Spanish medtech Sycai Medical has raised a new €3M round from a pan-European consortium of investors, consisting of LUMO Labs, Ship2B Ventures, Athos Capital and Namarel Ventures.
The funding will be used to further develop their technology, an AI-driven digital medical device created to detect early cancer and premalignant lesions in the abdomen from medical imaging without an invasive test.
Sycai Medical is based in Barcelona and active in both Spain and Italy. Cancers of the pancreas, kidneys, and liver are currently amongst the deadliest diseases because of the relatively late state from which detection is possible, so early detection technologies hold promise for the survival rates of these diseases.
Where most other medical imaging applications are developed to be used by radiologists to confirm a specific diagnosis Sycai's device scans for lesions the lesions/pathologies for people who have given little indication that they may have cancer.
It analyses every medical imaging test, even if it is performed for a completely different reason, to automate patient monitoring. For oncologic patients under treatment, it helps healthcare professionals to better understand and quantify patients’ response to treatment. The software also allows for a more accurate definition of benign lesions that will never develop cancer.
Sara Toledano, Sycai CEO & cofounder, commented on the raise: “Successfully completing this investment round marks a significant milestone for us at a very strategic moment in the company’s evolution. We are currently undergoing a transformation from a product-driven to a business-driven organization, due to the MDR approval and initiation of commercial activities. We are confident that our new investors will play a pivotal role in fostering a refreshed mindset to support this transition.”
“Early diagnosis and targeted cures are key for the quality of life of a patient but also improve the circumstances for caregivers and even the efficiency of how our healthcare system is organised.” Added Sven Bakkes, Founding Partner LUMO Labs.
“We have looked at similar research and technologies across Europe and concluded that the accuracy, hardware agnostic approach, and scalability of Sycai Medical is unmatched.” said Jorge Blasco, Partner LUMO Labs for Spain and Portugal.
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