Avicenna.AI announced today that it has secured a Series A funding round, bringing aggregated investment in the company close to US$10 million. The round was backed by existing investors Innovacom and CEMAG Invest, according to an Avicenna.AI press release.
The new funds will be used to scale up deployment of Avicenna.AI’s solutions across the world and to diversify the company’s offering into new areas of medicine.
“Last year was pivotal for Avicenna.AI, with huge growth in the deployment of our solutions around the world, and very positive feedback from our partners and users alike,” said Cyril Di Grandi, co-founder and CEO of Avicenna.AI. “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 [artificial intelligence].”
Avicenna.AI provides healthcare AI solutions that use deep learning to identify, detect and quantify life-threatening pathologies from computed tomography (CT) medical images. Using a combination of deep learning and machine learning technologies, the company’s solutions automatically detect and prioritise emergency cases within seconds, and assess them for severity, before seamlessly alerting radiologists, as per the release.
Last year saw Avicenna.AI’s solutions—which include US Food and Drug Administration (FDA)-cleared and CE-marked tools for neurovascular and thoracoabdominal pathologies—rolled out to more than 140 hospitals in 14 countries across three continents. The company is now ready to scale up in 2023 and expects to deploy at least 30 new sites every month throughout 2023.