MVision AI, a Finnish cloud-based software service provider that uses AI to automate cancer treatment, has picked up €5.4 million in post-seed funding. The investment round was led by Stockholm-based early-stage VC J12 Ventures, which backed anotherblock and Ostrom, and the round also saw investment from Finnish VC Voima Ventures.
The new investment will be used to research and development of new solutions to speed treatment planning for radiotherapy and build a globally scalable cloud-based platform for cancer treatment. They are also looking to further expand and bring the solution for more patients globally. With this, the total funding raised by the company so far accounts for €7.1 million.
“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,” said MVision’s Founder and CEO Mahmudul Hasan.
“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,” said Luca Banderet, Partner at J12 Ventures.
“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,” said Pontus Stråhlman, Partner at Voima Ventures.
AI-powered radiotherapy for cancer treatment
MVision AI was founded by Mahmudul Hasan, Jarkko Niemelä and Saad Ullah Akram in 2017 with the aim to revolutionise radiotherapy using innovative AI technology. Mahmudul met the two co-founders through LinkedIn when he was searching for co-founders who have domain and AI knowledge. Jarkko is a medical Physicist and Saad is an AI researcher who has a Ph.D. in computer vision.
In an interaction with TFN, MVision AI founders said, “they’re the only company building a scalable cloud platform for clinical decision support for Radiation Oncology, which makes it stand out from the rest.”
It is touted to be the first cloud-based solution providing an end-to-end solution for radiotherapy. MVision’s current FDA-cleared and CE-marked product provides an AI-powered auto-contouring solution for precision radiotherapy.
Currently, MVision AI has a team of 30 dedicated professionals from 14 different nationalities with extensive backgrounds in the medical industry and AI research.
Speeds up cancer treatment
MVision AI’s next-generation AI technology accelerates the entire cancer treatment process, eliminating manual work and reducing waiting times significantly from weeks to one day, enabling same-day treatment. The solution has already been used in treating over 100,000 cancer patients in 14 countries, enabling standardized care globally. It automates cancer treatment planning with its unique automatic segmentation tool.