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Tuesday, March 21, 2023

Estonian-based healthtech startup MX Labs raised $2 million

Tallinn’s startup company MX Labs announced that it has closed the seed funding round with 2 million dollars. The round was led by Superhero Capital with the participation of SMOK Ventures and Verge HealthTech Fund. The funding will help boost the company’s AI-powered technology for healthcare services that only need a computer or smartphone’s camera.

This technology called Shen.AI will enable users to measure blood pressure, heart rate after just one quick scan of a face. MX Labs is planning to develop the camera-based platform by adding more functions to be able to detect other vital signs of a person. Moreover, it may say about one’s mental status as well.

MX Labs raises $2.0 million in Seed funding

MX Labs, Shen.ai

MX Labs is developing the next generation of health and wellness diagnostic technology powered by artificial intelligence. Shen.AI, the company’s proprietary technology uses a novel method that requires only a smartphone or a computer with a camera to measure heart rate, heart rate variability, and blood pressure through a one-minute scan of the face. Soon, more vital signs, including mental health and behavioral markers will be available.

The ongoing shift towards remote medicine, the global shortage of healthcare workers and rising treatment costs are an open call for affordable and low-cost remote monitoring tools for patients and clinicians.

With a $2.0 million investment led by Finland-based Superhero Capital with existing investors including SMOK Ventures and Verge HealthTech Fund, the company will expand Shen.AI’s cardiovascular and mental health capabilities and offer them to its first customers later this year.

MX Labs, Remi Koscielny“Our goal is to provide people with easy-to-use tools for prevention and self-care, accessible through the devices they own and use. Going further, we want to increase the potential of telemedicine by providing a medically certified diagnostic solution.” says Remi Kościelny, co-founder and CEO.

Shen.AI is already available within Heart Monitor, a mobile app for monitoring cardiovascular health and hypertension detection available on Apple App Store and Google Play and coming soon on CheckBP.com. Heart Monitor has been downloaded by over eighty thousand people around the world.

MX Labs, Prezemek Jaworski“Our technology is quite unique in the world, for its bespoke computer vision algorithms and deep-learning architecture, combined with the unparalleled breadth of data we’ve collected across ethnicity, age, gender and skin tone.

In addition to our current Shen.AI features, which are primarily focused on cardiovascular health, we plan to add new functionality such as emotional state detection, providing early diagnosis of mental health conditions and disorders.

We also plan to invest in new high quality data acquisition, external collaborations with scientific institutions and medical certification. All this, to increase the accuracy, reliability and robustness of our solution.” says Przemek Jaworski, MX Labs CTO.

The Shen.AI SDK (Software Development Kit) will be available for B2B integration across mobile and Web in Q2 2022.

Click here for more funding news!

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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