Medical Imaging Company Oxipit raises $1.7M Seed Round to bring AI into Clinical Radiology Practice
Oxipit, the authors of ChestEye AI-powered radiology software suite is announcing today the close of a Seed funding round for $1.7 million co-led by Practica Capital, Koinvesticinis Fondas (Co-Investment Fund) and angel investors. The round marks the largest investment for medical AI solutions in the Baltic states. It is also one of the largest seed rounds among Baltic startups.
Automated AI-based diagnosis and reporting by ChestEye enable radiologists to improve productivity, reduce error-rate, discover overlooked secondary findings and address the shortage and ever-increasing workload of radiology specialists. In February ChestEye software received CE certification paving the way for clinical solution deployment in 32 European markets.
“ChestEye aims to improve the quality of service for patients by addressing the shortage of radiology specialists in developed markets. Currently, the patient wait time for X-ray doctor report can take days, even weeks. Our trials showed that by harnessing AI diagnostic capabilities, ChestEye can save 30% time per patient and reduce error-rate” – notes CEO of Oxipit Gediminas Peksys.
ChestEye encompasses more than 90% of findings a radiology department encounters in day-to-day operations. The solution localizes these findings on a given radiograph and provides automatic finding description. The software generates a preliminary report immediately after the X-Ray was taken. It also automatically arranges patient scans by urgency reducing time-to-treatment for time-sensitive medical conditions. The software produces finalized medical reports in 12 languages, including English, German, French, Spanish, Polish, Romanian, Finnish, Turkish, Dutch, Hungarian and Czech and Lithuanian.
Oxipit was founded in 2017 by a team of 6 scientists coming from diverse academic backgrounds. The team features multiple-time Kaggle competition winners, as well as members with a proven track record in leading global AI and data-science applications.
“Oxipit is a great example of how a proprietary technology can turn into disruptive innovation product. The role of AI in healthcare has risen a lot in recent years and still has huge and wide-reaching potential, with application opportunities being endless. Especially in medical diagnostics. We believe that the future of healthcare and machine learning are definitely interconnected, which will bring healthcare to a completely another level worldwide,”said Practica Capital’s partner Donatas Keras.
Practica Capital invests in the Baltic innovation and technology-driven ventures. Koinvesticinis fondas is a venture capital co-investment fund. Together with its partners – business angels – fund invests into early-stage companies.
“We are pleased that besides our investment we bring really strong expertise and contact network of a group of business angels, who can help the company to revolutionise the way radiologists operate” – says Koinvesticinis fondas Investment Project Manager Paulius Uziela.
Oxipit is a computer vision software startup specialized in medical imaging. With a team of award-winning data scientists and medical doctors, the company aims to introduce innovative Artificial Intelligence/Deep Learning breakthroughs to everyday clinical practice. Oxipit are the authors of CE certified multi-award winning ChestEye radiology imaging suite.
ABOUT PRACTICA CAPITAL
Founded in 2011, Practica Capital is a dedicated and one of the most active Baltic VCs focusing on investments in the Baltic (Lithuania, Latvia, Estonia) and Baltic-origin ventures in Europe. Practica Capital invests in seed, early and select growth stage ventures as a cross-industrial investor.
Practica Venture Capital II fund is partly financed by Business Financing Fund, a fund of funds established by the Ministry of Economy together with the Ministry of Finance of the Republic of Lithuania, financed by the European Union (EU) Funds under the 2014-2020 Operational Programme for the EU Funds’ Investments in Lithuania and managed by Invega.
ABOUT KOINVESTICINIS FONDAS
Investment to company was made by Koinvesticinis fondas while implementing financial instrument Co-investment Fund II, funded by the European Regional Development Fund.