Spanish medtech company QUIBIM has closed €8 million in new seed round co-led by Amadeus Capital Partners and Adara Ventures, with participation by Apex Ventures, Partech, Crista Galli Ventures and existing shareholders, including Tech Transfer UPV, managed by Clave Capital and Juan Roig.
QUIBIM, founded in 2012, helps hospitals and pharmaceutical companies detect diseases early and systematically. How does it do this? By its specialisation in ‘radiomics’ technology, QUIBIM Precision, which extracts and quantifies disease-specific biomarkers from medical images with ultra-high accuracy. QUIBIM has already launched more than 20 algorithms for a range of conditions including cancer, Alzheimer’s, osteoarthritis and liver disease. Its products are used in over 70 hospitals and 11 clinical trials across the world, with 600,000 analyses and 6.5 million images processed to date.
Most notably, the startup recently launched chest X-ray and CT scan products for COVID-19. Co-founders Dr. Ángel Alberich-Bayarri and Prof. Luis Marti-Bonmati had already established the process for the development of biomarkers, which was adopted in 2013 by the European Society of Radiology (ESR) as the official industry standard. They again set a benchmark when, in March 2020, QUIBIM became a main AI platform for screening for COVID-19 across Europe. Shortly after, the Radiological Society of North America (RSNA), with more than 52,000 members from 153 countries, joined the initiative with the goal of creating a global medical repository of COVID-19 cases, with the European arm running on QUIBIM Precision.
By incorporating AI technologies, QUIBIM also improves the performance and workflow of radiology departments. The company is launching its qp-Suites product family, designed to support radiologists by centralising the essential tools for clinical diagnosis in one platform, increasing operational efficiency.
Angel Alberich Bayarri, founder and CEO of QUIBIM, said, “QUIBIM is now at a scale-up point ready to grow internationally while maintaining great science at the core of our mission. This latest round of funding will be used to boost the AI platform, our available algorithms and high-value components, to provide a seamless, all-in-one solution supporting healthcare providers. Our new investors will open opportunities for us in new markets and help us to strengthen our brand internationally. We will be able to promote our new prostate, musculoskeletal and oncology solutions and increase sales globally, by expanding our workforce over the coming year.”
Pierre Socha, Partner, Amadeus Capital Partners, added: “We are excited by the potential of radiomics to improve disease detection and enable precision treatments guided by imaging biomarkers. QUIBIM’s all-in-one platform is the answer that radiologists have been waiting for and we look forward to helping them grow internationally while continuing the fight against COVID-19 and other life-threatening conditions.”
“QUIBIM’s rapid adoption is an indicator of how innovative doctors and researchers are eager to have access to and exploit AI technology and methods that can automatically recognise complex patterns in imaging data, to get quantitative assessments and improve the service they provide”, said Rocio Pillado, partner at Adara Ventures.