Helsinki-based MVision AI secures €5.4M to speed treatment for cancer using AI

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Helsinki-based MVision AI, a medtech company, announced on Thursday that it has secured €5.4M in a post-Seed funding round led by Sweden-based J12 Ventures and Finland-based Voima Ventures.

The company says it will use the funds to develop new solutions to speed treatment and build a globally scalable cloud-based platform for cancer treatment.

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Image credits: MVision AI

Streamlining radiotherapy treatment workflow

Founded by Mahmudul Hasan, Jarkko Niemelä, and Saad Ullah Akram in 2017, MVision AI is a cloud-based software service provider for radiotherapy treatment planning. 

The International Agency for Research on Cancer estimates that the number of patients treated with radiotherapy will grow to 29 million by 2040.

“The burden of cancer is growing for patients, hospitals, and carers. Our cloud-based AI-powered technology provides faster and more reliable clinical decision-making for cancer patients undergoing radiotherapy treatment. With our automation, we can speed up the entire treatment planning process while still delivering high-quality care,” says Mahmudul Hasan, MVision’s Founder and CEO.

The Finnish company uses artificial intelligence to automate cancer treatment planning with its automatic segmentation tool. 

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According to MVision AI, their technology accelerates the entire cancer treatment process, significantly reducing treatment waiting times from weeks to days. 

MVision AI says its technology has successfully treated more than 100,000 cancer patients across 14 countries, with most patients originating in Finland, Sweden, Spain, France, the UK, and the USA.

The startup also claims that it has achieved  significant treatment wait-time in many facilities, including the Gainesville Department of Radiation Oncology, University of Florida.

Currently, the company employs a team of 30+ dedicated professionals with extensive backgrounds in the medical industry and AI research.

The Investors

Based out of Stockholm, J12 is a next-gen VC backing founder building for the AI era. The VC is run by an international team of ex-founders who have built ideas for IPOs. To date, J12 Ventures has backed 25+ companies in the Nordics and Europe.

“MVision AI has arguably built the world’s best AI models to support oncologists with automated segmentation for radiotherapy to treat cancer. Hence, saving hospital costs and reducing waiting time for patients in need.”

“We’re excited to back Mahmudul and his team as they scale the company, soon helping patients in need around the globe,” says Luca Banderet, Partner at J12 Ventures.

Voima Ventures helps founders accelerate the growth of deep technology ventures to global markets.

“We were impressed by the number of patients that have already been successfully treated with the help of MVision AI technology. Automating treatment processes enables faster care and more time to focus on patient care and human interactions that technology cannot replace,” says Pontus Stråhlman, Partner at Voima Ventures.

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