By: Aviel Blumenfeld
CEO
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IMedis

IMedis is developing an AI-based system for early detection of cancer and cardiovascular disease. The clinically proven system automatically analyzes CT scans and medical text and gives doctors real-time notification of unreported findings.

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Minimum investment: $7,000
Type:Equity   
Stage:Seed
Category:Healthcare
  • Campaign Highlights
  • Pitch
  • Team
  • Financial data
  • The Deal
  • Documents
  • Disclosures
  • Investors 1
  • Updates

Campaign Highlights

A Groundbreaking Medical Innovation That Allows Early Diagnosis of CancerP3nNa0aGY2A

IMedis is developing a life-saving medical software system that quickly and efficiently analyzes medical imaging. Using Deep Learning technology, the system creates a unique combination of image and text analysis. This helps to detect previously unnoticed and therefore unreported early-stage cancer, heart diseases and vascular diseases. The IMedis platform addresses one of the medical profession's greatest challenges - early diagnosis of disease, which is critical to patients' chances of recovery.

 

Clinically Proven and Patented Technology

The technology developed by IMedis makes unique use of the most advanced artificial intelligence (AI) and Machine Learning tools available today. The innovative software system combines image  and text analysis capabilities. The system alerts when early signs of disease are detected in Medical imaging (CT scans), but are not mentioned in the medical report. The company recently completed a large clinical trial in the United States, which found a 13% detection performance increase by radiologists working with the IMedis system.

IMedis has a registered PCT Patent Pending and is expected to receive FDA approval during 2020.

 

Attending Prestige Programs of Google and Nvidia

IMedis is part of the prestigious startup programs of two software and hardware giants: Google - for use of its cloud services, and NVIDIA - the global leader in developing and manufacturing graphics processing chips used for deep learning and AI technologies. These collaborations included a significant financial grant that allowed the use of computing resources.

Strategic Collaborations with Leading Hospitals in Israel and the US

IMedis is involved in important collaborations with leading medical centers to formulate the best product for the market. By June 2018, a first version of the platform was installed at UC San-Diego University Hospital, California, and subsequently completed a successful first clinical trial. In recent months, the company has entered into a strategic collaboration with Ichilov Medical Center in Tel Aviv and plans to begin development in October 2019,  together with Hillel-Yaffe Medical Center in Hadera.

 

Investment By Leading Medical Incubator Sanara Ventures and the Israel Innovations Authority

Already at its inception, IMedis raised significant investment funds from Sanara Ventures - one of Israel's leading medical incubators and an investment arm of Philips Healthcare and Teva –  and the Israel Innovation Authority's incubator program. The partnership with Sanara has provided IMedis with early exposure to digital health leaders in Israel and around the world, access to meaningful collaborations, as well as an ecosystem to quickly promote an idea to a product. In July 2019, IMedis received a grant from the government-tech development program for a joint development project with Hillel-Yaffe Medical Center, Hadera.

 

Pitch

The idea

Recent years have seen a real revolution in the world of medicine. The introduction of artificial intelligence (AI) technologies enables the integration and analysis of data from various sources, with the aim of optimizing diagnostic and preventive medicine.

The medical world is making huge strides in developing innovative and effective treatments for life-threatening diseases, but in many cases, the most influential factor in the chances of recovery is not necessarily the quality of the treatment, but the stage of diagnosis. As the amount of medical information accumulated in each medical examination increases, the major challenge now facing the medical system is strengthening and completing physicians' diagnostic capabilities through advanced technologies.

The revolutionary platform of IMedis uses advanced AI algorithms to accurately and quickly analyze medical imaging together with text from the medical report, and to ensure that important medical information does not go unnoticed.

 

Need

Despite breakthrough developments in the treatment of cancer and cardiovascular disease in recent years, the most significant factor in the success of treatment is still, as mentioned previously, early diagnosis. Survival after a cancer diagnosis can be 40% higher after early as opposed to late diagnosis. An NIH study found that up to 85% of lung cancer patients are diagnosed at a very late stage, at which point the illness is rarely curable.

Source - tangibletreatments.com

Advanced medical imaging tools, most notably CT scans, have become the primary diagnostic tools in recent years. These tests have tremendous potential for early disease diagnosis, but studies show that over 6% of CT scans have an important finding, which requires medical attention, but which is missed by the radiologist. In the US alone, there are approximately 10,000 "missed" tests every day.

Abnormalities identified by IMedis during the clinical trial at UC San Diego

 

Since these medical conditions are usually without obvious symptoms in their early stages, most of these diagnoses are incidental and discovered when imaging tests are performed for other medical reasons. For example, a CT scan of the chest performed after a car accident, may incidentally detect an existing liver lesion that requires further and important in-depth examination.

 

Solution

The founding team of IMedis have a deep familiarity with the existing work processes in imaging departments. They recognized the importance of radiologists being able to identify important findings that are often not the focus of the examination and, therefore, less likely to be diagnosed. At the same time, in order to leverage such a platform in the clinical setting, it must be quickly and easily implemented, must not create a high workload for the medical team and must significantly improve the output and quality of the radiologist’s reports.

To that end, IMedis has developed an AI-based software system that automatically analyzes, in parallel to the radiologist's work, all CT examinations at the hospital, in order to identify suspicious findings that require medical attention. In addition, the system simultaneously analyzes diagnostic reports written by radiologists in real time. When the system detects an important finding that appears in a scan, but does not appear in the report, it alerts the radiologist in real time, allowing him/her to quickly and efficiently re-evaluate the images and include the additional findings in the medical report.

The significance of the IMedis approach is the understanding that the place of technology is not to replace physicians but to augment their capabilities, since in most cases, radiologists perform accurate and quick diagnosis. To that end, IMedis offers a parallel diagnostic tool to the one currently available. In this way, the system decides to intervene in real time, alerting only if a key finding is missed, and thus offering radiologists a tool that enhances their capabilities and quality of output.

 


 

Technology

Deep learning is a subfield of artificial intelligence that has evolved in recent years and made a significant breakthrough in a variety of technological areas, most notably in automatic processing and the analysis of images and text. Deep learning algorithms are the technological foundation of IMedis. The company has developed a unique platform, based on deep learning algorithms, for processing CT scans and medical text from radiological reports.

Using a series of deep learning algorithms of Convolutional Neural Networks (CNN), the system can automatically detect, mark, classify and measure suspected lesions appearing in CT scans, including those smaller than 1 cm, which present a challenge even for trained and experienced physicians.

In addition, IMedis has developed Recurrent Neural Networks (RNN) deep learning algorithms for text analysis, with which the system is able to identify any clinical findings in the radiological report and classify them as positive references (for example: "a suspicious liver lesion of 8 mm diameter") or negative references (for example: "No suspicious lesions were found in the liver").

To protect the platform, IMedis has filed a PCT patent request, with emphasizes on the unique combination described above.

 

 

Team

Aviel Blumenfeld
CEO
Biography
Aviel is the co-founder and CEO of IMedis. Aviel has extensive multidisciplinary experience in the medical device industry in various roles: clinical application engineer, product manager, software developer, deep learning algorithm developer and VP R&D. Aviel In-depth (clinical and technical) knowledge in a variety of medical imaging tools including CT, X-ray, ultrasound and MRI. Aviel has a BSc in biomedical engineering from the Technion, and is completing his master‘s degree in biomedical engineering from Tel Aviv University.

  • Founder
Yitzi Pfeffer
CTO
Biography
Yitzi is the co-founder and CTO of IMedis. He has extensive experience in medical image processing and computer vision and is an expert in the field of AI and deep learning. Yitzi has worked for a number of medical imaging companies as head of the algorithms team and developed many innovative algorithms, from concept pronunciation to commercial product. He has extensive experience in conducting clinical trials and validation with leading medical institutes in the United States for obtaining clinical evidence and regulatory approvals (such as the FDA). Yitzi has a BSc in biomedical engineering and a MSc in electrical engineering specializing in medical image processing from Tel Aviv University.

  • Founder
  • Director
Dr. Jonathan Balcombe
Medical Director
Biography
Dr. Balcombe is a radiologist specializing in emergency, heart and body imaging at Assuta Hospital and at Baptist Health South Florida. Dr. Balcombe holds a BA from Cambridge University and is a graduate of University College London School of Medicine. He graduated from diagnostic radiology in 2008, followed by a fellowship in cardiovascular imaging in 2009, both at the University of Pennsylvania Hospital. Dr. Balcombe has published numerous articles on automatic coronary artery angiography in CT, mediastinal paragangliomas characterization, embolic potential of gonadal vein thromboses, cavitation of lung metastases and more.

  • Key Employee
Oded Tamir
Director
Biography
Mr. Oded Tamir is an experienced entrepreneur, C-level Executive and Board Member with more than two decades of experience in the field of medical device. During his career, Mr. Tamir raised over $ 200 million, led M&A deals in excess of $ 750 million, managed over $ 1 billion in revenue and led teams of up to 200 employees. Mr. Tamir is a co-founder, and previously a board member and chief financial officer at InSightec. In addition, he served as CFO at Elbit Medical. Mr. Tamir holds a BA in Economics and Business Management from the Technion University in Haifa. He is also a graduate of the Technion‘s Executive Development Management Program and the Crotonville Leadership Development Center.

  • Director
Assaf Barnea
Director
Biography
Mr. Assaf Barnea is an experienced entrepreneur with much experience in building innovative healthcare platforms. Mr. Barnea leads Sanara Ventures, a Philips and nature-backed health innovation fund. In addition, Mr. Barnea serves as Chair of the biological sciences Advisory Council at the Israeli Export Institute, on behalf of the Israeli government. Mr. Barnea is a Certified Lawyer and holds both legal and business degrees from the Interdisciplinary Center in Herzliya, as well as a BA in Political Science and Psychology from Tel Aviv University.

  • Director
Eran Toledo
Director
Biography
Dr. Eran Toledo, CTO at Sanara Ventures, is an experienced manager with a broad background in both academic research and development projects in the medical device industry. Prior to joining Sanara Ventures, Eran was VP of Research and Development at Aspect Imaging. Dr. Toledo is a graduate of the Talpiot program, with a bachelor‘s degree in physics and mathematics from the Hebrew University of Jerusalem and a PhD in medical physics from Tel Aviv University. He has over 10 years of management experience in the medical device industry and extensive academic research experience.

  • Director
Tomer Glottman
Director and Senior Business Advisor
Biography
Tomer is Co-Founder, Director and Senior Business Advisor at IMedis. He is an expert in digital health technology management. Tomer has broad business insight, helping him bring two previous companies, in which he held management positions, to M&A. Tomer began his career in the premium computer unit of the Israeli security system Mamram, where he developed avionics and C4I systems. He has worked in several digital healthcare companies in management positions and led projects of more than $ 30 million. Tomer holds a Bachelor of Science degree in Computer Science and Business from the Open University and an MBA in Technology Management and Entrepreneurship from Tel Aviv University.

  • Founder
  • Director
  • Advisor

Financial data

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The Deal

Documents

Disclosures

The financing rounds made through the ExitValley platform are in accordance with a model of statutory exemption from publishing a prospectus pursuant to sections 15A(A)(1) and 15A(A)(7) to the Israeli companies law - 1965.
Under our model, the disclosure of detailed information on the company and information about the investment in each round of financing are limited to not more than 35 investors which are not qualified investors and the round of financing in not in the format of an offering arrangement ("רכז הצעה") as defined in the securities law
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