The Future Investment Initiative (FII) Institute has announced a 1 million EUR investment in AZmed, developers of Artificial Intelligence-enabled diagnostic applications which can help address the shortage of radiologists around the world.
The investment, which is part of AZmed’s latest 3.5 million EUR round, builds on the Institute’s commitment to catalyze globally relevant, real-world solutions in five focus areas: Artificial Intelligence and Robotics, Education, Healthcare and Sustainability. AZmed is a medical technology company that develops AI-enabled diagnostic applications for medical images.
AZmed CEO Julien Vidal said the company is addressing the recognised global shortage of radiologists. “Our goal is to be the trusted tech partner for every doctor analysing a medical image anywhere in the world,” he said. “We are excited to work with the FII Institute which will bring strategic value to AZmed through connections with healthcare and AI specialists in its network, as well as go-to-market partners in the United States and MENA region.”
The AZmed investment announcement comes during the 5th Anniversary of FII, the Institute’s marquee platform taking place this week in Riyadh. The platform is centered around the theme “Invest in Humanity” and discussions that can create the greatest benefits for humanity especially in the post-COVID era.
FII Institute CEO Richard Attias welcomed the investment and said that AZmed fits the Institute’s mission to make an impact on healthcare, AI and education. “We are very excited to support a company that is focused on life-saving technologies. Improving products and services for radiologists is an important issue for this specialty and we need to relieve the pressure on healthcare systems around the world that are already stretched by limited resources.”
The company’s first product, Rayvolve, is a market leading, AI-powered Fracture and chest abnormalities detection tool that was the first in its field to receive CE-certification, ensuring the product is compliant with all applicable European health, safety, performance and environmental requirements.
This marks the fourth FII Institute investment announced with Interstellar Lab, a space technology company designing closed-loop biodomes for sustaining life on Earth, the moon, and Mars; Lilium, an electric-powered aircraft reducing the carbon impact of regional travel; and Red Sea Farms agtech making it possible to grow food using sun and saltwater in challenging desert climates.
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