Netherlands-based ScreenPoint Medical, an artificial intelligence (AI) technology company that develops advanced image recognition and machine learning software to improve early detection of breast cancer, announces that it has raised $28 million in Series C funding.
New York-based global venture capital and private equity firm, Insight Partners, led the round, with continued support from existing investors including ScreenPoint Medical’s founders, Siemens Healthineers and Oost NL, and participation from University Radiology Group (URG), one of the largest providers of subspecialty radiology and teleradiology services in the United States, based in New Jersey.
The funding will be used to accelerate commercial growth of the company’s Transpara AI breast care software, which uses machine learning technology and curated databases of screening mammograms to improve early diagnosis of breast cancer. One in eight women will develop breast cancer in their lifetime and early detection is the best way to increase survival rates. The investment will also enable further research and development and expansion of the product portfolio.
“We are excited about this funding and the opportunity to work with the Insight Partners team to continue scaling the company,” says Nico Karssemeijer, CEO of ScreenPoint Medical. “We are also delighted with the participation of URG in this round, showing trust and confidence in the technology we bring to the market. Breast imaging practice in the U.S. is different from the EU, and the partnership with URG brings clinical expertise, which is extremely valuable for further expansion in the U.S.
“After conducting a review of breast care AI solutions that the FDA cleared for use in the U.S., we found that Transpara has a substantial body of clinical evidence, has a commercially viable 2D and 3D US solution, and has experience with integration into different OEMs,” adds Roger Yang, MD, FACR, secretary of URG. “This is the right product to implement in our complex medical imaging environment.”
Oaklins served as financial advisor to ScreenPoint during this transaction.