MVision Raises $1.65M Led by Voima Ventures to bring AI-based radiotherapy SaaS to speed up cancer treatment.
MVision AI a radiotherapy SaaS provider today announces the closing of its $1.65 million (€1.475 million) seed round. Voima Ventures led the investment round with participation from existing investors including Icebreaker.VC and business angels based in the EU and the US.
MVision is one of the first companies in the world to provide a SaaS-based auto-contouring service to speed up radiotherapy treatment planning and streamlines the whole process from weeks and days to hours. The funding will see MVision further its mission to bring AI-powered radiotherapy SaaS to tens of thousands of cancer patients around the world.
Currently, the most significant source of error in radiation treatment planning comes from the careful evaluation of the area of treatment. With an AI-based software, uniform results are produced, decreasing the possibility of human error. The MVision AI is also constantly learning to speed up and improve its plotting of structures. MVsion’s cloud-based platform is available anywhere in the world and enables uniform access to care to this advanced AI solution.
Voima Ventures invests in deep tech companies. ”At Voima Ventures we help founders accelerate the growth of deep technology ventures to global markets by combining science-driven innovation together with the Nordic serial entrepreneurial experience and a global mindset. I immediately recognized the passion with which Mahmudul and his team worked to make radiation therapy more efficient. I hope that we can execute on our mission to support the founders and have a true and meaningful impact on cancer treatment.” Says Pontus Stråhlman, Investment Director at Voima Ventures.
“AI-powered contouring in radiation treatment planning benefits cancer patients all over the world”, says CEO of MVision, Mahmudul Hasan. “In January 2019, we started with radiotherapy OAR contouring using AI in two hospitals in Finland and now our install base has grown in Germany, and other EU countries are in the pipeline.
“AI enables more personalized care for cancer patients. As the software takes care of the core process of radiation treatment planning, the physician can focus more on the individual needs of the patient, such as taking the spread and aggressiveness of cancer into consideration”, says docent and hospital physicist Timo Kiljunen from Docrates Cancer Center.
MVision’s new artificial intelligence (AI) contouring software has been deployed in hospitals in Finland and Germany. It streamlined the existing treatment planning process and significantly reduces the time spent on OAR contouring.
“AI speeds up a physician’s job and allows for repeated and uniform treatment planning on a hospital level, not only on an individual physician’s level. With a high number of cancer patients, having quick radiation treatment planning can also help with waiting times”, states Professor and Head of Tyks Department of Oncology and Radiotherapy, Heikki Minn.
This round of funding continues an extraordinary year of growth, which saw MVision grow its customer base in EU and now ready to explore the US. Furthermore, MVision will strength its computer vision research team and hire additional engineers to continue building a Web-based Radiotherapy planning service.
MVision AI founded in 2017 by Mahmudul Hasan with Aleksi Nurmi, Jarkko Niemela and Saad Ullah Akram to build the next-gen AI-based SaaS platform to speeds up radiotherapy treatment planning. Collaborating clinics include Turku University Hospital, Docrates Cancer Center and Kuopio University Hospital, National Cancer Center, Singapore.
Mahmdul Hasan, CEO
About Voima Ventures
Voima Ventures is a €40M deep tech fund that invests purely in startups with deep tech and scientific backgrounds. Voima Ventures’ mission is to solve major global problems by combining science, entrepreneurship, and capital. Industry domains include bio and new materials, medical technologies and life sciences, imaging and optics, IoT and electronics, robotics, software & ICT and AI. In addition, Voima Ventures is managing a portfolio of VTT Ventures with 20 prominent deep tech companies including Solar Foods, Paptic, and Dispelix. Cornerstone investors are VTT Technical Research Centre of Finland and the European Investment Fund (EIF). The Voima Ventures fund is supported by InnovFin Equity, with the financial backing of the European Union under Horizon 2020 Financial Instruments and the European Fund for Strategic Investments (EFSI) set up under the Investment Plan for Europe. The purpose of EFSI is to help support financing and implementing productive investments in the European Union and to ensure increased access to financing. We are also backed by Finnish private and institutional investors.
About Icebreaker VC
Icebreaker.vc is a venture capital firm and community on a mission to help build strong tech companies. Icebreaker.vc invest €50k — €350k in very early stages in Nordic & Baltic software-driven companies with a strong founder team. We have invested in over 30 companies with domain expert founders from companies like Rovio, Nordea, Pipedrive, Eniram, IBM and BCG. Icebreaker.vc and MVision have worked together since 2018 with a focus on international growth and sales & marketing acceleration.