Synaptiq, the Cluj-based medical software company which developed the Mediq software, specialized in optimizing cancer treatment by contouring the tumors and organs-at-risk, oversubscribed the 160.000 Euros financing round targeted on Seedblink, the co-investment platform for European tech startups. The maximum amount accepted by the company in case of high demand is 300,000 Euros and the round is open until May 8th, 2023.
Interested investors can subscribe to any amount, starting from 2,500 Euros, receiving shares of Synaptiq, valued at this round at a total of 4.8 million Euros (pre-money).
AI solution to delineate tumors and organs at risk in less than 5 minutes
Synaptiq was founded in 2020 at Cluj by Dragoș Dușe, Mihai Căta, Roxana Săbău and Diana Andrițchi. The entire team is made up of engineers, radiation oncologists and business specialists with degrees and PhDs from universities in Romania and abroad, such as the University of Bucharest, Amsterdam, Munich, Bristol and Heidelberg.
The team developed Mediq, a digital solution of high precision and performance, based on the processing of data from medical imaging with the help of Artificial Intelligence. Designed and developed in collaboration with reputable doctors and prestigious clinics, the solution reduces the time needed to identify and delineate organs at risk and tumors, from the current average of 2-4 hours to a few minutes.
One month ago, Synaptiq announced that targeted a €600,000 round, of which €160,000 on SeedBlink and the other 440,000 euros from the existing investors from the previous round (who came with follow-on investment) and by the new partner, Fortech Investments, the lead investor for the current round. Fortech Investments joined the other major shareholders of the Synaptiq business initiative: Cleverage VC, Gapminder VC, and the angel investor Daniel Istrate.
The new round will help Synaptiq to develop across Europe
“This new round will be used to complete the European Level Certification for Mediq, our AI-based solution and to carry out the full clinical trial required for the accreditation. This will enable the deployment of Mediq in radiotherapy clinics across all Europe, in parallel with the addition of new features and functionalities in the application. With the investor’s support, we can continue to develop cutting-edge technology that has the power to transform healthcare and improve cancer treatment outcomes worldwide”, says Dragos Dușe, Founder & CEO of Synaptiq.
This is the second investment round for Synaptiq. The company managed to attract a pre-seed investment worth 250,000 euros in 2021 from GapMinder VC – through the business accelerator Techcelerator, Cleverage VC and the angel investors Daniel Istrate. At the same time, the company received a non-reimbursable grant of 158,000 euros from the Norwegian fund Innovation Norway.
“Mediq allows radiation oncologists to identify and delineate in an extremely short time the target volume and organs-at-risk, to quickly make the best treatment decisions and thus increase the chances of survival for millions of patients all around the world. In Europe, a quarter of patients diagnosed with cancer who need radiotherapy don’t receive the treatment due to the lack of medical staff and the complexity and long duration of the procedures. Each year, more than 20 million people worldwide are diagnosed with cancer, half of them needing radiotherapy treatment”, adds Dragos Dușe, Founder & CEO of Synaptiq.
Presence at ESTRO 2023, the most important event for radiation oncologists in Europe
Radiation oncologists using Mediq, the AI-based tool developed by Synaptiq, generate 18% more accurate contours for treatment planning than those using conventional tools, according to Synaptiq’s clinical evaluation.
Synaptiq will announce the results of this evaluation at ESTRO 2023, the most important radiotherapy conference in Europe. The event is organized by the European Society for Radiation Oncology and will take place between 12-16 May in Vienna.
“We are excited to present our innovative radiotherapy auto contouring AI software at ESTRO, as we strongly believe it has the potential to transform the field and improve patient outcomes. Our technology streamlines the contouring process, ensuring accuracy, and reducing human error. Our research findings demonstrate comparable accuracy and consistency to radiation oncologists, making this software a promising solution for radiotherapy treatment planning. We invite you to check out our research results at ESTRO and learn about the impact this technology will have on the future of radiotherapy”, says Remus Stoica, MD, Lead Radiation Onclologist Synaptiq.