Lithuanian Medical Imaging startup raises $1.7mn
Oxipit are the authors of ChestEye AI-powered radiology software suite. Automated AI-based diagnosis and reporting by ChestEye enables radiologists to improve productivity, reduce error-rate, discover overlooked secondary findings and address the shortage and ever-increasing workload of radiology specialists.
The round marks the largest investment for medical AI solutions in the Baltic states. It is also one of the largest seed rounds among Baltic startups.
In February ChestEye software received CE certification paving the way for clinical solution deployment in 32 European markets. The investment round co-led by a Practica Capital, Koinvesticinis fund and angel investors aims to capitalize on the vanguard capabilities of ChestEye software and bring AI diagnostics into routine medical practice.
“ChestEye aims to improve the quality of service for patients by addressing the shortage of radiology specialists in developed markets. Currently the patient wait time for X-ray doctor report can take days, even weeks. Our trials showed that by harnessing AI diagnostic capabilities, ChestEye can save 30% time per patient and reduce error-rate” – notes CEO of Oxipit Gediminas Peksys.
ChestEye encompasses more than 90% of findings a radiology department encounters in day-to-day operations. The solution localizes these findings on a given radiograph and provides automatic finding description. The software generates a preliminary report immediately after the X-Ray was taken. It also automatically arranges patient scans by urgency reducing time-to-treatment for time sensitive medical conditions. The software produces finalized medical reports in 12 languages, including English, German, French, Spanish, Polish, Romanian, Finnish, Turkish, Dutch, Hungarian and Czech and Lithuanian.
Oxipit was founded in 2017 by a team of 6 scientists coming from diverse academic backgrounds. The team features multiple-time Kaggle competition winners, as well as members with proven track record in leading global AI and data-science applications.
“Oxipit is a great example of how a proprietary technology can turn into disruptive innovation product. The role of AI in healthcare has risen a lot in recent years and still has huge and wide-reaching potential, with application opportunities being endless. Especially in medical diagnostics. We believe that the future of healthcare and machine learning are definitely interconnected, which will bring healthcare to a completely another level worldwide,” said Practica Capital’s partner Donatas Keras.
Practica Capital invests in the Baltic innovation and technology-driven ventures. Koinvesticinis fondas is a venture capital co-investment fund. Together with its partners – business angels – fund invests into early stage companies.
“We are pleased that besides our investment we bring a really strong expertise and contact network of group of business angels, who can help the company to revolutionise the way radiologists operate” – says Koinvesticinis fondas Investment Project Manager Paulius Uziela.