Spain-based medtech company, QUIBIM, have secured €8 million in a recent round of seed funding co-led by Amadeus Capital Partners and Adara Ventures to improve its radiomics platform.
WHAT IT DOES
QUIBIM is a frontrunner in the field of radiomics, which uses artificial intelligence (AI) to read medical images for disease-specific biomarkers, enabling early detection of diseases such as COVID-19. With over 20 algorithms already embedded in its primary platform, QUIBIM Precision®, the quantitative imaging system can be used to detect a range of conditions including cancer, Alzheimers and osteoarthritis.
In March 2020, QUIBIM released chest X-ray and CT scan products to help in the fight against COVID-19. It also co-founded the ‘Imaging COVID-19 AI Initiative’, becoming the primary AI platform used to screen for the disease across Europe and providing a deep-learning platform to support in its research.
WHAT IT’S FOR
The most recent investment round – which included support from Apex Ventures, Partech and Crista Galli Ventures, as well as existing shareholders – will enable the company to add to and enhance their existing software and to expand their international presence.
According to a statement by QUIBIM founder and CEO Angel Alberich Bayarri, the money “will be used to boost the AI platform, our available algorithms and high-value components, to provide a seamless, all-in-one solution supporting healthcare professionals.”
The use of AI-driven image analysis of CT scans is fast becoming a trusted way of screening for COVID-19, particularly in China.
However, according to market researchers Frost & Sullivan, imaging technologies are forecast to take the biggest financial hit in the projected post-COVID slump, with an almost 45% decrease from its original estimate.
ON THE RECORD
“QUIBIM is now at a scale-up point ready to grow internationally while maintaining great science at the core of our mission,” continued Bayarri. “Our new investors will open opportunities for us in new markets and help us to strengthen our brand internationally. We will be able to promote our new prostate, musculoskeletal and oncology solutions and increase sales globally, by expanding our workforce over the coming year.”
Pierre Socha, partner at Amadeus Capital Partners, said of the investment: “We are excited by the potential of radiomics to improve disease detection and enable precision treatments guided by imaging biomarkers. QUIBIM’s all-in-one platform is the answer that radiologists have been waiting for and we look forward to helping them grow internationally while continuing the fight against COVID-19 and other life-threatening conditions.”
Rocio Pillado, partner at fellow investment-leads Adara Ventures, added: “QUIBIM’s rapid adoption is an indicator of how innovative doctors and researchers are eager to have access to and exploit AI technology and methods that can automatically recognise complex patterns in imaging data, to get quantitative assessments and improve the service they provide.