Netherlands-based ScreenPoint Medical, an AI technology company that develops advanced image recognition and machine learning software to improve early detection of breast cancer, has raised $28 million in Series C funding.
New York-based global venture capital and private equity firm, Insight Partners, led the round, with continued support from existing investors including ScreenPoint Medical’s founders, Siemens Healthineers and Oost NL, and participation from University Radiology Group (URG), one of the largest providers of subspecialty radiology and teleradiology services in the United States, based in New Jersey.
“We are excited about this funding and the opportunity to work with the Insight Partners team to continue scaling the company”, said Nico Karssemeijer, CEO of ScreenPoint Medical. “We are also delighted with the participation of URG in this round, showing trust and confidence in the technology we bring to the market.
“Breast imaging practice in the US is different from the EU, and the partnership with URG brings clinical expertise, which is extremely valuable for further expansion in the US. This round puts ScreenPoint Medical in a great position to establish itself as the leading provider of AI driven solutions for breast imaging”.
ScreenPoint was founded in 2014 as a spin-off from Radboud University Medical Center in Nijmegen, The Netherlands, to develop and bring to the market innovative machine learning solutions to improve breast cancer screening and diagnosis.
One in eight women will develop breast cancer in their lifetime and early detection is the best way to increase survival rates. The funding will be used to accelerate the commercial growth of the company’s Transpara AI breast care software, which uses machine learning technology and curated databases of screening mammograms to improve the early diagnosis of breast cancer.
Clinical studies demonstrate that the FDA cleared software, which is used in over 200 clinics in 23 countries, matches experienced radiologists in detecting breast cancer and allows them to improve the quality and efficiency of breast cancer screening.
“After conducting a review of breast care AI solutions that the FDA cleared for use in the USA, we found that Transpara has a substantial body of clinical evidence, has a commercially viable 2D and 3D US solution, and has experience with integration into different OEMs”, said Roger Yang, M.D., FACR, Secretary of University Radiology. “This is the right product to implement in our complex medical imaging environment”.
The investment will also enable further research & development and expansion of the product portfolio. Oaklins served as financial advisor to ScreenPoint during the transaction.
You can find more information about ScreenPoint Medical and Transpara AI breast care software on its website.
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