Smart Reporting, a provider of integrated cloud-based AI-powered medical image analysis and reporting platform, raised €15 million (~$16.2 million) in a funding round.
yabeo, an early-stage German venture capital firm, led the financing round with participation from entrepreneurs, including Ann-Kristin Achleitner, Wolfgang Reitzle, and Rolf Dienst.
The company plans to use new funds to develop its technology as well as to scale into different disciplines of medicine, including surgery, oncology, and cardiology.
Wieland Sommer, a Professor of Radiology at the Ludwig-Maximilian-University in Munich, founded Smart Reporting in 2014 as a research project spin-off. The company offers multilingual, cloud-based software solutions for structured reporting in pathology and radiology. The software analyzes X-ray, magnetic resonance imaging (MRI), computer tomography, mammography, ultrasonic, and other medical examinations reports and automatically generates explanatory findings. The final reports are graphically described, and can are used to improve decision support and communication with referring physicians. Over 8,000 radiologists use the software in 90 countries.
Wieland Sommer, Founder and CEO of Smart Reporting said: “There has been a discussion about big data in medicine for the last ten years, but medical documentation is often still done with pen and paper. So, there is a huge need for better data in medicine, which needs to be standardized as and when the physician documents findings in his clinical workflow. I am convinced that the medicine and healthcare of the future is grounded in data science. Our ability to get reliable data from every patient at a large scale will be the foundation to provide better and more personalized care to the ever-increasing patient population.”
Medical Imaging companies raised $79 million in Q1 2020, according to the latest Mercom Digital Health Funding Report.
Earlier this year, AI-powered lung imaging analysis company Vida Diagnostics raised $11 million in Series C funding, bringing its total raised to date to $20 million. First Analysis Corporation, a Chicago-based venture capital firm, led the financing round with participation from Blue Heron Capital, UnityPoint Health Ventures, and existing investors.
Global AI in Medical Imaging Market is projected to reach $265 billion by 2026, from 21 billion in 2018, growing at a compound annual growth rate of 36.89%, according to Data Bridge Market Research.