AI Medical Technology

Company Overview

AI Medical Technology is a company operating in the interdisciplinary fields of data science, software development, and medicine. Founded by a diverse team of tech entrepreneurs, software developers and clinicians, the company is dedicated to developing AI-powered diagnostic solutions that enable frontline healthcare practitioners to make easier, faster, more cost-effective and more reliable diagnoses for their patients.

The company is based in Stockholm, Sweden, with its headquarters located at Universitetsvägen 8. AI Medical Technology was founded in 2021 when it raised its initial funding round. The company’s mission is to support healthcare providers with AI-powered diagnostic solutions so that no patient should die due to delay or misdiagnosis of a condition.

Products Overview

AI Medical Technology’s primary product is Dermalyser, an AI-powered diagnostic decision support system for skin cancer. Key features of Dermalyser include:

• Uses advanced artificial intelligence to classify skin cancers like malignant melanoma using image analysis and deep learning
• Developed and trained using quality-controlled dermatoscopic images of patients’ skin lesions and associated patient data
• Achieved an AUC score of 0.96 in clinical trials, outperforming expert dermatologists (0.85) and general practitioners (0.70)
• Can be easily used on any mobile device (iOS or Android) with an attached dermascope
• Analyzes images of suspect skin lesions and reports back malignancy risk in real-time
• Aims to reduce missed melanomas, decrease unnecessary skin excisions, and improve diagnostic speed and accuracy

The product is designed to be easy to use, with a simple 3-step process: 1) Download the app, 2) Take a picture of the skin lesion using a dermascope, 3) Receive instant analysis results.

Founding Team

The founding team of AI Medical Technology includes:

• Christoffer Ekström - CEO and Co-Founder
• Jonatan Helenason - Software Developer and Co-Founder
• Jens Dolve - CFO and Co-Founder
• Panos Papachristou - Co-Founder

Other key team members include: - Fredrik Paulsson - CTO - Niya Thomas - Quality Assurance and Regulatory Affairs Manager - Haleh Davanian - Consultant Medical Advisor - Magnus Falk - Principal Investigator - Reenal Boddul - AI Engineer

Problem and Market Fit

AI Medical Technology is addressing the challenge of improving early and accurate diagnosis of skin cancers, particularly malignant melanoma. The company aims to reduce missed melanomas, decrease unnecessary skin excisions, and make the diagnostic process faster and more reliable for frontline healthcare providers.

There is a clear market need for improved skin cancer diagnostics, as early detection is critical for successful treatment outcomes. By providing an AI-powered tool that outperforms both expert dermatologists and general practitioners in clinical trials, Dermalyser has the potential to significantly improve skin cancer diagnosis in primary care and dermatology settings.

Business Model

While not explicitly stated, AI Medical Technology’s business model likely involves selling or licensing the Dermalyser software to healthcare providers and institutions. The company may charge per use, offer subscription models, or sell the software outright to medical practices and hospitals.

Funding and Runway

The company raised initial funding in 2021, but specific amounts and investors are not disclosed in the provided information. No details about current runway or additional funding rounds are mentioned.

Competitive Landscape

The competitive landscape for AI-powered skin cancer diagnostics is not directly addressed in the provided information. However, given the performance claims of Dermalyser (outperforming both expert dermatologists and general practitioners), it appears to be positioned as a leading solution in this space. Further research would be needed to identify and compare specific competitors.

Customers

While specific customers are not named, the company’s clinical validation study involved 241 subjects from 37 primary care centers in Sweden. This suggests that primary care facilities are a key target market for Dermalyser. The product is designed for use by frontline healthcare practitioners, indicating that both general practitioners and dermatologists are likely customer groups.

Relevant News

The most significant recent news is the completion of AI Medical Technology’s first clinical validation study for Dermalyser. Key results include:

• Achieved an AUC of 0.96
• Demonstrated 95% sensitivity and 85.5% specificity after threshold calibration
• Study involved 241 subjects from 37 primary care centers in Sweden
• Full study details are available on ClinicalTrials.gov (NCT05172232)

This clinical validation is a crucial step in demonstrating the effectiveness and potential impact of Dermalyser in real-world medical settings.