NIJMEGEN, Netherlands, July 27, 2021 /PRNewswire/ -- Netherlands-based ScreenPoint Medical, an AI technology company that develops advanced image recognition and machine learning software to improve early detection of breast cancer, announced today that it has raised $28 million in Series C funding. New York-based global venture capital and private equity firm, Insight Partners, led the round, with continued support from existing investors including ScreenPoint Medical's founders, Siemens Healthineers and Oost NL, and participation from University Radiology Group (URG), one of the largest providers of subspecialty radiology and teleradiology services in the United States, based in New Jersey.
The funding will be used to accelerate commercial growth of the company's Transpara AI breast care software, which uses powerful machine learning technology and curated databases of screening mammograms to improve early diagnosis of breast cancer. One in eight women will develop breast cancer in their lifetime and early detection is the best way to increase survival rates. The investment will also enable further research & development and expansion of the product portfolio.
"We are excited about this funding and the opportunity to work with the Insight Partners team to continue scaling the company," said Nico Karssemeijer, CEO of ScreenPoint Medical. "We are also delighted with the participation of URG in this round, showing trust and confidence in the technology we bring to the market. Breast imaging practice in the US is different from the EU, and the partnership with URG brings clinical expertise, which is extremely valuable for further expansion in the US. This round puts ScreenPoint Medical in a great position to establish itself as the leading provider of AI driven solutions for breast imaging."
"We are delighted to join forces with URG to make this investment in ScreenPoint Medical, which has made remarkable advances in breast care AI, enabling radiologists to identify cancers faster and earlier," said Lonne Jaffe, Managing Director at Insight Partners.
"After conducting a review of breast care AI solutions that the FDA cleared for use in the USA, we found that Transpara has a substantial body of clinical evidence, has a commercially viable 2D and 3D US solution, and has experience with integration into different OEMs," said Roger Yang, M.D., FACR, Secretary of University Radiology. "This is the right product to implement in our complex medical imaging environment."
Oaklins served as financial advisor to ScreenPoint during this transaction.
Note to Editors
According to the breastcancer.org, 1 in 8 women will develop breast cancer in their lifetime. Early detection is the best approach to increase survival rates.
ScreenPoint was founded in 2014 as a spin-off from Radboud University Medical Center in Nijmegen, The Netherlands, to develop and bring to the market innovative machine learning solutions to improve breast cancer screening and diagnosis. With an exceptional team of specialists in machine learning, image analysis, and breast imaging, ScreenPoint developed the market leading AI solution Transpara for reading mammograms and breast tomosynthesis. Clinical studies demonstrate that the FDA cleared software matches experienced radiologists in detecting breast cancer and allows them to improve quality and efficiency of breast cancer screening. Transpara is already used in over 200 clinics in 23 countries. ScreenPoint is focussing on extending its AI solutions for breast healthcare to enable radiologists to deliver the highest quality in an environment that is increasingly demanding.
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised through a series of funds more than $30 billion in capital commitments. Insight's mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a belief that ScaleUp companies and growth create opportunity for all. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.