Skin cancer diagnostic company AI Medical Technology raises SEK12m (US$1m) via an oversubscribed bridge financing round in anticipation of a significant Series A later this year
Stockholm, Sweden, April 29, 2024. AI Medical Technology today announced the successful closure of an oversubscribed bridge financing round worth SEK12 (US$1m). Funding was provided by existing investors, such as Northern Venture CapSek, and new shareholders.
The money will be used to support ongoing regulatory efforts and development of the company’s AI-driven support tool, Dermalyser, a clinically validated decision support tool for the diagnosis of malignant melanomas.
Results from a prospective, multicentre, peer-reviewed clinical trial recently published in the British Journal of Dermatology showed that Dermalyser had a remarkably high diagnostic precision1, outperforming both primary care physicians and specialist dermatologists.
Christoffer Ekström, CEO of AI Medical Technology comments: “I am delighted to be raising more money to support the ongoing development of Dermalyser. To have yet another oversubscribed round just shows that Dermalyser is in a league of its own when it comes to new diagnostic tools for skin cancer. With fantastic clinical results, excellent user feedback, and a passionate team who really believe in making a difference, we will continue to move from strength to strength. Our roadmap is now consolidated – we will raise more funds in a Series A round this year and plan for an IPO in 2027-2028.”
Henrik Jerner, CEO of Northern Venture CapSek, added: “We are extremely impressed with the results achieved in the multicenter, clinical trial thereby further increasing our confidence that AI Medical Technology and Dermalyser will be successful, and we are happy to participate in the investment round alongside other current and new shareholders.”
Published study
1 Panagiotis Papachristou, et.al. (2024), Evaluation of an artificial intelligence-based decision support for the detection of cutaneous melanoma in primary care: a prospective real-life clinical trial, British Journal of Dermatology, 00:1–9, https://doi.org/10.1093/bjd/ljae021
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For more information, please contact:
Christoffer Ekström, CEO AI Medical Technology
Email: christoffer@aimedtech.com
Cell phone: +46 704 02 71 01
Melanoma skin cancer
According to Cancer Today, one person dies of skin cancer every four minutes. In 2020, the incidence of new melanoma cases was over 320,000 worldwide, with this figure expected to reach almost 500,000 by 2040. Further statistics show that as many as 99% of the cases are curable if they are diagnosed and treated early enough, underscoring the importance of continuous self-examination and visiting your doctor in the case of a suspected skin lesion. Hence, early and accurate diagnosis is vital for saving more lives.
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About Dermalyser
Dermalyser is a mobile application powered by artificial intelligence (AI) that can provide diagnostic decision support for medical professionals in clinical settings. Dermalyser enables fast and direct diagnostic decision support with high accuracy when diagnosing skin cancer such as melanoma of the skin. The application is used with a dermatoscope mounted in front of the smartphone camera. The Medical professional takes an image of the patients’ skin lesion and, within a few seconds, receives a diagnosis from the AI in return.
In a recent study1, Demalyser demonstrated formidable diagnostic performance: 95% sensitivity and 86% specificity, outperforming both primary care physicians and specialist dermatologists. By using Dermalyster, healthcare systems can not only spot more cancers at earlier stages, which will save lives, but also improve efficiency and lower costs, since fewer patients will need to undergo unnecessary biopsy procedures.
About AI Medical Technology
AI Medical Technology is a company operating in the interdisciplinary fields of data science, software development, and medicine. The company is dedicated to developing AI-powered diagnostic solutions that enable frontline healthcare practitioners to make easier, faster and more reliable diagnoses for their patients. Following the current financing round, the team is now focused on bringing the first product, Dermalyser, a clinically validated decision support tool for diagnosing skin cancer, through clinical trials and to the market. For more information see www.aimedtech.com and https://www.linkedin.com/company/aimedicaltechnology/
