January 9, 2020
MVision AI, a radiotherapy SaaS provider in the Icebreaker portfolio, has closed of its $1.65 million (€1.475 million) seed round led by Voima Ventures. The investment round also came with participation from existing investors including us at Icebreaker.VC and business angels based in the EU and the US.
MVision is one of the first companies in the world to provide a SaaS-based auto-contouring service to speed up radiotherapy treatment planning and streamlines the whole process from weeks and days to hours. The funding will see MVision further its mission to bring AI-powered radiotherapy SaaS to tens of thousands of cancer patients around the world.
Currently, the most significant source of error in radiation treatment planning comes from the careful evaluation of the area of treatment. With an AI-based software, uniform results are produced, decreasing the possibility of human error. The MVision AI is also constantly learning to speed up and improve its plotting of structures. MVsion’s cloud-based platform is available anywhere in the world and enables uniform access to care to this advanced AI solution.
Icebreaker invested in MVision back in Q4 of 2017. Founder Mahmudal Hasan was and still is confident in the potential of artificial intelligence in medical imagery and has future plans to make the best clinical data available for developing countries. The notion of democratizing medical knowledge using new technologies is exciting and promising.
The company plans to direct the product towards prostate cancer, before moving to focus on cancer in other areas of the body. No matter what the trends in various cancers between developing and first-world countries, Hasan aims to provide the same level of treatment expertise to all patients.
This new round of funding will help MVision continue an extraordinary year of growth, which saw them grow their customer base in EU and now ready to explore the US. Furthermore, MVision will strength its computer vision research team and hire additional engineers to continue building a Web-based Radiotherapy planning service.