French MedTech company, AZmed has raised €15m ($16.2m) in Series A funding to develop artificial intelligence (AI) assisted medical imaging to optimise the workflow of radiologists.

The Series A financiers included Maison Worms, Techstars, and Teampact Ventures. The company plans to double its workforce and increase its investment in research and development to develop effective AI software further within the next 18 months. It also plans to expand its operations from Europe to the US, the Middle East, Africa, and Asia.

Another AI-assisted software in AZmed portfolio includes the US Food and Drug Administration (FDA) cleared and CE-marked Rayvolve platform capable of detecting fractures on standard X-rays. It demonstrated effectiveness in detecting the main abnormalities shown on X-rays and significantly reducing the report turnaround time. The algorithm has been deployed in over 1,000 healthcare facilities across 40 countries.

The use of AI in the diagnostic imaging market is set to rapidly grow and is forecasted to exceed $1.2bn by 2027, up from $336m in 2022 as per GlobalData analysis. GlobalData also expects the global revenue for AI platforms across healthcare to reach an estimated $18.8bn by 2027.

The use of AI in medical imaging and diagnostics received significant investment in 2023, with multiple companies raising capital to advance the use of AI in imaging. In October 2023, US-based Clarix Imaging raised $10m for its US FDA-cleared point-of-care 3D imaging platform. Clarix Imaging’s device enables real-time assessment of specimens in the operating room for lumpectomy procedures.

In November 2023, NVIDIA partnered with India-based L&T Technology Services Limited (LTTS) to develop software-defined architectures for endoscopy-oriented medical devices. As part of the agreement, NVIDIA will supply its Holoscan software and NVIDIA IGX Orin hardware, a popular AI technology used in the medical imaging sector.

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In October 2023, Philips and Quibim partnered to develop AI-based imaging and reporting solutions for MR prostate examinations. The collaboration leveraged Philips’ high-speed MR imaging and Quibim’s QP-Prostate software to streamline diagnosis.