Greek medtech startup Advantis Medical Imaging has developed a highly advanced software solution, Brainance, for the display, review and processing of brain MRI exams with state-of-the-art scientific methodologies to detect serious conditions like brain tumours and multiple sclerosis. The startup has just announced a seed investment of €700k from Metavallon VC, along with business angels.
Founded in 2016, Advantis makes medical imaging more accessible, user-friendly and data-driven by merging it with cloud technology in order to make a real impact for its customers and their patients. Advantis’s product Brainance is a complete neuro-imaging platform accessible via the Internet. Brainance can be used for the processing of three different brain MRI exams: Diffusion MRI, DSC Perfusion MRI and Functional MRI while it can also work as a web-based DICOM viewer, producing highly accurate results that allow for the timely diagnosis of serious brain conditions. Brainance is already clinically used by health organisations including hospitals and diagnostic centers within the EU.
The current global medical imaging software market is estimated at €2.5 billion, and is expected to increase to €4.5 billion by 2024. It is estimated that around 100 million MRIs are performed every year, and 30% of these examinations are brain related. Advantis already has collaborations with hospitals and diagnostic centers. It is worth noting that its products and services are addressed to hospitals, diagnostic centers, pharmaceutical clinical research organizations, and tele-radiology companies as well as to private doctors and researchers. The company is staffed by trained software engineers, neuroscientists and business development professionals, and supported by a dedicated scientific advisory team headed by Dr. Nikos Papanikolaou.
The investment will be used to accelerate the company’s promotional and commercial operations, further improve and automate existing software services through the incorporation of AI, and to further research and development. The company will expand its teams in Athens and Eindhoven with additional recruitment in sales, technology and quality control departments.
“Advantis makes high-end medical imaging accessible to the end user, linking the latest generation of medical image processing methodologies to cloud technology to optimise the consultation process for physicians and help further on both themselves and patients,” said Advantis CEO Zoe Giaver. “Brainance, the company’s first product, allows remote access to examinations and collaboration among users while offering higher accuracy in results. Having completed the development of Brainance, our goal is to expand the company both commercially and technologically. Next-generation plans include the consolidation of Advantis in the European market, a first approach to the American market and the development of new products for the prostate and the breast.”
“We are pleased to lead Advantis’s new investment with business angels working in imaging medicine,” added Myrto Papathanou, Partner at Metavallon VC. “We notice that this global market is growing significantly each year and is rapidly leading to the consolidation of cloud and data driven solutions. We believe the Advantis team has the level to build a leading product in the medical imaging of the brain and to dominate the market on both sides of the Atlantic. This investment gives Advantis the opportunity to conquer its ambitious commercial and product goals – we are expecting great developments.“