Marseille-based Avicenna.ai, a medical imaging AI specialist, announced on Wednesday, February 8, that it has raised fresh funding in a Series A round, bringing aggregated investment in the company close to $10M (approximately €9.28M).
The round was backed by existing investors Innovacom and CEMAG Invest, a family office dedicated to healthcare and technology.
Since 1988, Innovacom, has invested nearly €1B, supported more than 300 startups, participated in more than 20 IPOs, and completed more than 150 industrial divestments.
Currently, Innovacom offers finance, guidance, and assistance for industrial projects and revolutionary innovations. The firm has €1.5B under management as a result of its affiliation with the Turenne Group.
Cemag Invest has backed companies such as Wandercraft, Diabeloop, and alongside Innovacom in Aryballe Technologies.
Offering AI solutions for radiology
Avicenna.ai was formed in 2018 through a collaboration between Cyril Di Grandi, a software and medical device expert, and Dr Peter Chang, MD, a radiologist and AI expert. It provides medical imaging AI solutions for highly prevalent pathologies.
The company optimises a lot of the manual processes that radiologists perform using AI and deep learning. Avicenna.ai’s deep learning is used in healthcare AI solutions to recognise, detect, and quantify life-threatening disorders in CT scans.
Cyril Di Grandi says, “Healthcare providers are increasingly asked to provide better care with finite or limited resources. With a growing number of examinations and increasing complexity, technological innovation provides a unique ability to drive patient care improvements.”
Using deep learning and machine learning technology, the company’s products automatically identify and prioritise emergency situations within seconds, evaluate their severity, and inform radiologists without delay.
With already-signed commercial partnerships with top market actors in the US, Europe, and Asia, Avicenna.ai says its business model is built on an asset-light, R&D powerhouse expertise, delivering rapid business growth potential.
Capital utilisation
Avicenna.ai says it will invest the funds in scaling up the deployment of its solutions globally, as well as diversify the company’s offering into new areas of medicine.
Cyril Di Grandi, says, “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.”
Avicenna.ai reports that in 2022, its AI solutions were implemented in more than 140 hospitals across 14 countries and three continents. And now, the company anticipates deploying at least 30 additional locations per month this year and is prepared to expand in 2023.
“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 confidence of our investors and signifies our readiness to become a dominant force in healthcare AI,” adds Cyril Di Grandi.