aA
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, announced "Startup Lithuania".
Medical imaging company raises $1.7M seed round to bring AI into clinical radiology practice
© DELFI / Giedrė Armalytė

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.

DELFI EN
It is forbidden to copy the text of this publication without a written permission from DELFI.
|Populiariausi straipsniai ir video

airBaltic plans to resume flights to London, Dublin and Dubrovnik but has no permits yet

Latvian airline airBaltic says it plans to resume flights from Vilnius to London and Dublin in...

Lithuanian company offers solution for international control of coronavirus test and vaccine

After the global coronavirus pandemic began in Wuhan it has affected people all over the world....

Avia Solutions Group to sel Baltic Ground Services Poland

Avia Solutions Group , the largest aerospace business group from Central & Eastern Europe, has...

Paysera has new vice president for development abroad

Starting June 1, Marius Pareščius , IT expert, businessman, and innovator, will be responsible for...

Palanga airport set to reopen with 1st flight since lockdown

Hungary's Wizz Air is on Tuesday relaunching its regular service between Palanga and Dortmund,...

Top news

Free movement between Poland and Baltics to be restored next week

Free movement between Poland and the Baltic states will be resumed next week, Lithuanian Prime...

Candidates list of social democrats for upcoming Seimas election approved

The presidium of the opposition Social Democratic Party of Lithuania on Thursday approved the...

airBaltic plans to resume flights to London, Dublin and Dubrovnik but has no permits yet

Latvian airline airBaltic says it plans to resume flights from Vilnius to London and Dublin in...

7 new coronavirus cases in Lithuania

On Thursday, Lithuania has detected 7 new coronavirus cases. Overall, there have been 1694 COVID-19...

Foreign minister: EU's external borders unlikely to open until late June

The European Union 's external borders may remain closed until late June, Lithuanian Foreign...

|Maža didelių žinių kaina