The new funding will support further global
expansion and new innovations for AI-powered medical imaging
technology.
MENLO
PARK, Calif., July 24,
2024 /PRNewswire/ -- Subtle Medical Inc., the
global market leader in AI-powered medical image acquisition, has
raised close to $10 million in a
Series B+ round. Investors include existing shareholders like
Fusion Fund and top US and global investors, such as EnvisionX
Capital, BRV Capital, Ignite Innovation, and Samsung Ventures. This
latest funding round brings Subtle Medical's Series B to over
$30 million and total financing to
over $50 million. The funds will
primarily support accelerating US and global sales initiatives and
expediting the launch of new AI-driven products.
"Subtle Medical is ensuring its leading
position in the vertical" - Lu
Zhang, Founder and Managing Partner, Fusion Fund.
Subtle Medical is currently leading its category with multiple
times the revenue of its closest competitors and significantly
higher adoption as the first mover in the market. Serving more than
600 sites globally and 2.5 million patients annually worldwide, the
company has sustained a remarkable 2x year-over-year growth rate, a
trend expected to continue throughout 2024.
Founded in 2017 by Dr. Enhao
Gong, a serial entrepreneur with a PhD in Electrical
Engineering from Stanford University,
and Dr. Greg Zaharchuk, a
radiologist and professor at Stanford
University, Subtle Medical is headquartered in Silicon
Valley with a globally distributed team. The company leverages AI
and advanced generative models to accelerate the data acquisition
stage of medical imaging exams, including MRI, PET, CT, SPECT, and
angiography - several in the product pipeline. Their AI products
aim to enhance image quality and efficiency while potentially
reducing radiation and contrast agent dosages, thereby improving
examination safety and accuracy.
The company holds exclusive licensing rights to technology
developed by the founders at Stanford
University in 2016, boasts over 30 global patents, and has
more than 20 peer-reviewed publications validating their products
worldwide. Subtle Medical has achieved seven FDA clearances to
date, with major products also CE Mark (MDR) approved, along with
other regional clearances globally. The company has earned multiple
industry accolades, including the NVIDIA Inception AI award,
multiple CB Insights Top AI 100 Company, and Top GenAI 50
Company.
Currently, Subtle Medical operates with multiple business models
to commercialize its AI technologies globally. They primarily offer
AI solutions as SaaS or software systems to hospitals and imaging
centers in the United States,
Europe, and Latin America. Recently, they have seen
significant growth in the APAC region, including China and Southeast
Asia, with plans to enter the Korean and Japanese markets in
2024. Additionally, Subtle Medical has been contracted by leading
medical imaging equipment manufacturers, such as Siemens
Healthineers, and pharmaceutical companies, such as Bayer and
Bracco, leveraging Subtle's AI solutions and platform to enhance
workflow, quality, efficiency, and radiopharmaceutical applications
in MRI and PET Imaging.
Subtle Medical leads its category with market-leading products
and an expanding product line, including flagship products
SubtleMR™ and SubtlePET™, which were the first of their kind to
receive FDA approval in 2018 and 2019, respectively. With seven FDA
clearances secured so far, Subtle Medical is one of the leading
vendors in AI devices. This year, the company has announced new FDA
clearances for SubtleREFORMAT™, a new AI product for MRI data
harmonization and quality standardization, and SubtleSYNTH™, a new
category-defining software solution that further improves quality
and efficiency with AI-powered synthetic image generation,
leveraging more data and resulting in greater acceleration.
"With tens of millions of dollars worth of contracts secured
from top radiology providers worldwide, Subtle Medical is poised to
capture a significant market share of the $35 billion AI-powered radiology market," said
Sean Seoho Lee, Executive Director at Ignite Innovation. "Focusing
on the image acquisition stage of radiology, rather than the
crowded downstream diagnostics market, the company has established
itself as a clear category leader. Subtle Medical stands out from
its competitors by encompassing multiple imaging modalities beyond
just MRI, tapping into a larger market, and enabling partnerships
with pharmaceutical companies. Led by a world-class team of AI
experts, clinical leaders, and experienced healthcare executives,
the company is set to propel substantial growth and continue its
impressive trajectory."
"In addition to the advantage of expanding AI product lines,
Subtle Medical further differentiates itself from others with solid
partnerships built with top scanner manufacturers and top radiology
pharmaceutical companies, ensuring its leading position in this
vertical," said Lu Zhang, Founder
and Managing Partner of Fusion Fund.
"Subtle Medical boasts a proven suite of AI-powered SaaS
products with a strong product-market fit," added a representative
from Samsung Ventures. "The company's value proposition centers on
improving efficiency, reducing costs, and enhancing patient care
for hospitals. Subtle Medical's AI-powered solutions deliver a
clear return on investment for hospitals and imaging centers by
doubling scanner throughputs. Subtle also continuously leads with
new innovation, winning multiple awards to advance research and
technology that potentially reduces radiation dosage and contrast
dosage for patients by 90%. This impressive ROI has resulted in a
growing base of satisfied customers and an expanding partnership
network, driving strong market traction and solidifying the
company's leadership in the industry."
"Improving the quality and efficiency of data generation can
significantly optimize imaging workflows, helping serve more
patients better and enabling better AI training for diagnosis and
treatment," said Dr. Enhao Gong, CEO
at Subtle Medical. "The new funding and product line expansion
distinguish us from any competitors, allowing us to continue
leading and building a new era of AI-powered imaging acquisition
and workflow solutions."
About Subtle Medical
Subtle Medical is a leading global provider of AI-powered
technology for faster, safer, and smarter medical imaging. It has
been named a CB Insights GenAI 50 company and a two-time CB
Insights Top AI 100 and Digital Health 150 company. The company's
cutting-edge solutions optimize imaging workflows and improve
productivity and patient experience. By harnessing the power of
artificial intelligence, Subtle Medical aims to revolutionize
medical imaging and transform the future of healthcare. For more
information, please visit www.subtlemedical.com or email
sales@subtlemedical.com.
PR Contact:
Josh Gurewitz
Chief Commercial Officer
Subtle Medical, Inc.
Josh@Subtlemedical.com
Mobile 925 922 2615
www.subtlemedical.com
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SOURCE Subtle Medical, Inc.