bValue invests in XVision
AI and machine learning models rely most heavily on the amount and quality of input data, which is why AI is applied to certain segments of the economy more often than in others. Healthcare operates on enormous data and in our opinion represents one of the sectors that is ripe for disruption. This is why we are happy to announce our investment in XVision, a Romanian AI augmented radiology platform.
Radiology is a sector that has operated on enormous data, even before the digitalization. But the space suffers from a key obstacle: manpower. In order to become a radiologist, one has to study and learn the practice for an average of 13 years before being able to treat patients. The amount of knowledge and experience required to properly read and analyze X-Ray, Computer Tomography (CT) and Magnetic Resonance Imaging (MRI) is staggering, while at the same time the responsibility levels are very high and long working hours, the highest for healthcare professionals, are only partly offset by the level of remuneration. The lengthy education followed by intensive working schedule and possibilities for lawsuits dissuade young students from pursuing radiology. This phenomenon is seen worldwide, while simultaneously the demand for radiologists continues to rise. The US expects at least 14 000 new radiologists will be needed to keep up with demand for their services. This increase of 14% would only require for the number of radiologists per 100k population to remain at the current level of 6.3, which is half of what France has at their disposal. The US is only slightly higher than the United Kingdom’s 5.2, which is believed to be a critical number for the efficiency of radiology treatment. And the amount of radiology scans is already believed to be insufficient compared to what would be the optimal. This landscape makes it a perfect place for AI automation technology to be implemented.
Key inefficiencies in current state of radiology
The most precious asset radiologists have is their time. This means that in order to propose any improvement through technology, time savings must be the ultimate result. Any solution that allows for cost reduction with faster analysis time or allows for more revenue due to higher amount of scans analyzed in the same time will be beneficial., The almost endless potential for the increase in radiology scans and thus revenue increase has caught the attention of hospitals and privacy clinic chains.
How XVision tackles the challenge
XVision offers a platform that integrates directly into the current, conventional workflow of radiologists. This allows for easier adoption and does not require doctors to learn new tools. The company’s product suite CheXVision offers an analysis possible diseases based on probability, and alerts the attending physicians if there is a need for urgent treatment. Automated highlighting of the most important findings on a scan is highly useful to radiologists especially during long shifts. However the single biggest advantage of XVision lies in its ability to analyse the scan in terms of the presence of any anomaly. Since almost a third of scans prove that there were actually no diseases found, this allows radiologists to laser focus on only the most relevant scans. This requires faith and trust of radiologists, andthe key requirement for that is not to deliver a product that second guesses their opinion, but rather saves radiologists’ precious time with top quality recommendations.
bValue invests in XVision
We are always interested in real life use cases of artificial intelligence and machine learning, however XVision is our first investment in the healthcare segment. What convinced us was the well balanced founding team with high emphasis on technology coupled with market trends and the apparent slow development of the technology by global leaders. Furthermore, we deeply believe in the rapid development of AI/ML technologies around healthcare and radiology specifically, therefore investment in XVision provides a unique opportunity to support the implementation of technology in medical healthcare worldwide.
bValue was a leader in the seed round of EUR 1m in XVision; we were joined by notable healthcare industry investors including Marek Dziubiński, ResQmed, GapMinder, and RocaX.
P.S. If you are interested in the technology that XVision is building, do not hesitate and apply, as the company seeks to expand its technology team in Poland and the region.
bValue is a Polish seed and pre-seed stage VC investing in CEE based startups. We invest between $100k – $1m in companies from e-commerce, b2b saas and marketplaces with great founders and innovative products. If you are working on an innovative project, contact us directly!
XVision is a Romanian AI augmented radiology platform serving both B2B and B2G customers. Through the use of deep-learning methods the company has created models allowing for faster and secure x-ray and CT scans analysis.