From left to right: Frank R Frank Rasmussen, PhD, Chief Revenue Officer, Martin Lillholm, PhD, Chief Operating Officer, Kristine Lomholt, Project Director, Matthew Liptrot, PhD, Data & Analytics Director, Robert Lauritzen, Chief Executive Officer Akshay Pai, PhD, Chief Technology Officer | Photo by: Oded Yair Menuhin
Copenhagen, Denmark, 06/02/2023
Cerebriu’s Series A Round is the propellent which will fuel the company’s commercial growth, enabling better patient experience and more efficient management of brain magnetic resonance imaging (MRI) in hospitals.
Cerebriu, a fast-growing Danish radiology AI company, announces today the launch of their Series A round, led and already backed with a €5.5m investment by a strong syndicate of both existing and new investors, including Denmark’s Export and Investment Fund. Founded in 2018 by Robert Lauritzen, Prof. Mads Nielsen, Dr. Akshay Pai, Prof. Martin Lillholm, and Prof. Erik B Dam, Cerebriu built Apollo, the first CE-marked real time MRI triage and automated protocol optimization product for brain MRI, to both ensure that the correct MRI images are acquired during a patient’s first examination, and to improve subsequent patient prioritization.
Cerebriu has customers across Europe, Asia, and Middle East, and is partnering with leading MRI manufacturers and top-rated hospitals across the US and Europe for performing clinical validation. The company will use the funding for commercial growth, clinical trials, and FDA clearance, and accelerating product development.
Staff shortages in radiology combined with a workload increase of 9% per year is driving increased staff burnout, potential misdiagnoses, and liability. Scanners are becoming faster and more commonplace, are generating more data, and as a result are overloading the radiological system. Cerebriu Apollo helps the technologist collect the right data at the right time thereby improving the patient experience with personalized imaging that is based upon early on-table detection of critical findings, and enabling improved triage and prioritization as soon as the patient leaves the examination room.
“Cerebriu is a rapidly growing company with a revolutionary product that, as a result of innovation, makes it possible to create a radical improvement in treatment and diagnosis for patients worldwide”, says Claudia Maria Colciago, Senior Investment Manager at Denmark’s Export & Innovation Fund. “We look forward to seeing what Cerebriu will deliver because of the investment. Health tech is a position of strength for Denmark, and Cerebriu is a strong example of a company that, with innovative technology, can create social returns for Denmark and at the same time meet challenges in health sectors around the world”.
“We want to support the staff in the health sector by making the best use of the doctors’ and radiographers’ skills where they cannot be dispensed with and freeing up the tasks where the workflows can be automated”, said Robert Lauritzen, Chief Executive Officer at Cerebriu .”For us at Cerebriu, it’s about simplification, precision and improvement – so we meet the problems we see in the healthcare sector right now, with respect for the staff’s skills, resources and time. I am proud of our strong team and the strong profile of investors who have already joined us, and I welcome more investors to join our journey to transform radiology globally”
“This investment round gives us a much-needed impetus to accelerate the implementation of our technology in the clinics and generate further evidence of efficiency”, said Akshay Pai, PhD, Chief Technology Officer at Cerebriu. “Upon implementation, our product will not only transform radiology workflows but will also ensure that the right patients are treated at the right time.”
“We are thrilled to have our new and existing investors on board”, said Martin Lillholm, PhD, Chief Operating Officer at Cerebriu. “This will allow us to further advance our mission and bring our innovative solutions to a broader audience. Our strong team is committed to delivering exceptional value and this new capital will provide us with the resources to drive growth and drive change in radiology departments on a global scale.”
Cerebriu is a digital health company developing AI software solutions to improve radiology workflows. With a current focus on MRI, Cerebriu’s novel approach delivers in-process image analysis whilst the patient is still in the scanner. This enables personalized protocols for faster scan times and higher patient throughput, whilst reducing unnecessary contrast usage, and patient recalls. We get it right first time. Ultimately this can provide better patient outcomes, reduced burden on professionals, and more efficient radiology workflows.
For more information, please visit www.cerebriu.com
About Denmark’s Export and Investment Fund
Denmark’s Export and Investment Fund is the result of a merger of EKF Denmark’s Export Credit Agency (EKF), growth fund Vækstfonden and the Danish Green Investment Fund.
Oded Yair Menuhin
BD & Strategic Partnerships Manager