in seed funding. Backing the round is PINNACLE Digital Health, with participation from existing financiers Entrepreneur First (EF )and SOSV, together with a variety of unnamed angel investors. Including grants and earlier financial investment, it brings the overall raised to EUR1 million pre-launch.
DeepSpin is a graduate of EF’s company builder programme, where its 2 creators– Clemens Tepel, a former McKinsey specialist, and Pedro Freire Silva, a PhD scientist from PACKAGE– chose to partner in September 2019. Freire Silva made use of his research study into small, mass-manufacturable MRI systems and pitched the idea to his future co-founder.
“From the beginning I discovered the idea extremely appealing and so we directly delved into attempting to prove its expediency,” states Tepel. “Within 4 weeks we were able to prove it in simulation, get industry-leading advisors on board and get very first LOIs [letter of intent] from interested clinicians”.
Yet-to-launch and still in the advancement stage, DeepSpin intends to build a new type of MRI system at a “portion of the weight, expense and size” of existing systems. To make this possible, the startup is has established a new antenna innovation integrated with AI-controlled operation, which the start-up is currently patenting.
“The problem we are resolving is that MRI, the most advanced medical imaging approach, is currently not easily accessible since it is exceptionally costly, requires specialised operators and requires particularly shielded spaces,” describes Tepel. “We are eliminating all of these constraints based on our exclusive technology, making MRI widely available for any patient, anywhere in the world”.
Includes Freire Silva: “Rather of combining highly costly hardware with standard software, as it is done on standard MRI scanners, we will have the ability to acquire the same medical info by applying extremely advanced algorithms on streamlined hardware, thereby lowering our system’s expense by orders of magnitude”.
Tepel informs me this technique has actually not been taken before due to the fact that both key enablers– extremely capable AI-algorithms and the specific antenna style– were only readily available very recently.
Having shown DeepSpin’s methods in simulation, the next step and the team’s present focus is to establish a first fully AI-driven prototype. “Based on that, we will establish an initial item variation, targeted at pre-clinical applications, prior to going into medical accreditation, which then will allow us to sell our product for clinical use across a range of medical domains and to brand-new geographies that can’t afford standard systems,” says Tepel.
Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.