AI Medical Technology nets SEK10.8 million to accelerate Dermalyser AI-driven diagnostic support tool for skin cancer
- Northern CapSek Ventures takes part in oversubscribed round
- First prospective clinical trials showing unmatched levels of sensitivity and specificity
- Funds will finalise CE marking and European commercialisation
- FDA approval planning initiated as company eyes US market
Stockholm, Sweden, Jan 24, 2023. Swedish Artificial Intelligence start-up AI Medical Technology announces it has completed a heavily oversubscribed SEK10.8 million fundraise. The new funds will be used initially to expand the company’s clinical trial program for its Dermalyser AI-driven support tool in Sweden and other key European markets, as well as finalise CE marking and commercialisation. In addition, the company is starting to work towards FDA approval, with the US accounting for 2/5 of a global market which generated $7.2 billion in 2021. It is estimated to reach $14.5 billion by 2031, manifesting a CAGR of 7.3% from 2022 to 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.”
For more information, please contact:
Christoffer Ekström, CEO AI Medical Technologies
Cell phone: +46721748339
About malignant melanoma
According to Cancer Today, the incidence of new cases of malignant melanoma in 2020 was over 320,000 worldwide, https://gco.iarc.fr/today/home and every 4 minutes, a person dies of skin cancer. With a growing trend, patient cases are expected to reach almost 500,000 by 2040. Statistics further show that as many as 99% of the cases are curable if they are diagnosed and treated early enough, thus underscoring the importance of continuous self-examination and visiting your doctor in the case of a suspected skin lesion. Hence, early and accurate diagnosis is vital for saving more lives.
Dermalyser is a mobile application empowered with AI that can provide diagnostic decision support for medical professionals when diagnosing skin cancer in clinical settings. Dermalyser enables fast and direct diagnostic decision support with high accuracy when diagnosing skin cancers such as malignant melanoma. The Medical professional takes an image of the patient’s skin lesion and, within a few seconds, receives an analysis from the artificial intelligence. In this way, fewer cancers are missed, more patients’ lives can be saved, and at the same time, fewer patients may need to undergo unnecessary excisions of benign skin lesions. Furthermore, healthcare can become more efficient, and costs can be reduced. The application is used with a dermatoscope mounted in front of the smartphone camera.
About AI Medical Technology
AI Medical Technology is a company operating in the interdisciplinary fields of data science, software development, and medicine. The company is dedicated to developing AI-powered diagnostic solutions that enable frontline healthcare practitioners to make easier, faster and more reliable diagnoses for their patients. Following the second funding round in 2022, the team is now focused on bringing the first product, Dermalyser, a clinically validated decision support tool for diagnosing all skin cancers through clinical trials and to the market. www.aimedtech.org
About Nordic CapSek Ventures
Northern CapSek Ventures AB (publ), based in Gothenburg, Sweden operates as a venture capital company. It focuses on investing in tech companies operating in software as a service, Internet of Things, computer gaming, and artificial intelligence/machine learning.