Expanded financial support leads to the first AI model for detecting kidney cancer, certified by CE, receiving €6M
AI-Powered Radiology Diagnostic Tools Secure Funding for Expansion
Several AI-focused radiology diagnostic companies have recently secured funding to further develop and commercialise their technologies.
Better Medicine
Better Medicine, an Estonian startup specialising in oncological findings detection in CT scans, has raised nearly €6M (~$6.89M) in total funding. This includes a €2.5M ($2.9M) grant from the European Innovation Council (EIC) and private funding rounds. The company's AI assists radiologists with lesion detection and measurement, aiming to address the radiologist shortage in Europe. Better Medicine is preparing for FDA clearance and expansion, and plans to launch clinical pilots in the U.S. tailored to FDA study requirements [1][5]. The startup also plans to expand its product portfolio to cover additional organs and metastatic sites.
In early 2024, Better Medicine received a €2.5M grant from the EIC. The company has now secured a total of 5.5 million EUR in funding, with 2.25 million EUR from private funding and 3.7 million EUR from grants. Better Medicine's headquarters is in Tartu, Estonia, and it operates with a global team across six countries.
Qure.ai
Qure.ai, an Indian company, has introduced a lung cancer AI training programme with ASRT approval. The company is engaging with health insurance providers in Estonia to demonstrate cost-benefit outcomes.
QDI systems
QDI systems received up to €7.5M investment from the European Innovation Council. The investment will support the company's development of AI-powered diagnostic tools.
Rivanna Medical
Rivanna Medical, a US-based company, was awarded nearly $10 million from BARDA (Biomedical Advanced Research and Development Authority) for advancing an AI module that automates detection of anatomical abnormalities, including bone fractures. The total BARDA funding to Rivanna exceeds $52 million with potential for over $91 million as development continues toward FDA clearance.
AIATELLA
AIATELLA, an Italian company, raised €2m for AI-powered cardiovascular imaging tools.
Quibim
Spanish medical imaging company Quibim secured $50 million in Series A funding. The funding will accelerate the advancement of Quibim's AI-powered imaging biomarker technology, including products like QP-Prostate and QP-Brain with regulatory clearances (CE, FDA 510(k)). The company collaborates with Microsoft and Philips to integrate AI imaging solutions and virtual biopsies.
Other Notable Developments
Better Medicine has secured clinical collaborations with partners including Leeds Teaching Hospitals NHS Trust, Tartu University Hospital, and Pärnu Hospital. BMVision Kidney, Better Medicine's flagship product, achieved up to 52% time savings and a 99.2% detection rate in clinical evaluations.
Tempus introduced Olivia, an AI assistant for oncology clinical workflows, though not strictly radiology-focused, it supports AI-driven precision oncology diagnostics integrated into EMR systems, improving cancer care efficiency.
These developments represent some of the recent notable investments and grants supporting AI diagnostic tools in radiology and related imaging workflows globally.
[1] https://www.bettermedicine.ai/blog/better-medicine-secures-5-5m-in-funding-to-expand-its-ai-powered-radiology-tool-across-europe [2] https://www.rivannamedical.com/news/rivanna-medical-secures-10-million-in-funding-from-barda-to-advance-ai-module-for-automated-detection-of-anatomical-abnormalities [3] https://www.quibim.com/news/quibim-secures-50-million-series-a-funding-to-accelerate-ai-powered-imaging-biomarker-technology-advancement [4] https://www.tempus.com/news/tempus-introduces-olivia-ai-assistant-for-oncology-clinical-workflows [5] https://www.businesswire.com/news/home/20230207005738/en/Better-Medicine-Secures-5-5-Million-EUR-in-Funding-to-Expand-Its-AI-Powered-Radiology-Tool-Across-Europe
- The digital health sector continues to attract investment, as seen with Better Medicine's recent funding of nearly €6M for its AI-assisted oncological findings detection tool, aiming to address radiologist shortage in Europe.
- With the Infusion of €7.5M from the European Innovation Council, QDI systems is advancing its AI-powered diagnostic tools for various medical conditions.
- Quibim, a medical imaging company based in Spain, has secured $50 million in Series A funding, with plans to enhance its AI-powered imaging biomarker technology and eventually commercialise products like QP-Prostate and QP-Brain for health-and-wellness applications.
