Oxipit, a developer of autonomous AI-powered medical imaging applications, closed a $4.9 million funding round led by Taiwania Capital, Practica Capital, and Coinvest Capital.
With the latest funds, the company plans to accelerate the development of its autonomous AI medical imaging applications and expand into new geographic regions, with a particular focus on the United Kingdom.
Commenting on the funding news, the CEO of Oxipit, Gediminas Peksys, said: “2022 was a breakthrough year for the Oxipit team. In spring, we introduced ChestLink – the first fully autonomous AI medical imaging application, which produces patient reports without any radiologist oversight. For a long time, the tech world predicted AI to take over the diagnostics of certain pathologies. This year ChestLink made the first inroads into the future of diagnostic medicine.”
Last year, Oxipit received CE Class IIb certification for the ChestLink autonomous imaging software. ChestLink software is intended to significantly reduce the workload of radiologists in the primary care setting, where up to 80% of medical images feature no abnormalities (yet the radiologists are still required to report on them). ChestLink helps address the global shortage of radiologists, automating 15-40% of daily reporting workflow depending on the type of medical institution.
Another product by Oxipit – Oxipit Quality – acts as a virtual radiologist assistant. The application reviews every medical image and the corresponding radiologist report. If Oxipit Quality detects any findings missed in the report, it will instantly notify the radiologist to take another look. Oxipit Quality acts like a real-time safeguard against diagnostic mistakes. The product is already available in select European markets and Australia. In December last year, it was certified for use in Brazil. The company plans to file for US FDA certification in 2023.
Medical imaging startups
According to our funding database, medical imaging startups have raised more than $3 billion in funding to date.
Notable funding rounds in the medical imaging space include:
Prenuvo, a provider of an advanced whole-body imaging system to detect cancer in its early stage, raised $70 million in Series A funding led by Felicis Ventures.
Elephas, an AI-guided medical imaging platform to assess live cancer tumors in real-time, raised $41.5 million in Series B funding led by ARCH Venture Partners, Moore Strategic Ventures, and Tao Capital Partners with participation from Northpond Ventures, Sands Capital, and WARF Ventures.
Airs Medical, a provider of an AI-powered medical imaging system, raised $20 million in Series B funding led by Q Capital Partners, Hanwha Life and additional funds from Klim Ventures.