ImageBiopsy, Lab Inc is following the biggest healthcare market, after successfully receiving our first FDA clearance in November 2019 for the world’s first fully automated Knee Osteoarthritis Labeling Assistant – KOALA. Together with the US Sales Director Fred Saleeby and executive team member Sandip Shah, ImageBiopsy Lab, Inc is preparing for a similar successful launch as in Europe. CEO Richard Ljuhar is even more satisfied as “the demand for our solutions has been so huge that we simply had to make this move right now, independently of the current pandemic”.
With the latest oversubscribed bridge round, ImageBiopsy Lab, Inc is looking to expand its team rapidly until the end of the year and make use of the landing zone in the New York area before settling into an official HQ on the east coast. The company plans to hire a local team of 15 people across sales, customer success, and marketing functions over the next year.
“None of this would have been possible without our fantastic team, our great investors, the Austrian government and my co-founders Christoph Goetz and Philip Meier”- Richard Ljuhar.
Over a ten-year period, both point prevalence and one-year prevalence of Musculoskeletal disorders in any body part increased significantly from 7.1 to 35.2%. Musculoskeletal disorders cost the United States approximately $45-$55 billion per year. In fact, 80 percent of adults injure their backs at some point in their lives. These injuries could be greatly reduced with training, knowledge, and early detection. ImageBiopsy is tackling this challenge one image and one anatomical region at a time. By 2023 they plan to have successfully implemented their deep learning-powered MSK platform into 50% of all hospitals in the US.
Built with patented machine learning, and deep learning technologies, ImageBiopsy’s comprehensive toolkit allows radiologists and orthopaedists to effortlessly but accurately identify, classify, and comprehend skeletal disorders on x-rays.
ImageBiopsy’s AI-powered tools can also automatically route radiological images, allowing zero-click integration and workflow optimization in real-time. This allows physicians to spend less time on readings and will allow them more time for patients.
“North America is our fastest growing and most important market,” said Philip Meier, CCO & co-founder of ImageBiopsy Lab. “Our US incorporation will enable us to expand our business, monitor and respond promptly to the evolving needs of our customers, and cement our position as the global leader in AI-based MSK solutions.”
“As radiological integrators move services to the cloud, grapple with an explosion of patient data, and navigate privacy regulations including GDPR and HIPPA, ImageBiopsy’s suite of products offers next-generation tools to help physicians tackle the ever-increasing workload of radiological image readings”- Christoph Goeth COO & co-founder.
About ImageBiopsy Lab
ImageBiopsy Lab (IB Lab GmbH) was founded in 2016 as a spin-off of the medical technology company Braincon Technologies in Vienna. 18+ software engineers, physicians, and scientists are committed to fundamentally changing the processes, efficiency, and quality in radiology based on AI.
IB Lab is developing a novel, AI-supported modular software platform for standardized and objective analysis of medical images. The modules of this technology platform identify/extract key radiological disease parameters that are critical for the prevention and treatment of various bone diseases. Using the FDA-cleared KOALA as an example, it is thus possible to provide reliable support in reading knee X-ray, used by more than 50 sites worldwide every day. Additional modules for the hip and hand are also available and will be submitted later this year for the FDA review. The vision to develop and certify a focused software platform for bone diseases also convinced well-known investors such as APEX Ventures and the AWS Gründerfond, which have been on board since December 2018 as investors and fully support the further strategy of IB Lab.