Radiology artificial intelligence startup AZmed has raised nearly $16.2 million in series A financing, leaders announced Tuesday.
Founded in 2018, the Paris-based company specializes in software that helps providers pinpoint various abnormalities on standard X-rays. About 1,000 healthcare facilities across 40 countries now use Rayvolve, which the U.S. Food and Drug Administration cleared in 2022.
Investment firms Maison Worms, Techstars and Tempact Ventures were among those contributing. AZmed said it plans to use the money to strengthen its presence in Europe and extend operations in the U.S., Middle East, Africa and Asia.
“The AZmed team has demonstrated unmatched commitment and creativity in tackling the pressing issues that affect healthcare practitioners,” Arnaud Decrulle, managing director of Luxembourg-based Maison Worms, which is the investment arm of the Worms family, said in a Feb. 20 announcement. “With this investment, AZmed will be in a strong position to enhance the care that is provided to patients.”
Current users of the company’s AI software—also CE-marked in Europe—include SimonMed Imaging, UH Cleveland Medical Center and England’s National Health Service. Following the funding news, AZmed plans to double its workforce in the next 18 months and “substantially” increase investment in research and development, hoping to expand its line of imaging AI offerings.
Marty Stempniak has covered healthcare since 2012, with his byline appearing in the American Hospital Association's member magazine, Modern Healthcare and McKnight's. Prior to that, he wrote about village government and local business for his hometown newspaper in Oak Park, Illinois. He won a Peter Lisagor and Gold EXCEL awards in 2017 for his coverage of the opioid epidemic.