Contextflow announced securing series A funding round led by B&C Innovation Investments GmbH
contextflow, a Vienna, Austria-based SAAS developer for radiologists used for medical image analysis, announced that it completed a capital funding round, series A.
The money was raised from investors led by B&C Innovation Investments GmbH with TTIP Beteiligungs GmbH as a new Co-Investor and additional participation from current investors APEX Ventures, Crista Galli Ventures, IST cube, Nina Capital and Novacapital.
The company says it expects an additional second closing of the round, open for investors by the end of the summer 2021.
Proceeds will be used for accelerating market entry in Europe and the US, including obtaining FDA clearance for contextflow SEARCH Lung CT, and extending the company’s offerings to include new products and features covering a wider range of organs and modalities.
contextflow, founded in 2016 as a spinoff of the Medical University of Vienna (MUW) and led by CEO Markus Holzer, develops deep learning-based software to improve radiology workflows, saving radiologists time and improving reporting quality.
Its core technology is a 3D image-based search engine (SEARCH), which detects disease patterns in 3D medical images like CTs and MRs. It is currently being utilized by radiologists on lung CTs, identifying 19 different patterns (including those related to COVID-19), making it the only clinical decision support system of its kind.