AZmed Raises \$16M in Series A Funding to Boost AI Radiology

Paris-based radiology AI startup, AZmed, has successfully raised approximately $16.2 million in a series A financing round. The company, which was established in 2018, has developed a unique software, Rayvolve, which assists healthcare providers in detecting various abnormalities on standard X-rays.

Present in Healthcare Facilities Worldwide

Rayvolve is currently being utilized by around 1,000 healthcare facilities in 40 countries. The software received clearance from the U.S. Food and Drug Administration in 2022. Among Rayvolve’s users are SimonMed Imaging, UH Cleveland Medical Center, and England’s National Health Service.

Investment Firms Backing AZmed

Maison Worms, Techstars, and Tempact Ventures are among the investment firms that have backed AZmed in this recent financing round. With the newly acquired funds, AZmed plans to strengthen its foothold in Europe and expand its operations in the U.S., Middle East, Africa, and Asia.

AZmed’s Future Plans

With this new influx of capital, AZmed aims to double its workforce in the next 18 months. The company also plans to increase its investment in research and development substantially, with the intent of expanding its range of imaging AI offerings.

Arnaud Decrulle, the managing director of Luxembourg-based Maison Worms, has commended the AZmed team for their unwavering commitment and creativity in addressing crucial healthcare issues. He believes that this investment will provide AZmed with a robust position to improve patient care.