NOUS Imaging, the developer of a medical imaging software solution that provides real-time motion monitoring during MRI scans, raised $6.6 million in funding from the Small Business Innovation Research (SBIR) program at the National Institutes of Health and CICA Inc., a San Diego-based biotechnology and medical technology investment family office.
“The software aims to eliminate patient safety risks and save billions of dollars in wasted healthcare costs,” said Nico Dosenbach, MD, PhD, co-founder of NOUS Imaging and an Assistant Professor of neurology and radiology at the Washington University School of Medicine.
The startup says that about nearly 8 million patients in the United States underwent brain MRI scans in 2018. However, patient movement during the procedure invalidated approximately 20% of those scans, incurring almost $4 billion in unnecessary costs while also posing potential safety risks.
“The need and demand for a simple solution to maximize image quality is clear,” said Damien Fair, PA-C, Ph.D., co-founder of NOUS Imaging and an Associate Professor of Behavioral Neuroscience at Oregon Health & Science University.
The company creates Framewise Integrated Real-Time MRI Monitoring (FIRMM) software that monitors a patient’s motion during MRI brain scans and eliminates patient safety risks. Its software is used by several leading medical and academic institutions, including Adolescent Brain Cognitive Development (ABCD). Its software was originally developed to work with MRI scanners manufactured by Siemens, but has been updated to include GE machines.
“We hope that with the addition of GE capability, we can add to our existing number of FIRMM users,” said Todd Deckard, Director of Engineering. “This new software update, coupled with the fact that we are the only camera-less motion monitoring technology, provides the necessary foundation to grow our footprint in the industry.”
Other companies with similar technologies that received funding included:
SpinTech, the developer of an enhanced brain scan MRIs visualization software, received an undisclosed amount of funding from Genesis Innovation Group’s cultivate (MD) Capital Fund II.
DeepTek, a provider of an AI technology for medical imaging like Radiographs, CT scans, and MRIs, raised an undisclosed amount of funding from NTT DATA.
Circle Cardiovascular Imaging, a provider of cardiovascular imaging post-processing software that analyzes MRI and CT images, secured $16 million from Kayne Anderson Capital Advisors and Yaletown Partners.
Since 2010, medical imaging companies raised over $650 million in VC funding, according to Mercom’s Digital Health Funding Tracker.
