Welcome to a bumper edition of The Radiology Rundown.
September is typically a busy period with people returning from holiday, and this year has been no different.
Market Insiders
This newsletter is all about sharing updates and thoughts from the world of radiology, and this month I wanted to bring you the thoughts of Dr Sergey Morozov.
With over 20 years’ experience in the world of Radiology ad HeathTech, Sergey is a hugely respected individual in the space, as well as being the ex-President of EuSoMll.
I was fortunate enough to speak with him earlier in the month to discuss the European Radiology AI space and Radiology platforms in particular, an area in which Sergey has been working since 2018.
I asked him whether he had any tips for someone looking to build their career in Radiology AI, and whether they are better off joining a solution provider first or to try and establish themselves in one of the ever-growing platform companies.
He feels that ‘there are benefits to working directly for a solution provider, for a sales person in particular, the margin on sales can be higher. Plus, you will be truly engaged with the specific clinical domain and the professional community everyday.’
However, he also said he ‘loves the multi-channel approach at platform companies, that provide an immense learning opportunity for individuals new in the Radiology AI world.’
Overall he claimed that the middle ground of ‘platform providers that also develop their own bespoke clinical solutions have a more reliable business model, and it is those companies in particular that you should be looking out for in the coming years.’
Industry News
There have been plenty of big updates in the market this month across the globe.
In the UK the month started with AXREM hosting a meeting at The Houses of Parliament to deliver their Strategic Priorities for the industry for 2025-27.
Chaired by Jeevan Gunaratnam and attended by 200 industry guests, the event outlined the key focus for AXREM members on how they can work in partnership and collaboration with the UK government, NHS and wider network of key stakeholders.
POCUS pioneers Butterfly Network welcomed Steve Cashman as their new Chief Business Officer, bringing with him a wealth of experience in medical imaging and AI.
Harrison.ai launched a radiology-specific vision language model, designed to excel at radiology tasks.
Metric Bio client Rayscape launched their AI Web demo platform for chest X-Ray analysis, making it accessible to HC professionals worldwide.
It allows users to seamlessly test their advanced AI technology without the need for contracts or complex installations.
FDA Approvals
- icometrix announced that they had received market approval for icobrain aria in Europe, Israel, Switzerland, the UK and Japan.
- Cortechs.ai continued their wave of good news in 2024, confirming they now have FDA 510(k) clearance for Neuroquant 5.0.
- France-based AI pioneers AZmed also announced FDA clearance for their Paediatric X-Ray solution.
- See-Mode also got in on the act last week, achieving FDA clearance for their Thyroid Ultrasound AI Analysis and Reporting Software.
Funding Announcements
Funding in radiology was also back on the agenda after a slightly slower August.
- Metric Bio client Segmed announced their $10m+ Series A funding round of €17.4m, congrats to Martin Willemink and team.
- Danish Neuro innovators Cerebriu also announced their Series A funding round of €17.4m, congrats to Robert Lauritzen and everyone at Cerebriu.
- In the world of Digital Pathology, PathPresenter confirmed their Series A round of $7.5m.
Partnerships and Acquisitions
As always, there were a number of significant partnerships and acquisitions announced in September.
- Sonio confirmed their acquisition by Samsung Medison, coming just after their recent FDA clearance.
- Aigora partnered with French BioTech company Owkin, enabling Owkin to reduce time to data access and accelerate AI-based precision medicine for patients.
- Blackford Analysis shared the news of their new partnership with Coreline Soft. Introducing their lung and cardiac solutions to the Blackford portfolio.
- Just this week, Deepc announced another new partnership for their platform, this time with IntelMed.ai.There has been a marked increase in positive news across Radiology and Medical Imaging in the past few weeks, with increased investment and partnerships really looking promising for the market. With The Fed rate cut coming last week, it offers a more favourable funding environment for HealthTech investors, offering some real ‘light at the end of the tunnel’ for start-ups in the space.
