Magdeburg-based RAYDIAX announced that it has raised €3.5M in a fresh round of funding to develop its computed tomography-based image assistance system for minimally invasive cancer treatments.
The funding includes a seed round of €2.4M led by HTGF and bmp Ventures with IBG funds, and a €1.1M top-up grant from the German Federal Ministry for Economic Affairs and Climate Action.
RAYDIAX plans to advance its preclinical prototype and enter the European and US markets.
Dr. Thomas Hoffmann, CEO and co-founder of RAYDIAX, says, “We pursue the goal of sustainably strengthening cancer therapy through high-tech medical technology. Minimally invasive image-guided interventions offer numerous advantages for patients.”
“With our targeted image-assistance system TACT, we are unleashing a completely new potential that will significantly expand the range of applications of these very gentle interventions, benefiting in particular patients for whom surgical cancer treatment appears to be too risky.”
“With the closing of this financing round, we are in an optimal position to further develop our system in close coordination with our clinical partners, to accelerate market entry and to drive business growth,” adds Dr. Hoffmann.
Minimally invasive therapies in cancer care
According to RAYDIAX, minimally invasive therapies offer a promising solution for cancer patients, particularly the elderly or those in poor health, where traditional open-surgical methods are too risky.
By using thin instruments guided by imaging technology, these therapies target tumours with localised energy, minimising damage to surrounding tissues.
This approach enables faster patient recovery, reduces hospital stays, cuts costs, and enhances treatment capacity, addressing the challenges posed by cancer, especially in older and wealthier regions.
RAYDIAX is pioneering a groundbreaking imaging device, TACT, designed to assist with the precise planning, execution, and monitoring of minimally invasive cancer therapies.
This system, developed based on input from physicians across Europe, utilises X-ray-based computed tomography with minimised radiation exposure. The technology ensures sub-millimetre accuracy, enhancing safety for both patients and clinical staff during therapy.
Dr. Jan Engels, Investment Manager at HTGF, says, “RAYDIAX’s development of the TACT is a clear look into the future of minimally invasive cancer surgery. It takes courage and a great deal of expertise to develop a highly complex large-scale medical product.”
“These are precisely the qualities that RAYDIAX’s founding team combines, and we see clear potential,” adds Dr. Engels.
Brief about RAYDIAX
Founded in 2022, RAYDIAX is a spin-off of the STIMULATE research campus in Magdeburg. The company specialises in minimally invasive image-guided therapies.
RAYDIAX focuses on the development of computed tomography scanners, with emphasis on both hardware and software components.
The company’s foundation was supported by a 3-year EXIST research transfer grant from the German Federal Ministry for Economic Affairs and Climate Action.
About the STIMULATE research campus
The STIMULATE research campus fosters collaboration among hospitals, companies, and scientific institutions to develop solutions for minimally invasive medical procedures.
Specialising in cancer and vascular disease treatments, STIMULATE operates through a partnership involving Otto-von-Guericke-University Magdeburg, Siemens Healthcare, and the STIMULATE Association.
It is funded by the Federal Ministry of Education and Research’s “Research Campus” initiative and receives additional support from the European Regional Development Fund (EFRE) in Saxony-Anhalt.
Prof. Dr. rer. nat. Georg Rose, Chairman of the Board of “STIMULATE research campus” says, “We are very proud that with RAYDIAX another high-tech medical technology company could be established in Magdeburg.”
“The basis for such developments is the constant research support in the field of image-guided medicine at the STIMULATE research campus over the past 10 years. I am particularly pleased that the team of five former scientists and research group leaders is now taking the opportunity to transfer the results of the recent years into clinical application.”
“We are very pleased that the long-term commitment of the Otto-von-Guericke-University, the city of Magdeburg, the state of Saxony-Anhalt, and the Federal Government makes such economic developments possible,” adds Dr. Rose.
Lead investors supporting RAYDIAX
HTGF is a seed investor that supports tech startups with high growth potential. Since 2005, the firm has backed over 700 startups and manages around €1.4B. The fund has facilitated over 2,000 follow-on financing rounds, with 170 successful company exits.
bmp Ventures boasts 25 years of experience as a leading technology investor in Germany. Managing 10 VC funds and over 260 investments, bmp currently oversees the IBG funds, offering venture capital to innovative companies in Saxony-Anhalt.
The EXIST “Transfer of Research” programme, under the Federal Ministry for Economic Affairs and Climate Action, supports academic startups by funding technically challenging development work, and encouraging economically viable ventures. In 2022, nearly €33M were approved for EXIST Transfer of Research (Phase I) funding.