Lithuania-based Oxipit, a computer vision software startup specializing in medical imaging, announced that it has raised €4.4M in a round of funding led by Taiwania Capital, Practica Capital, and Coinvest Capital.
Many angel investors also participated in the round.
Founded by Gediminas Peksys and Darius Barušauskas, Oxipit develops AI applications for diagnostic medical imaging.
The company has so far developed two products – ChestLink and Oxipit Quality.
The Lithuanian company claims ChestLink is the first fully autonomous AI medical imaging product with a CE mark.
It helps identify CXRs (Chest X-Rays) with no abnormality and produces finalized patient reports without any intervention from the radiologist.
The software helps significantly reduce the workload of radiologists in the primary care setting, addressing the global shortage of radiologists.
In April 2022, the company received CE Class IIb certification for ChestLink, allowing the company to deploy the software in 32 European markets.
Oxypit Quality acts as a virtual radiologist assistant. It provides quality control for chest X-rays, musculoskeletal X-rays, computer tomography, and mammography medical images. The application reviews every medical image and the corresponding radiologist report.
If it detects any findings missed in the report, it will instantly notify the radiologist to take another look.
The company says Oxipit Quality proved instrumental in improving early lung cancer diagnostics.
In pilot studies across Germany, Spain, Greece, the Netherlands, Finland, and Lithuania, Oxipit Quality helped identify 20 percent more lung nodules when assisting radiologists, claims the company.
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