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Netherlands-based artificial intelligence (AI) startup Aidence, a company that is bringing the full potential of AI into the hands of medical professionals in medical imaging and disease detection, has recently secured a funding of €10 million. The round was led by INKEF Capital and co-investor Rabo Ventures, alongside existing investors Northzone, HenQ and Health Innovations. This investment brings Aidence’s total funding to €12.5 million.
Applying AI to analyse chest CT scans for lung cancer
Founded in 2015, the Amsterdam-based company has placed its emphasis on the early recognition of lung cancer by applying AI algorithms to medical imaging. The startup has come up with a solution known as Veye Chest, which is believed to assist radiologists to diagnose and track developments in pulmonary nodules, in order to determine lung cancer.
Already installed in more than 10 hospitals throughout Europe
As of now, the Veye Chest technology is installed in more than 10 hospitals in the Netherlands, United Kingdom and Scandinavia and processes hundreds of studies per week.
Previously, the Dutch startup was chosen by SBRI Healthcare, an NHS innovation initiative, after its health economics team acknowledged Veye Chest’s capabilities to provide assistance to radiologists by reducing their workload and improvising the detection process of lung cancer.
How will the funding get utilised?
The latest investment will be used by the Dutch startup to increase and install base across Europe and focus on gaining FDA approval to enter the US market.
Aidence’s co-founder and CEO Mark-Jan Harte stated, “With this funding, we will continue building our European market expansion while also build towards FDA clearance giving us access to the US healthcare market”.
With this funding, the startup will be allowing their research and development team to scale up and discover new horizons for the Veye platform. Also, the startup will be expanding its technical and commercial teams to achieve growth and make an impact for medical professionals and patients.
Thijs Cohen Tervaert from INKEF comments: “We’ve followed Aidence for a number of years and are impressed by the team they’ve built and the progress they’ve made. Aidence has managed to cut through the hype surrounding AI and delivered a solution that fits into the workflow and helps radiologists do their work better. This is supported by the fact that the solution is being used in more than 10 hospitals and radiologists are using the software to improve care. The quality of the team, the technology and their vision for the future inspired us to lead this round of investment.”
Mathijs Koens from Rabo Ventures comments: “With its practical AI solution for radiologists, Aidence fits very well with our ambition to contribute to improving the healthcare ecosystem and ultimately retaining affordable healthcare for all.”
To design Veye Chest, Aidence has now assembled a team of data scientists, software engineers and medical industry professionals. At the European Congress of Radiology, Europe’s largest radiology show in Vienna later this month, the world-renowned Royal Infirmary of Edinburgh hospital and the Edinburgh imaging facility QMRI will also present four abstracts as result of the collaboration on clinical validation for Veye Chest.
Stay tuned to Silicon Canals for more updates in the tech startup world.