XVision develops products to support radiologists in the analysis and interpretation of medical images.
“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’s 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.
This is the second round of financing obtained by XVision. The company has attracted a total of 1.5 million euros so far.
The amount will be directed to expanding the current team of business development, AI, software development, and imaging specialists, to expanding the company to Western Europe, followed by the expansion to the United States, starting in 2023. The platform is operational in over 60 private hospitals and clinics and three other European countries: Hungary, Slovakia, and Poland.
XVision is a MedTech company founded in 2018 by a multidisciplinary team from Timișoara, formed of Ștefan Iarca – CEO, Cristian Avramescu – CTO, Bogdan Bercean – Head of AI and Andrei Tenescu – Head of DevOps, who share a great passion for artificial intelligence and optimizing medical processes.
XVision is now the first Artificial Intelligence software implemented by a chain of private clinics – Regina Maria – is used internationally in over 60 clinics and hospitals, and analyzes over 26,000 chest X-rays and 10,000 lung CTs per month.
The company aims to become 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.
After about two years of testing and development, two products resulted: a software program dedicated to chest X-rays and another created for faster and more accurate analysis of chest CT scans (computed tomography). The research conducted by XVision has shown that in recent years there has been an increase in the number and complexity of medical images taken.
Utilizing the platform developed by XVision, medical imaging benefits from the technological advantage provided by artificial intelligence, and doctors enjoy a faster and more efficient analysis.