AZmed closes €15m Series A financing

AZmed said it will use the €15m to boost marketing of its proprietary artificial intelligence  (AI) platform Rayvolve worldwide particularly in the United States, the Middle East, Africa, and Asia. 

In 2019, AZmed’s AI software got the EU CE mark for fracture detection on X-rays. in the EU. FDA clearance was given three years later, Currently the software has been implemented in more than 1,000 healthcare facilities across 40 countries 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 turnaround time for reports.

Within the next 18 months, the startup plans to double its workforce and substantially increase its investment in research and development in order to further develop effective AI software, thus expanding its line of medical imaging offerings.

According to the most recent market report from Global Market Insights, it is anticipated that the AI in Medical Imaging market will experience a substantial increase in value globally, from US$1.38bn in 2022 to USD $19.9bn by 2032, at an impressive CAGR of 30.5%.

The startup’s AI software, Rayvolve, is an artificial intelligence diagnostic aid designed specifically to identify various types of abnormalities in standard radiography.