Corsmed, a Stockholm-based MedTech startup specialising in MRI simulator software, has announced the close of their €3.3 million funding round in order to secure FDA approval for their MRI scanning software and eliminate the diagnostic bottleneck in imaging.
The investment, co-led by Luminar Ventures and Big Pi Ventures, marks a notable step in the company’s journey to further diagnostic imaging by drastically reducing MRI scan times.
This latest round brings the total funding for Corsmed to €9.5 million and positions the company to file for FDA approval for its innovative software.
Highlighting the importance of this innovation, Erik Jacobsson, CEO of Corsmed, stated: “Until we can make MRI regularly accessible for everyone, we’ll continue to see preventable mortality pile up. We currently live in a sick-care, rather than a healthcare, system. Corsmed aims to change this. Imagine a world where routine, whole-body quantitative scans can detect cancer and other life-threatening diseases at their earliest stages, giving everyone a fair shot at a long and healthy life. This is the future we’re building toward.”
Founded in 2019 by Erik Jacobsson (CEO), Christos Xanthis (CTO), and Athanasios Polimeridis (CSO), Corsmed has gained traction for its advanced MRI simulation technology, currently employed by prominent research institutions and cancer hospitals, including The Christie NHS Foundation Trust, CNI College, and Gurnick Academy to train, upskill, and assess students and medical staff.
According to the 2023 NHS Diagnostic Waiting Times and Activity Data Report, the proportion of UK patients waiting six weeks or more for an MRI scan consistently remained above 25%, far higher than the operational standard NHS aim of 1%.
As per Corseted, the company’s simulator is addressing this by saving healthcare providers substantial costs and time, replacing over 80,000 hours of traditional scanner usage. Saving institutions precious time on real scanners that cost over €1k to run for less than an hour.
Corsmed’s latest breakthrough leverages its digital twin technology to create a clinical MRI scanning software capable of reducing scan times from 45 minutes to just 2–3 minutes.
New AI-accelerated software solutions from incumbent players tend to deliver 20-40% faster scans; Corsmed’s software can reportedly generate several high-resolution full 3D brain contrasts in three minutes, ten times faster than the current clinical norm.
This improvement is expected to address critical bottlenecks in diagnostic imaging, a challenge faced globally. The software also promises significant cost reductions and a shift towards quantitative imaging, enabling precise, objective data that can track health changes over time.
According to Corsmed, the funding will primarily support the commercialisation of the technology, compliance with the U.S. FDA and HIPAA standards, and global distribution efforts.
Magnus Bergman, co-founding Partner at Luminar Ventures, said: “To democratise MRI scans is a cornerstone in the creation of preventive healthcare. We estimate that Corsmed can save tens of thousands of lives per day by enabling the detection of life-threatening conditions 10x cheaper than today. Together with AI-enabled image processing, this is an area that will see exponential improvements in the next coming years and Corsmed’s qMR technology will be driving that change and this industry.”
Nick Kalliagkopoulos, Partner at Big Pi Ventures, echoed this sentiment: “Corsmed has the potential to fundamentally change healthcare worldwide. The team has developed a technology that can truly unlock preventative and personalised health. We are impressed with what they have achieved and are excited to join their journey.”
Read the orginal article: https://www.eu-startups.com/2024/12/from-hours-to-minutes-swedish-startup-corsmed-raises-e3-3-million-to-accelerate-mris/
