Vilnius-based computer vision software startup with a focus on medical imaging, Oxipit has raised a $4.9 million round of fundraising led by Taiwania Capital, Practica Capital, and Coinvest Capital. A sizable number of angel investors also took part in the round.
According to Oxipit, the cash will be used to enhance its autonomous AI medical imaging applications and quicken market penetration into other geographies, with a concentration on the UK.
In 2023, the business intends to apply for US FDA certification.
“The Oxipit squad experienced a breakthrough year in 2022. We debuted ChestLink in the spring, the first completely autonomous AI medical imaging tool that generates patient reports without consulting a radiologist. The IT industry has long predicted that AI will replace doctors in the diagnosis of some illnesses. According to Oxipit CEO Gediminas Peksys, ChestLink made the first steps toward the future of diagnostic medicine this year.
Gediminas Peksys and Darius Baruauskas founded Oxipit, which creates AI software for diagnostic medical imaging. ChestLink and Oxipit Quality are the two products that the firm has so far created.
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ChestLink, according to the Lithuanian business, is the first CE-certified fully autonomous AI medical imaging equipment. It aids in locating CXRs (Chest X-Rays) without abnormalities and generates finished patient reports without radiologist input.
To solve the global scarcity of radiologists, the program greatly reduces the workload of radiologists in the primary care context.
ChestLink was granted CE Class IIb certification in April 2022, enabling the company to introduce the program in 32 European regions.
Assisting radiologists virtually is Oxypit Quality. It offers quality control for medical pictures used in computer tomography, mammography, musculoskeletal X-rays, and chest X-rays. Every medical image and the related radiologist report are examined by the application. It will immediately alert the radiologist to take another look if it finds any results that were missed in the report.
According to the business, Oxipit Quality helped advance early lung cancer diagnosis.
According to the business, Oxipit Quality assisted radiologists in pilot trials conducted in Germany, Spain, Greece, the Netherlands, Finland, and Lithuania and helped them find 20% more lung nodules.
Australian and European markets already carry it. It received Brazilian use certification in December.
The National Development Fund of the Taiwanese Executive Yuan and private businesses formed Taiwania Capital, a venture capital firm.
The venture capital business specializes in funding biotech and technology startups with US or Taiwanese bases and innovative technology.
“Oxipit’s capable management, cutting-edge technology, and strategically positioned AI solutions could revolutionize medical image processing and enhance the effectiveness and quality of diagnostics. Mitch Yang, the managing partner at Taiwania Capital, adds, “We look forward to working closely with Oxipit to extend its business to Taiwan and other nations.
Image Credit: Oxipit
