Corsmed funding news – Stockholm-based Corsmed has Raised €3.3 Million in Funding

The funding round, led by Luminar Ventures and Big Pi Ventures, brings Corsmed’s total funding to €9.5 million. The investment will help the company file for FDA approval and further reduce MRI scan times, improving diagnostic imaging.

Highlighting the importance of this innovation, Erik Jacobsson, CEO of Corsmed, stated: “Until we can make MRI regularly accessible for everyone, we’ll continue to see preventable mortality pile up. We currently live in a sick-care, rather than a healthcare, system. Corsmed aims to change this. Imagine a world where routine, whole-body quantitative scans can detect cancer and other life-threatening diseases at their earliest stages, giving everyone a fair shot at a long and healthy life. This is the future we’re building toward.”

Corsmed was founded in 2019 by Erik Jacobsson (CEO), Christos Xanthis (CTO), and Athanasios Polimeridis (CSO). The company has gained attention for its advanced MRI simulation technology, which is used by top research institutions and cancer hospitals like The Christie NHS Foundation Trust, CNI College, and Gurnick Academy to train and assess students and medical staff.

According to the 2023 NHS Diagnostic Waiting Times Report, more than 25% of UK patients are waiting over six weeks for an MRI scan, which is much higher than the NHS’s goal of 1%.

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Corsmed’s simulator is helping address this problem by saving healthcare providers significant time and money, replacing over 80,000 hours of traditional MRI scanner use. This helps hospitals avoid the high costs of running real MRI machines, which can cost over €1,000 for less than an hour of use.

Corsmed’s latest innovation uses digital twin technology to create MRI scanning software that reduces scan times from 45 minutes to just 2–3 minutes.

While other AI software in the market can make scans 20-40% faster, Corsmed’s software can complete several high-resolution 3D brain scans in just three minutes, which is ten times faster than the current standard.

This breakthrough aims to solve major issues in diagnostic imaging, which is a global challenge. It also promises to cut costs and shift to more accurate, data-driven imaging that can track health changes over time.

Funding Utilisation

The funding Corsmed has raised will help them commercialize the technology, meet U.S. FDA and HIPAA standards, and expand their reach worldwide.

Magnus Bergman, co-founding Partner at Luminar Ventures, said: “To democratise MRI scans is a cornerstone in the creation of preventive healthcare. We estimate that Corsmed can save tens of thousands of lives per day by enabling the detection of life-threatening conditions 10x cheaper than today. Together with AI-enabled image processing, this is an area that will see exponential improvements in the next coming years and Corsmed’s qMR technology will be driving that change and this industry.”

Nick Kalliagkopoulos, Partner at Big Pi Ventures, echoed this sentiment: “Corsmed has the potential to fundamentally change healthcare worldwide. The team has developed a technology that can truly unlock preventative and personalised health. We are impressed with what they have achieved and are excited to join their journey.”

About Corsmed

Corsmed is a startup focused on making MRI scans faster, cheaper, and more accessible for everyone. They create innovative software solutions that improve MRI access and experience without needing extra hardware or resources.