French medical imaging AI specialist Avicenna.AI has secured a €7 million Series A funding round, which brings the aggregated investment in the company close to $10 million. The investment round was backed by existing investors Innovacom, a VC firm based in Paris that recently backed Exotrail and CEMAG Invest, an investment firm also headquartered in Paris.
The fresh funds will be used to scale up deployment of Avicenna.AI’s solutions across the world. In 2023, the company is ready to deploy at least 30 new sites every month this year. This follows a successful 2022 wherein Avicenna rolled out its AI solutions to over 140 hospitals in 14 countries across three continents.
Also, it will diversify the company’s offering into new areas of medicine.
Cyril Di Grandi, co-founder, and CEO of Avicenna.AI said, “We have created the conditions to accelerate the extension of our portfolio within our emergency suite but also outside our initial scope. We have finally obtained the first patents that will allow us to consolidate our position as a leader in the field with a disruptive approach to the use of deep learning in therapeutic decision-making. This new investment reflects the continued confidence of our investors and signifies our readiness to become a dominant force in healthcare AI.”
Detects pathologies via medical imaging AI solutions
Avicenna.AI was founded in 2018 Cyril Di Grandi, a software and medical device expert and Peter Chang, MD, a radiologist and AI expert. The company has built a team of experienced, dynamic and motivated professionals.
Avicenna.AI provides AI radiology screening solutions that use deep learning to identify, detect and quantify life-threatening pathologies from CT medical images. With deep learning and machine learning technologies, the company’s solutions automatically detect and prioritise emergency cases within seconds, before seamlessly alerting radiologists.
Its unique business model is based on an asset-light and R&D powerhouse expertise. It generates rapid business growth potential through already signed commercial partnerships in the US, Europe and Asia.
The company’s FDA-cleared and CE-Marked tools for neurovascular and thoraco-abdominal pathologies are seamlessly integrated within the clinical workflow. Eventually, it automatically triggers and reports algorithm results through the systems already used by radiologists.
