French medtech startup AZmed announced today that it has secured €15 million in Series A funding.
Founded in 2018, AZmed aims to improve the working conditions of medical imaging professionals and, as a result, patient care pathways.
The company has developed AI software called Rayvolve, a diagnostic aid designed to identify various abnormalities in standard radiography. Rayvolve saves radiologists' and emergency physicians' time, making examination interpretations more efficient and reducing the risk of diagnostic errors.
In 2019 Rayvolve became the first ever AI software to obtain CE marking for fracture detection on X-rays. Subsequently, it obtained FDA clearance in 2022 and has since been implemented in over 1,000 healthcare facilities across 40 countries.
The software's success has led to partnerships with prominent healthcare institutions, including the NHS, SimonMed Imaging, UH Cleveland Medical Center, and CHIREC.
It demonstrated remarkable effectiveness in detecting the main abnormalities shown on X-rays and significantly reducing the report turnaround time.
This funding strengthens AZmed's position in Europe and helps it extend its operations on a global scale, including in the United States, the Middle East, Africa, and Asia.
Within the next 18 months, the startup plans to double its workforce and substantially increase its research and development investment to develop effective AI software further, thus expanding its line of medical imaging offerings.
The CEO of AZmed, Julien Vidal, shared:
"We are thrilled to have obtained this funding to advance AZmed to the forefront of the medical imaging industry.
As the number of physicians has remained constant while the volume of medical images has increased, it is beyond dispute that every medical image must be correlated with a diagnosis of AI.
Hence, AZmed is determined to pioneer AI solutions in radiology to efficiently support the growing flow of images and improve the patient care pathway."
Investors in this round include Maison Worms, Techstars, and Tempact Ventures.
Arnaud Decrulle from Maison Worms said:
"The AZmed team has demonstrated unmatched commitment and creativity in tackling the pressing issues that affect healthcare practitioners.
With this investment, AZmed will be in a strong position to enhance the care that is provided to patients. We share the company's mission and are excited to be a part of its journey to transform healthcare."
Lead image: AZmed. Photo: uncredited.
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