic capsule that images the digestive system, which is enhanced by AI software for automatic detection of potential threats. With total funding of €2.6M aimed at advancing this technology and an ambitious goal of revolutionizing endoscopy.
Powerful Medical
FDA/EMA: Regulated under the European Union Medical Device Regulation, FDA 510(k) approval pending
Core idea: Automating ECG readings for instant analysis, Powerful Medical bridges the gap between increasing cardiovascular care demand and the constant number of cardiologists, potentially harmonizing with wearables like Apple Watch for real-time monitoring.
Founded in 2017 by Martin and Robert Herman, Powerful Medical has been on a mission to augment human-made clinical decisions with AI. Their PMcardio platform stands as a testament to this mission, assisting healthcare professionals in accurate diagnosis and treatment of cardiovascular diseases.
So, which AI startups are leading the way in healthcare? And which might not stand the test of time? Stay tuned for startups from the domain of NLP and AI startups in healthcare focusing on administrative tasks!