PaxeraHealth closes series A funding round led by Sopris Capital

Investment will enable PaxeraHealth to meet rapidly increasing healthcare demand for medical imaging AI algorithms, support the company's strong momentum and exponential growth

BOSTON, Dec. 16, 2022 /PRNewswire/ -- PaxeraHealth, the medical imaging and AI developer, today announced the close of its series A financing round led by Sopris Capital, a venture capital firm focused on technology-enabled healthcare solutions.

The financing will enable PaxeraHealth to accelerate its enterprise medical imaging and AI authoring platforms capabilities, expand the company's offerings to more healthcare facilities and continue providing best-in-class support and services for its fast-growing and high profile client base.

Demand for AI in medical imaging to support radiologists in diagnosing a wide variety of diseases continues to grow, as healthcare and research facilities face an increasing need for a large number of algorithms for different types of abnormalities and diseases. PaxeraHealth's zero-coding authoring platform offers "Algorithm as a service" which is designed to expedite production of clinically validated imaging AI algorithms and reduces algorithm development timeline and costs. The closing of this investment round comes closely after PaxeraHealth's AI authoring tools have been adopted by some of the largest healthcare facilities in the world, proving our technology's advantages to the healthcare community.  

"We are thrilled to partner with a supportive, successful investor who sees the disruptive potential of AI in Healthcare" said Dr. Mohamed Shoura, founder and chief executive officer, PaxeraHealth. "Our goal is not to build yet another AI algorithm, but to democratize AI in medical imaging and make it accessible, affordable and faster to deploy. PaxeraHealth's industry-first "Algorithm as a service" platform is designed to enable healthcare facilities to create AI algorithms with no coding, using their own imaging data sets. This will accelerate AI adoption and help reduce diagnostic errors in medical imaging, thus reducing overall healthcare costs."

"With imaging volumes on the rise creating vast demand on imaging-focused clinicians, PaxeraHealth's differentiated solution enables these clinicians to create their own customized AI models that easily integrate into their existing workflow expediting their processes and yielding more accurate results." said Taylor Paul, lead on the deal at Sopris Capital.

PaxeraHealth Corp. is a world-leading, innovative medical imaging platform developer based in Boston, MA that designs next generation technology to automate clients' workflow, elevate patient care and improve clinical, financial, and operational outcomes. The company has won Best in KLAS award for Global PACS for the last 3 years in a row. For more information visit https://paxerahealth.com/

Sopris Venture Capital is a multi-strategy investment firm with a single source of long-term strategic capital.

We maintain a focus on investing growth equity in technology-enabled business services and SaaS companies, who are working to solve key pain points in the sectors they serve. As a value-added partner, our goal is to work with fast growing companies that have a validated business model, a proven product and market fit, and a management team that is capable of capitalizing on growth opportunities as they arise.
Learn more at: https://sopriscapitalvc.com/

SOURCE Paxera Health