Nines Secures $16.5M Series A Funding to Advance Tele-Radiology and AI Imaging Diagnostic Technology

VCBeat (WeChat ID: vcbeat) learned from foreign media reports that on November 25, 2019, local time, Nines unveiled its software platform for remote radiation therapy and AI-based imaging diagnosis, and announced the completion of a $16.5 million Series A financing round. The round was led by Accel and 8VC.

Nines is a startup whose business primarily focuses on two areas: first, providing remote radiology services to patients. Nines has established a partnership with Mount Sinai Health System in the United States. Second, conducting artificial intelligence research to enable machines to analyze imaging data. Nines’ AI research tool, known as the Emergent Neuro Suite, helps radiologists prioritize and schedule timely treatment for patients who need it most. Reportedly, the Emergent Neuro Suite is not yet being used in remote radiology practice.

The current round of financing is preliminarily planned to be used for research on remote radiotherapy and AI-based imaging diagnosis technologies, although specific plans have not yet been finalized. Nines is currently engaged in regulatory discussions with the FDA regarding the software products of its Emergent Neuro Suite.

Dr. Alexander Kagen, Co-founder and Chief Marketing Officer of Nines and Chair at Mount Sinai, stated in a press release: “We combine technology and clinical expertise to help radiologists scientifically schedule patient treatment times, while also gaining greater clarity in their own workflow planning. Nines is designed to save time for both physicians and patients, improve physician efficiency, and prioritize cases based on the urgency and severity of patients’ conditions.”

In recent years, the number of companies researching remote radiotherapy services has been gradually increasing. A report released last year by Transparency Market Research pointed out that the compound annual growth rate (CAGR) for remote radiotherapy services will reach 19% by 2026. In terms of software, the FDA has already approved applications for imaging data analysis software products developed by companies such as Aidoc and Zebra Medical Vision.

David Stavens, Co-founder and CEO of Nines, stated in a press release: “We are driven by the belief that radiology can be scientifically reshaped through big data to improve the lives of patients and physicians. We are striving to pioneer new approaches at the intersection of clinical care, engineering, and data science.”

Accel, founded in 1983 and headquartered in California, USA, aims to support outstanding entrepreneurs worldwide. Companies invested in by Accel include Atlassian, Braintree, Cloudera, DJI, Dropbox, Dropcam, Etsy, Facebook, Flipkart, Lookout Security, MoPub, Qualtrics, Slack, Spotify, Supercell, Vox Media, and others.

8VC, founded in 2015 and headquartered in San Francisco, California, is dedicated to helping industries upgrade their technology and infrastructure. Its core business areas include artificial intelligence, biotechnology, financial services, and logistics and transportation.

(Compiled by Zhao Siyun)