There are over 50 start-up companies developing artificial intelligence solutions for medical imaging. Combined, these companies have raised over $100 million in funding. This short report from Signify Research shows the trends in capital funding for these companies and highlights how funding breaks down by company, by region and by clinical application.

1. Funding Analysis of Companies Developing
Machine Learning Solutions for Medical Imaging
Published March 10th, 2017
Simon Harris, Managing Director & Principal Analyst
Signify Research
simon.harris@signifyresearch.net

2. Key Takeaways
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Total investment was $56.2 million in 2016, up from $45 million in 2015 and
$14.3 million in 2014.
“Beyond detection applications in breast
imaging, the use of machine learning in medical
imaging has, to date, been limited. That is
poised to change dramatically in the coming
years, with the introduction of advanced
machine learning technology; most notably
deep learning techniques, such as convolutional
neural networks.”Around half of the companies are developing applications for multiple body areas.
The others are focused on specific body areas, e.g. breast, cardiovascular, etc.
Over one-third of the companies are based in the US. In 2016, the first Chinese
companies entered the market.
There are over 50 start-ups developing machine learning solutions for medical
imaging. 25 of these entered the market within the last two years.
Deal sizes tend to be relatively small, typically in the range of $2 million to $5
million. Only 2 deals of $10 million and above - Enlitic and Zebra Medical Vision. Simon Harris
Principal Analyst
Signify Research
2

3. Summary of Funding for Medical Imaging AI Companies (2014 to Q1 2017)
Total Funding
$114.3m
Number of Deals
Largest Deal Funding by Application
44
Breast
Cardiovascular
General Imaging
Lung
Neurological
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Average Deal Size
Funding by Region
$2.6m
$12m
EMEA
Asia
Americas

4. 0
2
4
6
8
10
12
14
2010 2011 2012 2013 2014 2015 2016
NumberofCompanies
Number of Medical Imaging AI Companies Founded (2010 to 2016)
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5. 0
2
4
6
8
10
12
14
Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17
Funding($m)
Funding of Medical Imaging AI Companies, by Quarter (2014 to Q1 2017)
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6. Top 15 Most Funded Medical Imaging AI Companies (total funding)
0 2 4 6 8 10 12 14 16 18 20
DiaCardio
Vuno
CureMetrix
Blackford Analysis
RADLogics
VIDA Diagnostics
Qview Medical
imagen
image analysi
Lunit
healthmyne
enlitic
arterys
volpara
zebra
Total Amount Raised ($m)
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7. Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17
Funding Timeline (2014 to Q1 2017)
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$8M $12M
$7M
$10M
$5M
$2M
$4.5M
$2M
$6.9M
$3.4M
$5.2M
$5M
$2M
$3M
$4.8M

8. Medical Imaging AI Companies, by Application
General Imaging Cardiovascular Imaging
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Breast Imaging
Lung Imaging
Neurological Imaging

9. HealthTech Market Insights
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About Signify Research
At Signify Research we are passionately curious about Healthcare Technology and we strive to deliver the most
robust market data and insights, to help our customers make the right strategic decisions. We blend primary data
collected from in-depth interviews with technology vendors and healthcare professionals, to provide a balanced and
complete view of the market trends.
Whether our research is delivered as an off-the-shelf report or as a consultancy project, our customers benefit from
direct access to our Analyst team for an expert opinion when they need it. We encourage our clients to think of us
as an extension to their in-house market intelligence team.
Our major coverage areas are Healthcare IT, Medical Imaging and Digital Health. In each of our coverage areas, we
offer a full suite of products including Market Reports, Customer Insights and Vendor Selection Tools, as well as
custom research and consultancy services. Our clients include technology vendors, healthcare providers and
payers, management consultants and investors.
Find us on the web at www.signifyresearch.net.
Simon Harris
Managing Director & Principal Analyst
Simon has 23 years of experience in technology
market intelligence, having served as Executive Vice
President at IMS Research, a leading source of
research and analysis for the global technology
industry. Whilst at IMS Research, Simon established
the InMedica brand of medical market research. IMS
Research was acquired by IHS Inc. in 2012 and
Simon stayed on for four years as Senior Research
Director for the company’s Technology market
intelligence division. Simon left IHS in March 2016
to launch Signify Research.
Out of work, Simon has a passion for indie music,
fast cars, and of course – his wife and three
children.
simon.harris@signifyresearch.net
+44 1234 436 150
Machine Learning in Medical Imaging - World Market Report– 2017 Edition
This research report quantifies the market for machine learning in
medical imaging and forecasts how the market will develop over the next
five years, in four major use cases: computer-aided detection,
quantitative image analysis tools, decision support tools and computer-
aided diagnosis. The main report is accompanied by a Powerpoint style
executive summary and an Excel file with static and fully customisable
(pivot format) tables. Customers also benefit from direct access to the
lead Analyst for unparalleled customer support and expert opinions on
the market. Click for details: Report Brochure