Renalytix AI plc (LSE AIM: RENX), a Cardiff, United Kingdom-based developer of artificial intelligence-enabled clinical diagnostics for kidney disease, secured $29m in funding.
Following the completion of its fundraising on November 6, 2018, the company started trading publicly on AIM, a market of the London Stock Exchange.
Renalytix AI intends to use the funds for the development and commercialization of two product categories for the early detection of kidney disease and accurate management of kidney transplant rejection.
Led by James McCullough, chief executive officer, RenalytixAI is a developer of artificial intelligence-enabled clinical diagnostic solutions for kidney disease, one of the most common and costly chronic medical conditions globally. The company’s solutions are being designed to make improvements in kidney disease diagnosis and prognosis, clinical care, patient stratification for drug clinical trials, and drug target discovery.
Its technology platform will draw from distinct sources of health data, including systems containing extensive electronic health records, predictive blood-based biomarkers and other genomic information for analysis by high-performance, learning computer algorithms (machine learning). In combining these different inputs to develop its products, the company has the potential to create novel models for the prediction of disease progression and drug/therapy response in individual patients. It intends to submit KidneyIntelX™ for regulatory review by the U.S. Food and Drug Administration.
In May 2018, RenalytixAI secured a cornerstone collaboration with the Icahn School of Medicine at Mount Sinai for product development and intended commercialization beginning in 2019. As part of the collaboration, Mount Sinai became a shareholder in the company and made a further equity investment in the recent funding.