MobileODT, a provider of an AI-powered smart cervical cancer screening device – Colposcope, raised $4 million Series C funding round.
With the latest round, the company has raised $26 million to date.
According to data from the World Health Organization, cervical cancer is the second most common cancer among women, after breast cancer, causes 311,000 deaths annually worldwide. Nine hundred thirty-two million women require cervical cancer screening globally, yet almost 600 million women will never be tested due to the lack of access to healthcare technology, according to Country cervical cancer data.
MobileODT says cervical cancer can be treated if caught in the initial stage, and its flagship product Colposcope, which comprises advanced imaging, data, and a companion mobile app, helps conduct cervical and vulvar digital examinations in a variety of settings. Clinicians use Colposcope for colposcopy, general gynecology, telegynecology, and forensic imaging.
The company also launched VisualCheck, which will automatically predict how a highly trained colonoscopist may evaluate a cervix, to make quality screening more accessible. Recently, the company completed the initial validation of its AI VisualCheck technology. Preliminary results show high agreement rates between the AI algorithm and leading experts in cervical cancer. VisualCheck is planned to be released later this year.
Leon A. Boston, the newly appointed CEO of the company, said, “Launching VisualCheck to the world markets will be a game-changer in women’s health. We have a tremendous opportunity to close the gap between lack of access and lack of experts in the field of cervical cancer screening and reduce the number of unnecessary deaths of women globally.”
The Series C round was led by OrbiMed Israel Partners, with participation from Tristel, Tara Health, and Laerdal. The round will support the development of AI cervical cancer screening device, the company said.
Digital Health companies in the first half (1H) of 2020 raised $6.3 billion. Funding activity was up by 24% during 1H 2020, compared to $5.1 billion raised in 1H 2019.
Image Credit: MobileODT