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Friday, February 23, 2024

Finnish deep tech startup collects €5.4M to make same-day cancer treatment the new standard

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Helsinki-based health tech startup MVision AI has secured €5.4 million in post-seed funding from J12 Ventures and Voima Ventures to expand its innovative cloud-based AI-powered radiotherapy planning solution. With its automatic segmentation tool, the technology uses artificial intelligence to streamline cancer treatments, significantly reducing waiting times from weeks to days. The scalable platform has already benefited over 100,000 cancer patients across 14 countries. The funding will help MVision AI accelerate cancer treatment automation, bringing same-day treatment to a wider audience and continuing to improve cancer treatments globally

MVision AI, founded in 2017, is a pioneering, cloud-based software service provider for radiotherapy treatment planning. MVision uses artificial intelligence to automate cancer treatment with an AI-powered automatic segmentation tool that helps to standardize contouring and automate segmentation to streamline the radiotherapy treatment planning workflow.

MVision is tapping into a global challenge. The aging population is increasing the prevalence of cancer. The International Agency for Research on Cancer estimates that the number of patients treated with radiotherapy will grow to 29 million by 2040.

“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,” MVision’s Founder and CEO Mahmudul Hasan says.

With manual treatment planning, a patient diagnosed with cancer often needs to wait 2–3 weeks for treatment to start.

“Our automation enables same-day treatment. We are making same-day treatment a standard in cancer treatment globally,” Hasan adds.

MVision AI’s technology has been used to treat more than 100,000 cancer patients in 14 countries, with most patients originating in Finland, Sweden and the UK.

According to the evaluation by Sociedad Española de Oncologia Radioterapica in Madrid, Spain, MVision AI technology has significantly contributed to reducing contouring time and enhancing patient care by shortening waiting times. After implementing MVision AI, it was reported that 44% of all breast cancer scans were ready to be planned on the same day. Without MVision AI, only 10% of the scans were ready to be planned on the same day.

Significant wait-time reductions have also been achieved in other facilities, including the Gainesville Department of Radiation Oncology, University of Florida.

“We were immediately impressed by the quality and consistency of MVision’s AI auto-segmentation, not just the standard OARs but also many advanced structures, especially lymph nodes. It fits seamlessly and transparently into our workflow, saving many planners and physicians time. This AI-based auto-segmentation model covers the whole body – a hugely appreciated time saver for our busy clinical team”, tells Chihray Liu, PhD, DABR, FAAPM Professor and Chief of Physics-Gainesville Department of Radiation Oncology, University of Florida.

The recent 5.4 million euros round of funding will be used to develop new solutions to speed treatment and build a globally scalable cloud-based platform for cancer treatment. The funding round was led by Swedish J12 Ventures and Finnish Voima Ventures.

“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,” says 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,” says Pontus Stråhlman, Partner at Voima Ventures.

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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