Netherlands-based ScreenPoint Medical is an AI technology company that develops Deep Learning and image analysis technology for automated reading of mammograms. The company’s software is used to improve early detection of breast cancer.
ScreenPoint raises Series C round
In a recent development, the company announced that it has raised $28M (approx €23.58M) in its Series C round of funding. The round was led by New York-based global venture capital and private equity firm, Insight Partners. In addition, existing investors including ScreenPoint Medical’s founders, Siemens Healthineers, and Oost NL, also invested in this round.
The Series C round also saw participation from University Radiology Group (URG), one of the largest providers of subspecialty radiology and teleradiology services in the US, based in New Jersey.
“AI for early breast cancer detection and diagnosis”
ScreenPoint is a spin-off from Radboud University Medical Center in Nijmegen, the Netherlands. It was founded in 2014 by Prof. Nico Karssemeijer and Prof. Sir Michael Brady – experts in quantitative breast image analysis and computer aided detection.
The company, with its team of specialists in machine learning, image analysis, and breast imaging, have developed an AI solution, “Transpara”, for reading mammograms and breast tomosynthesis. Clinical studies demonstrate that software matches experienced radiologists in detecting breast cancer and allows them to improve quality and efficiency of breast cancer screening.
Roger Yang, M.D., FACR, Secretary of University Radiology, mentioned, “After conducting a review of breast care AI solutions that the FDA cleared for use in the USA, we found that Transpara has a substantial body of clinical evidence, has a commercially viable 2D and 3D US solution, and has experience with integration into different OEMs. This is the right product to implement in our complex medical imaging environment.”
Transpara is being used in over 200 clinics in 23 countries. ScreenPoint is focussing on extending its AI solutions for breast healthcare to enable radiologists to deliver the highest quality in an environment that is increasingly demanding.
Funds for commercial growth
The raised capital will help accelerate the commercial growth of the company’s Transpara AI breast care software, which uses machine learning technology and curated databases of screening mammograms to improve early diagnosis of breast cancer.
According to breastcancer.org, one in eight women will develop breast cancer in their lifetime and early detection is the best way to increase survival rates. The investment will also enable further research & development and expansion of the product portfolio.
Speaking on the development, Nico Karssemeijer, CEO of ScreenPoint Medical, says, “We are excited about this funding and the opportunity to work with the Insight Partners team to continue scaling the company. We are also delighted with the participation of URG in this round, showing trust and confidence in the technology we bring to the market. Breast imaging practice in the US is different from the EU, and the partnership with URG brings clinical expertise, which is extremely valuable for further expansion in the US. This round puts ScreenPoint Medical in a great position to establish itself as the leading provider of AI driven solutions for breast imaging.”