Funding Analysis of Companies Developing Machine Learning ......Funding Analysis of Companies...

Funding Analysis of Companies Developing Machine Learning Solutions for Medical Imaging

Published November 16th, 2017Simon Harris, Managing Director & Principal AnalystSignify [email protected]

Key Takeaways

HealthTech Market Insights Powered by Data

© 2017 Signify Research

Total investment in 2017 (year to date) is $152M, up from $80M in 2016 and $47M in 2015.

“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.”Over half (51.7%) of the funding awarded in 2017 has gone to companies based in

Asia, mostly to Chinese companies.

The most funded companies are Arterys ($43.7M), VoxelCloud ($30.5M), DeepWise($28M) and Infervision ($27M).

There are over 70 start-ups developing machine learning solutions for medical imaging. 36 of these have entered the market since the start of 2015.

The size of funding rounds has notably increased in 2017. There have been 11 deals worth $5M or more. Simon Harris

Principal AnalystSignify Research

2

Summary of Funding for Medical Imaging AI Companies (2014 to Q4 2017)

Total Funding

$315.7m

Number of Companies

Largest Deal Funding by Application

42

General Imaging

Breast

Cardiovascular

Lung

Neurological


© 2017 Signify Research 3

Average Funding

Funding by Region

$7.5m

$30mEMEA

Asia

Americas

Funding Activity for Medical Imaging AI Companies (2014 to Q4 2017)



1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17

0

1

2

3

4

5

6

7

8

9

0

10

20

30

40

50

60

70

80

90

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

Nu

mb

er o

f D

eals

Tota

l Fu

nd

ing

($M

)

Total Funding Deals

Number of Medical Imaging AI Companies Founded (2010 to 2017)



0 2 4 6 8 10 12 14 16

2017

2016

2015

2014

2013

2012

2011

2010

0

5

10

15

20

25

30

Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17

Fun

din

g ($

m)

Funding of Medical Imaging AI Companies, by Quarter (2015 to Q4 2017)



0 5 10 15 20 25 30 35 40 45

Vuno

CureMetrix

Imsight Medical

Blackford Analysis

RADLogics

VIDA Diagnostics

Qview Medical

DiA Image Analysis

Image Analysis

Lunit

SigTuple

Lpixel

Bay Labs

Viz.ai

AIdoc

HealthMyne

Enlitic

Volpara

Huiyi Hui Ying

Zebra Medical Vision

Imagen

Infervision

Deepwise

VoxelCloud

Arterys

Total Amount Raised ($m)



Top 25 Most Funded Medical Imaging AI Companies (total funding)

Q4 14 Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17

Funding Timeline (2014 to Q4 2017)


© 2017 Signify Research

$8M $12M

$5.5M $10M $15M

$25M$5.4M

$1.6M $7.5M $18M

$5.6M $15M

$15M

$7M $5M

$10M$2M

$4.5M $6.9M

$3.5M $7.0M

$30M

Medical Imaging AI Companies, by Application

General Imaging Cardiovascular Imaging



Breast Imaging

Lung Imaging

Neurological Imaging



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

https://www.signifyresearch.net/reports/machine-learning-medical-imaging-world-2017/

Funding Analysis of Companies Developing Machine Learning ......Funding Analysis of Companies...

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