XVision, a medical platform based on artificial intelligence algorithms, obtains one million euros in a round of seed financing, with the contribution of bValue as Lead Investor and seven other Romanian investors: GapMinder VC, RocaX, Cleverage, Growceanu, Cristian Pop as an angel investor and Poland: ResQMed and Marek Dziubinski. XVision has raised a total of 1.5 million euros so far, this being the second round of funding.
The platform develops products with which radiologists can analyze and interpret medical images.
According to Ştefan Iarca , Co-founder & CEO of XVision, the amount will be directed towards enlarging the current team with specialists in the area of business development, AI, software development and imaging, in order to expand the company to Western Europe and later, starting with 2023. , to the United States. The platform is operational in over 60 private hospitals and clinics and operates in three other European countries: Hungary, Slovakia and Poland.
After about two years of testing and development, two products resulted: a software program dedicated to chest radiographs and another created for faster and more accurate analysis of chest CT scans (computed tomography). XVision’s research has shown that in recent years there has been an increase in the number of medical images taken and their complexity.
With the accelerated process of technologicalization, complex images such as CT and MRI are increasingly in demand, but also more difficult to interpret. In addition, the number of radiologists trained to analyze and interpret these medical images has stagnated in recent years, both in Romania and globally, XVision officials comment.
According to internal studies of XVision, this software generates a saving of 25% of the analysis time of a chest x-ray and up to 30% of the analysis time of the lung CT scans.
XVision officials claim that their product is the first Artificial Intelligence software implemented by a chain of private clinics – Regina Maria – and is used internationally in over 60 clinics and hospitals, analyzing over 26,000 chest x-rays and 10,000 CT scans per month. lungs.
XVision is a MedTech company founded in 2018 by a multidisciplinary team from Timișoara, consisting of Ștefan Iarca – CEO, Cristian Avramescu – CTO, Bogdan Bercean – Head of AI and Andrei Tenescu – Head of DevOps.
From 2019, XVision is alumni of Techcelerator, the first accelerator in Romania that allocates funds for the development of companies in the acceleration phase and which addresses Romanian technology startups.