Vienna-based radiology startup contextflow has raised a total of €6.7 million in a Series A funding round. The company uses an AI-based approach to analysing medical imagery, thereby dramatically reducing radiologists’ workloads and increasing accuracy. With the new funding, contextflow is looking to develop products for a wider range of organs, push further into the European market, and gain the all-important FDA approval for a US market entry.
A spinoff from the Medical University of Vienna, at its core, contextflow uses AI and a 3D image-based search engine that is capable of detecting disease patterns in 3D medical images such as CT scans or MRIs. Currently in use by radiologists examining lung CT scans, the platform can identify 19 different patterns, including those related to COVID-19, thus making it the only clinical support system of its kind in the world.
The first closing of contextflow’s Series A round was led by B&C Innovation Investments GmbH (BCII) and saw participation from TTIP Beteiligungs GmbH and existing investors APEX Ventures, Crista Galli Ventures, IST cube, Nina Capital, and Novacapital. The €2 million second closing was provided via Peak Pride Management GmbH, HPH (Hans Peter Haselsteiner) Start-up Unit and current investor APEX Ventures with its “APEX Best in Class” fund.