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Funding Analysis of Companies Developing Machine Learning Solutions for Medical Imaging
Published June 14th, 2017Simon Harris, Managing Director & Principal AnalystSignify [email protected]
Key Takeaways
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Total investment was $63.2 million in 2016, up from $45 million in 2015 and $14.3 million in 2014. Already $27.5 million invested in 2017.
“Beyond detection applications in breast imaging, the use of machine learning in medical imaging has, to date, been limited. That is poised to change dramatically in the coming years, with the introduction of advanced machine learning technology; most notably deep learning techniques, such as convolutional neural networks.”Around half of the companies are developing applications for multiple body areas.
The others are focused on specific body areas, e.g. breast, cardiovascular, etc.
Over one-third of the companies are based in the US. In 2016, the first Chinese companies entered the market.
There are over 50 start-ups developing machine learning solutions for medical imaging. 28 of these entered the market in 2015 and 2016.
Deal sizes are relatively small, averaging around $2 million per funding round. Only 3 deals of $10 million and above – Enlitic, VoxelCloud and Zebra Medical Vision. Simon Harris
Principal AnalystSignify Research
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Summary of Funding for Medical Imaging AI Companies (2014 to Q2 2017)
Total Funding
$167.61m
Number of Companies
Largest Deal Funding by Application
39
Breast
Cardiovascular
General Imaging
Lung
Neurological
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Average Funding
Funding by Region
$4.3m
$12mEMEA
Asia
Americas
Funding Activity for Medical Imaging AI Companies (2014 to Q2 2017)
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1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17
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Total Funding Deals
Number of Medical Imaging AI Companies Founded (2010 to 2016)
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Funding of Medical Imaging AI Companies, by Quarter (2015 to Q2 2017)
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0 2 4 6 8 10 12 14 16 18 20
Quantitative Insights
Infervision
MedyMatch
ScreenPoint Medical
icometrix
Bay Labs
Aidence
Vuno
CureMetrix
Blackford Analysis
RADLogics
VIDA Diagnostics
Qview Medical
Imagen
DiACardio
Image Analysis
Lunit
Viz.ai
AIdoc
HealthMyne
Enlitic
Arterys
Volpara
VoxelCloud
Zebra Medical Vision
Total Amount Raised ($m)
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Top 25 Most Funded Medical Imaging AI Companies (total funding)
Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17
Funding Timeline (2014 to Q2 2017)
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$8M $12M
$7M
$10M
$5M
$2M
$4.5M
$2M
$6.9M
$3.4M
$5.2M
$5M
$2M$3M
$5.5M $10M
$2M $7.5M
$3.5M $7.0M
Medical Imaging AI Companies, by Application
General Imaging Cardiovascular Imaging
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Breast Imaging
Lung Imaging
Neurological Imaging
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About Signify Research
At Signify Research we are passionately curious about Healthcare Technology and we strive to deliver the most robust market data and insights, to help our customers make the right strategic decisions. We blend primary data collected from in-depth interviews with technology vendors and healthcare professionals, to provide a balanced and complete view of the market trends.
Whether our research is delivered as an off-the-shelf report or as a consultancy project, our customers benefit from direct access to our Analyst team for an expert opinion when they need it. We encourage our clients to think of us as an extension to their in-house market intelligence team.
Our major coverage areas are Healthcare IT, Medical Imaging and Digital Health. In each of our coverage areas, we offer a full suite of products including Market Reports, Customer Insights and Vendor Selection Tools, as well as custom research and consultancy services. Our clients include technology vendors, healthcare providers and payers, management consultants and investors.
Find us on the web at www.signifyresearch.net.
Simon HarrisManaging Director & Principal Analyst
Simon has 23 years of experience in technology market intelligence, having served as Executive Vice President at IMS Research, a leading source of research and analysis for the global technology industry. Whilst at IMS Research, Simon established the InMedica brand of medical market research. IMS Research was acquired by IHS Inc. in 2012 and Simon stayed on for four years as Senior Research Director for the company’s Technology market intelligence division. Simon left IHS in March 2016 to launch Signify Research.
Out of work, Simon has a passion for indie music, fast cars, and of course – his wife and three children.
[email protected]+44 1234 436 150
Machine Learning in Medical Imaging - World Market Report– 2017 Edition
This research report quantifies the market for machine learning in medical imaging and forecasts how the market will develop over the next five years, in four major use cases: computer-aided detection, quantitative image analysis tools, decision support tools and computer-aided diagnosis. The main report is accompanied by a Powerpoint style executive summary and an Excel file with static and fully customisable (pivot format) tables. Customers also benefit from direct access to the lead Analyst for unparalleled customer support and expert opinions on the market. Click for details: Report Brochure