A European medtech start-up, AZmed, has secured €15 million in Series A funding from US and European investors.
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In a dynamic healthcare environment, doctors are progressively acknowledging the profound impact that artificial intelligence technologies can have. AZmed plans to help overcome the obstacles doctors encounter when attempting to manage increasing workloads and provide timely, accurate diagnoses.
In 2019, AZmed’s AI software obtained CE marking for fracture detection on X-rays. Subsequently, it obtained FDA clearance in 2022 and has since been implemented in over 1,000 healthcare facilities across 40 countries. This has led to partnerships with prominent healthcare institutions over the years, including the NHS, SimonMed Imaging, UH Cleveland Medical Center, and CHIREC. It demonstrated effectiveness in detecting the main abnormalities shown on X-rays and significantly reducing the turnaround time for reports.
This funding strategically positions AZmed to strengthen its leadership in Europe and extend its operations on a global scale, including in the United States, the Middle East, Africa, and Asia. Within the next 18 months, the start-up plans to double its workforce and substantially increase its investment in research and development in order to further develop effective AI software, thus expanding its line of medical imaging offerings.
The CEO of AZmed, Julien Vidal, said: "We are thrilled to have obtained this funding to advance AZmed to the forefront of the medical imaging industry. As the number of physicians has remained constant while the volume of medical images has increased, it is beyond dispute that each and every medical image must be correlated with a diagnosis of AI. Hence, AZmed is determined to pioneer the development of AI solutions in radiology to efficiently support the growing flow of images and improve the patient care pathway."
Maison Worms, Techstars, and Tempact Ventures are among the notable contributors to the €15 million funding.
Arnaud Decrulle from Maison Worms added: "The AZmed team has demonstrated unmatched commitment and creativity in tackling the pressing issues that affect healthcare practitioners. With this investment, AZmed will be in a strong position to enhance the care that is provided to patients. We share the company's mission and are excited to be a part of its journey to transform healthcare."
According to the most recent market report from Global Market Insights, it is anticipated that the AI in Medical Imaging market will experience a substantial increase in value globally, from $1.38 billion in 2022 to $9.9 billion by 2032, at a CAGR of 30.5%.
