AI medical imaging company Oxipit closed a $4.9M funding round led by Taiwania Capital, Practica Capital, and Coinvest Capital. Angel investors also participated in this round. The funding will help Oxipit advance its development of autonomous AI medical imaging applications and support market expansion into new geographic regions, with particular focus on the United Kingdom.
“2022 was a breakthrough year for the Oxipit team. In spring we introduced ChestLink - the first fully autonomous AI medical imaging application, which produces patient reports without any radiologist oversight. For a long time the tech world predicted AI to take over the diagnostics of certain pathologies. This year ChestLink made the first inroads into the future of diagnostic medicine”, says CEO of Oxipit Gediminas Peksys.
In April 2022, Oxipit received CE Class IIb certification for the ChestLink autonomous imaging software which allows the company to deploy the software in 32 European markets.
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ChestLink produces final reports for healthy patient X-ray studies where the application is highly confident the X-ray features no abnormalities. The application performs at 99.8% sensitivity. ChestLink software can significantly reduce the workload of radiologists in the primary care setting, where up to 80% of medical images feature no abnormalities (yet the radiologists are still required to report on them). ChestLink helps to address global radiologist shortage, automating 15-40% of daily reporting workflow depending on the type of medical institution.
Another product by Oxipit - Oxipit Quality - acts as a virtual radiologist assistant. The application reviews every medical image and the corresponding radiologist report. If Oxipit Quality detects any findings missed in the report, it will instantly notify the radiologist to take another look. Oxipit Quality acts like a real-time safeguard against diagnostic mistakes.
In addition to chest X-rays, Oxipit recently expanded its Quality product suite with quality assurance support for musculoskeletal X-rays, mammography images and lung CT scans, covering the absolute majority of radiology workflow with a single product.
Oxipit Quality also proved instrumental in improving early lung cancer diagnostics. In pilot studies across Germany, Spain, Greece, the Netherlands, Finland and Lithuania, Oxipit Quality helped to identify 20% more lung nodules when assisting radiologists.
Oxipit Quality is already available in European markets and Australia. In December it was certified for use in Brazil. The company plans to file for US FDA certification in 2023.
The funding round was led by Taiwania Capital which operates six funds with total assets of $865M under management. Taiwania’s latest $200M CEE fund targets startups in Central and Eastern Europe, focusing on disrupting innovations covering semiconductors, biotechnology, laser optics, fintech, aerospace, electric vehicle, robotics, and other sectors with next-gen technologies that will lead the new wave of growth.
“Oxipit’s strong leadership, innovative technology and uniquely positioned AI solutions could revolutionize medical image processing and greatly improve diagnostic efficiency and quality. We look forward to working closely with Oxipit to expand its business to Taiwan and other countries.“, says Mitch Yang, the managing partner of Taiwania Capital.