MedyMatch Technology has completed a $2 million financing round, its first, sources inform "Globes." Founded in 2013, the company employs a staff of 20 in predicting strokes. Genesis Capital Advisors led the round, with participation from Exigent Alternative Capital. The company expects to use the money raised to recruit more personnel. The company is currently conducting a large-scale clinical trial for obtaining US Food and Drug Administration (FDA) approval.
MedyMatch uses big data and artificial intelligence. The company scans CT photos of patents, and compares them with hundreds of thousands of CT results from other patients. The company's technology enables it to spot almost any deviation from the norm in a CT scan. The company claims that in certain cases, its ability to detect irregular data is likely to outperform doctors' observations. MedyMatch's system also presents its findings on 3D brain pictures, thereby enabling the doctor to make better-informed decisions. The company system is based on the cloud, and allows doctors to feed in pictures from any location. At this stage, the company product monitors only brain scans with dramatic significance. A brain scan that is not analyzed in time is liable to lead to paralysis, and even death. The company's product is in the beta phase, is currently available at a number of hospitals around the world, and is used by several dozen doctors. MedyMatch CEO Gene Saragnese today said, "We can improve and help doctors see what they don't see. Investing in us is an investment in the medical future of all of us."
MedyMatch cofounder and CFO Michael Rosenberg added, "We're very proud that global leading funds in medical technologies are expressing confidence in the combination of our unique technology and the very deep business experience of the company team. By using our cloud-based system that integrates artificial intelligence and complex real time data analysis in the emergency room, thousands of lives can be saved each year and billions saved in unnecessary costs for health insurance companies in just the US. Our system helps every emergency room doctor and radiologists all over the world to immediately make the best decisions for patients."
Published by Globes [online], Israel business news - www.globes-online.com - on March 2, 2016
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