AIMinded

Business Overview
Location
Timisoara, Romania
Category
Health
Campaign Summary
Target amount to raise
€100.000 - €400.000
Equity
5-20%
Valuation
€2.000.000
Minimum investment
€100
Days left
20

AIMinded is an Artificial Intelligence solution that accelerates cancer treatment by automating image analysis in radiotherapy clinics.

€16.500 of €100.000 raised

16.5%

Business story

Alexandru Vesa, CEO of AIMinded, was inspired by his mother, who was diagnosed with cancer and had to fight the disease into recovery.

Alexandru shared his deep passion for Artificial Intelligence with Fabian Jichi and together have decided to co-found AIMinded, in order to help cancer patients receive faster and better treatment.

“Working jobs in the automotive field left us feeling that we could build something bigger, so we found that, by applying all our AI knowledge and expertise in the medical field, we could bring a real impact. 

We are very excited that our solution will help cancer patients to receive the needed radiotherapy treatment faster and that’s our daily motivator, cancer being the 21st-century disease.”



Business Mission / Concept

There are 5 000 cancer patients who need radiotherapy every day in the world. The number of cancer patients is continuously increasing while today's number of radiation oncologists is limited for the amount of work.

A radiation oncologist has to run multiple tasks:

1.Contouring process;

2.Linear accelerator irradiation process;

3.Patients’ care.

A cancer patient:

1.Can wait up to 4 weeks for receiving radiotherapy treatment;

2.Could not start the treatment in due time;

3.It could have a delayed treatment process due to the long contouring time.

Streamlining this long process gives time for curing multiple patients, while automation of contouring could also mean the same doctor treats more patients. In conclusion, we can bring more life chances for more patients.

AIMinded’s mission is to accelerate cancer treatment with the power of Artificial Intelligence, in order to help cancer patients start the treatment faster and to have a strong connection with the doctor.



Business highlights & achievements

1.International Medtech accelerator participation at Reactor22 by EIT Health (the biggest organization for medical startups in Europe):

We were recognized as “The most promising startup” along with two other startups in the program (18 in total);

The mention was made by GE Healthcare, a leading global medical technology company;

•International event held in Budapest.

2.The first round of investment from Supermedical:

Leading seller of medical equipment in Romania;

100.000 EUR invested;

Strategic agreement for the distribution of our system through their selling channels.

3. Winners of Hackaton4Health 2022, initiated by Johnson & Johnson, supported by the Center for Innovation and e-Health, and the University of Medicine and Pharmacy "Carol Davila" Bucharest.

Following the competition, we are enrolled in a 6-month mentoring program for our development in the digital healthcare ecosystem.



Product/service

The AIMinded product is named AIM-Contouring. This is a fully automated system that is integrated into radiotherapy clinics and compatible with all vendors of medical equipment and software that interacts with our application. 

The radiotherapy process has multiple steps

The patient takes a CT scan and the images are sent to the doctors in order to plan the treatment. 

The doctor begins contouring both tumors and organs at risk (near the tumor) that should be protected. 

Here is the part where AIMinded brings value. With only one click, the images of CT scans are sent to our platform and using Artificial Intelligence, we create those mandatory contours in 2 minutes instead of 3-4 hours.

After the contours are generated, they are automatically sent to the doctor for validation’s visualization application. 

The doctor validates the contours and can do small changes if needed before the patient can be sent to the physics department, where the radiation dosages are planned.



Business Model

Our business model consists of a subscription acquisition model, tailored on each radiotherapy clinic, considering the number of patients. This model allows the hospital to be up to date with the best updated AI algorithms anytime.



Market Highlights

The target market is the Radiotherapy market. The clients that benefit from our product are the radiotherapy clinics and the users are the radiation oncology doctors (that provide the contours manually).

In Europe, there are 1500 radiotherapy clinics in total, while the global market of radiotherapy had an increase of 47% in just 5 years, from 4.7B (2016) to 8.1B (2021).



Competition

Our competition comes from West Europe and America:

MVision

Therapanacea

Limbus AI

Contour ProtegeAI

Mirada Medical

Our differentiator is that we provide both the contour of the tumor and the contour of organs at risk. Also, the addressability of our business model for this targeted market is a strong differentiator.



Business traction

We currently have 3 partnerships with clinics from Timisoara, Cluj, and Oradea from both public and private healthcare systems that are the early adopters of our solution. From these clinics:

We receive real data in order to train our algorithms;

We can integrate our system by running tests; 

We can validate the results from AI algorithms, considering the expertise of specialist doctors from these clinics.



Goals & future roadmap

We are considering multiple goals after successfully getting a future investment:

Research and development;

Increase our database with patients;

Extend the medical board;

Expansion to more Radiotherapy clinics in Romania;

Start the international expansion;

Obtain the CE Mark for Medical Devices;

Extend our technical team with Artificial Intelligence experts, in order to accelerate the research and development process.



Facebook: https://www.facebook.com/aiminded.ro

Linked In: https://www.linkedin.com/company/aiminded/

Instagram: https://instagram.com/aiminded.ro?igshid=YmMyMTA2M2Y=

Website: https://aiminded.ro/en/home-en/