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AI startup FathomX from Singapore has raised SG$2.24 million ($1.6 million) from an undisclosed investor in the lead-up to its Series A funding round.
This follows its seed funding round in April last year where it raised SG$500,000 (over $350,000).
WHAT IT DOES
A spin-off from the National University of Singapore and the National University Health System, FathomX offers an AI-powered mammography support tool called FxMammo.
The screening solution has been found to be highly accurate in detecting cancer in dense breasts among Asian women. It is also able to reduce false positives for interval cancers, or cancers that are diagnosed in between routine screening episodes. Additionally, it enhances clinical workflow by reducing screening time and workforce.
The startup is closely working with the Diagnostics Development Hub of Singapore’s Agency for Science, Technology and Research and Hewlett Packard Enterprise to develop FxMammo into software as a medical device.
WHAT IT’S FOR
Its fresh funding will help accelerate the pace of its product development and its acquisition of regulatory approvals. Moreover, the funding will support its ongoing multi-site validation study for FxMammo across eight markets in Asia-Pacific, as well as facilitate more research and commercial collaborations.
MARKET SNAPSHOT
South Korean startup Lunit is currently leading the AI diagnostic space in APAC. It also offers an AI mammography support tool, Lunit INSIGHT MMG, which analyses mammograms with 96% accuracy. It recently unveiled a new digital breast tomosynthesis tool which accelerates the reading process by choosing a 3D slice image with suspicious lesions among multiple images.
Another startup, Whiterabbit, has also recently introduced its own AI breast cancer screening solution called WRDensity, which was given an FDA 510(k) clearance in 2020. It uses AI to deliver data on breast density, which is a risk factor for breast cancer. New Zealand-based Volpara Health is another company that has received the same US FDA approval for its breast cancer detecting platform, Volpara Imaging Software.
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