Radboudumc and partners Aiosyn raises EUR 2 million to develop AI-powered algorithms

21 December 2022

Nijmegen, the Netherlands – Aiosyn is developing a diagnostics platform that uses artificial intelligence to support pathologists with more accurate and efficient clinical diagnostics. A new investment round of EUR 2 million, led by Health Innovations together with Oost NL and LUMO Labs, enables Aiosyn to further develop their platform and accelerate the time to market.

Pathology is indispensable in the diagnostic process of many diseases, such as cancer. This often includes the examination of tissue after a biopsy. The field of pathology is now moving towards a digital workflow in which tissue biopsies are scanned and examined on the computer. This also enables the use of artificial intelligence algorithms to support the diagnostic process. Aiosyn’s algorithms will work in close synergy with pathologists to address the growing workload and the demand to further improve diagnostic precision.

AI helps with better diagnosis

Patrick de Boer, CEO and co-founder of Aiosyn, explains: “The field of pathology is challenged by a growing workload and a shortage of pathologists. Aiosyn develops algorithms that work in close synergy with pathologists to improve the digital pathology workflow and clinical diagnostic tasks. With this investment, we can accelerate our first product launch and lay the foundation for the future product roadmap. We’re happy that existing investors Oost NL and LUMO labs and now Health Innovations support us during this journey.”

Last year Aiosyn has worked on developing two algorithms and setting up its certification process. Recently they achieved ISO:13485 certification as a first step towards developing high-quality AI-based medical devices.

Investment to accelerate launch

Sven Bakkes, partner at LUMO Labs: “We have noticed an uptake of AI in the healthcare industry in 2022. It is great to see the Aiosyn team making substantial progress and reaching this major milestone, securing this new round after our initial investment through the TTT.AI pre-seed fund. It will allow them to take the essential next steps on their way to make an impact on healthcare professionals and patients. We’ll be there to support them.”

Yvonne Sijm, investment manager at Health Innovations: “We believe that digital innovations enable the future of healthcare. Pathology plays an increasingly important role in many patient journeys. The solutions developed by Aiosyn support pathologists in providing high-quality decision-making. Aiosyn prepares the labor-intensive routine pathology tasks so that the pathologist can focus on the more interesting and complex tasks. This way, computational pathology not only makes life easier for pathologists, it also helps in addressing the scarcity challenges.

Bj√∂rn Schaap, investment manager Health at Oost NL: “Aiosyn’s pioneering platform technology has the potential to push the boundaries within pathology. Making the diagnosis of diseases more accurate, timely, and relevant, increases efficiency and gives the pathologist more time to focus on complex analyses. Therefore, it is my belief that the algorithms the Aiosyn team, a spin-out from Radboudumc, is developing will benefit patients. The tremendous development Aiosyn has made in the last year solidifies this belief, and for this reason, the company has the support of Oost NL.”

About Aiosyn

Aiosyn is a spin-off from the Computational Pathology Group of the Radboudumc in Nijmegen, the Netherlands. This group is one of the leading Digital Pathology and AI teams in the world and is deeply rooted in the pathology practice.

Patrick de Boer: Patrick.deboer@aiosyn.com

About Health Innovations

Health Innovations invests in startups that make healthcare better without increasing the costs. The focus is on digital health, medical technology and health services. A positive impact on patients is central to the approach. Health Innovations invests in the seed and growth stage, and the investment must contribute to value creation for healthcare, the entrepreneurs, and the shareholders. We play an active role as a shareholder by deploying our knowledge, experience, and network. Health Innovations has made over 30 investments out of three consecutive funds in Dutch Healthcare startups. Among our investors are Health Insurance companies, banks, distributors in healthcare, and the Dutch Ministry of Healthcare.

About Oost NL

Oost NL (East Netherlands Development Agency) is an agency focusing on helping local companies achieve sustainable growth, innovation, and internationalization. Oost NL acts as a bridge between government, companies and knowledge institute and supports starting and growth-phase SMEs with risk capital and knowledge, networks, and contacts.

About LUMO Labs

LUMO Labs is an impact-driven multi-stage (pre-seed through series A) capital fund focused on AI/Data, Blockchain, Robotics/Drones, IoT, and/or VR/AR. The Fund includes a two-year venture builder program to support its portfolio companies in gaining financial success as well as social traction and impact.

LUMO Labs funds startups that align with at least one of the three United Nations Sustainable Development Goals: Sustainable Cities & Communities, Good Health & Well-Being and Quality Education. Its investment focus includes Artificial Intelligence/Data, Blockchain, Internet of Things, Robotics and Drones and Virtual Reality/Augmented Reality.

LUMO Labs advocates self-determination and traceable ownership of data and transparency and traceability of technologies.

Source: https://www.aiosyn.com/news/aiosyn-raises-2-million-in-new-investment-round/

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