The Romanian AI-based startup XVision that develops products to support radiologists in the analysis of medical images, announced a €1 million investment in a recent seed funding. The investment round led by bValue was supported by seven Romanian investors: GapMinder, RocaX, Cleverage, Growceanu, Cristian Pop as an angel investor, and ResQMed and Marek Dziubinski from Poland.
This is the second round of financing obtained by XVision, attracting a total of €1.5 million so far. The new investment will be used to expand the current team in the areas of business development, AI, software development, and imaging specialists. The Romanian company is planning on expanding to Western Europe, followed by an expansion to the United States, starting in 2023.
“This round is extremely important from a strategic point of view. XVision is at a point where the product has proven its practicality, so it is time to start expanding beyond Central and Eastern Europe, an area we are familiar with. Thus, we will use the funds both to accelerate our access to Western European markets, as well as to develop existing and new products,” said Ștefan Iarca, Co-founder & CEO of XVision.
XVision is a MedTech startup founded by a multidisciplinary team from Timișoara, Romania, who share a great passion for artificial intelligence and optimizing medical processes. Currently, XVision offers two products: a software program dedicated to chest X-rays and another created for faster and more accurate analysis of chest CT scans. The Romanian MedTech uses AI algorithms to analyze medical images and assist radiologists in the diagnostic process. By utilizing the platform developed by XVision, doctors enjoy a faster and more efficient analysis, saving up to 25% of the time for analyzing a chest X-ray and up to 30% of the time it takes to analyze lung CT (computed tomography) scans.
Founded in 2018, the AI-based software of the Romanian MedTech XVision is now implemented by a chain of private clinics and is used internationally in over 60 clinics and hospitals, and analyzes over 26,000 chest X-rays and 10,000 lung CTs per month.
As technology is becoming increasingly prevalent, the demand for complex images such as CT and MRI is constantly growing, but they are also more difficult to interpret. Moreover, the number of radiologists trained to analyze and interpret such medical images has stagnated in recent years, both in Romania and globally. Therefore, the founders of XVision Ștefan Iarca, Cristian Avramescu, Bogdan Bercean, and Andrei Tenescu aim to develop a complex solution for medical imaging, by adding new products to the existing portfolio, which would preserve the current differentiator: the complexity of the solution developed and its accuracy.
In 2019, XVision was part of Techcelerator, the first accelerator in Romania that allocates funds for the development of companies in the acceleration phase.