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Tuesday, April 16, 2024

Swedish medtech nets €961K to accelerate Dermalyser AI-driven diagnostic support tool for skin cancer

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AI Medical Technology, a Stockholm-born startup specializing in Artificial Intelligence, has recently completed an oversubscribed fundraising round with a total of €961K (SEK10.8 million) raised. Swedish firm Northern CapSek Ventures participated in the round. The startup develops AI-powered diagnostic solutions that enable frontline healthcare practitioners to make easier, faster and more reliable diagnoses for their patients. The funds will be used to expand the clinical trials for the company’s AI tool, the Dermalyser, in Sweden and other key European markets, as well as for obtaining CE marking and commercializing the product.

AI Medical Technology is a company operating in the interdisciplinary fields of data science, software development, and medicine. Founded by a diverse team of driven, passionate tech entrepreneurs, software developers and clinicians, they are dedicated to developing AI-powered diagnostic solutions that enable frontline healthcare practitioners to make easier, faster, more cost-effective and more reliable diagnoses for their patients. Having raised initial funding in 2021, they are now focused on bringing their first solution, Dermalyser, through clinical trials and into the market. The startup is also making progress towards FDA approval, as the US represents a significant portion of the global market, which was valued at $7.2 billion in 2021. This market is expected to grow at a CAGR of 7.3% from 2022 to 2031, reaching a total of $14.5 billion by 2031.

“We are delighted to close this round which will help us advance to the next stage in our journey to provide dermatologists and physicians with an accurate and reliable decision support tool to ensure rapid and accurate melanoma diagnosis,” says AI Medical Technology’s CEO Christoffer Ekström. “The extremely encouraging results from our recently completed multi-centre prospective clinical investigation involving 37 Swedish primary care facilities will be available shortly. The reaction from the Nordic dermatology community has already been so positive that we are responding to their request to run additional trials. This also has the additional benefit of further building our already market-leading image library. Combined, the new funds and trial results will enable us to accelerate our commercialisation program, starting with CE marking and launching in key European markets. FDA approval is also on the horizon, with this key market continuing to grow. However, forecasts also predict skin cancer to be an increasing problem in Latin America and Southeast Asia over the next decade.”

“AI-Medical Technology meets all of our criteria for investment – disruptive technology, a major unmet need and scalability in the key US market,” says Henrik Jerner of Northern CapSek Ventures. “We were also impressed by the ambition and drive of Christoffer and his team and look forward to supporting them in their mission to provide healthcare professionals with this invaluable new aid to diagnosis of skin cancer.”

Click to read more funding news.

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Nurcin Metingil
Nurcin Metingil
A permanent student, a passionate first reader and nowadays doing master’s degree in Publishing Management. Beside these, I am up for games! I have been playing games since I was 6. Now, I am whispering "Business. Business. Numbers. Is this working?"

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