contextflow, a Vienna, Austria – based provider of artificial intelligence for medical image analysis, raised €6.7M in Series A funding round.
A second closing included an additional €2M from new co-investor Peak Pride Management GmbH, HPH (Hans Peter Haselsteiner) Start-up Unit and current investor APEX Ventures with its “APEX Best in Class” fund. A first closing was led by B&C Innovation Investments GmbH (BCII) and included participation from new co-investor TTIP Beteiligungs GmbH and current investors APEX Ventures, Crista Galli Ventures, IST cube, Nina Capital and Novacapital.
The company intends to use the funds for accelerating market entry in Europe and the US, including obtaining FDA clearance for contextflow SEARCH Lung CT, as well as extending its offerings to include new products and features covering a wider range of organs and modalities.
Founded in 2016 as a spinoff of the Medical University of Vienna (MUW) by CEO Markus Holzer, contextflow develops deep learning-based software to improve radiology workflows, saving radiologists time and improving reporting quality. Its core technology is a 3D image-based search engine (SEARCH), which detects disease patterns in 3D medical images like CTs and MRIs. It is currently being utilized by radiologists on lung CTs, identifying 19 different patterns (including those related to COVID-19), making it the only clinical decision support system of its kind.