VoxelCloud Files for IPO, Showcasing Its Proprietary AI Technology and Elite Scientific Team

In China’s medical AI sector, VoxelCloud is one of the few companies that have adhered to an original technology roadmap. Its distinct technological DNA and competitive advantages enabled it to successfully secure $50 million in Series B financing (September 2018), even during a capital winter.

Voxel Tech’s supercharged technological DNA seemed destined from its very inception. Indeed, there are quite a few noteworthy stories behind it.

In 2012, Ding Xiaowei, a young Chinese man who had just graduated with a bachelor’s degree from the Pilot Class of the School of Electronic Information and Electrical Engineering at Shanghai Jiao Tong University, went to the University of California, Los Angeles (UCLA) in the United States for graduate studies. There, he pursued a Ph.D. in Computer Science with a minor in Applied Mathematics. Despite his round and gentle appearance, Ding possessed exceptional learning and research capabilities.

“It usually takes others more than five years to earn a Ph.D., but Xiaowei completed his in just two and a half years. He broke the record for the shortest time to complete a Ph.D. in computer science since UCLA’s founding.” Speaking to VCBeat in Beijing, Professor Demetri Terzopoulos, Xiaowei’s doctoral advisor and Chief Scientist at VoxelCloud, was visibly proud of his former student.

During his doctoral studies, Ding Xiaowei also engaged in collaborative research at Cedars-Sinai Medical Center in Los Angeles. Ranked first nationwide in cardiac imaging and cardiac surgery, the medical center has a long-standing history and extensive expertise in cardiovascular research and artificial intelligence technologies.

Driven by clinical needs and data, Ding Xiaowei has been comprehensively involved in the research and development of multiple fully automated AI image interpretation systems, such as coronary CT image analysis and cardiac nuclear imaging analysis products, making unique technical contributions.

VoxelCEODing Xiaowei (right) and the Chief ScientistDemetri

Unlike most research outcomes, these systems gained recognition within the clinical community after extensive user education, received FDA approval, and generated certain economic benefits. Through this process, Ding Xiaowei also completed his initial transition from academic research to industrial application.

After graduation, Ding Xiaowei came up with the bold idea of founding his own company—what a huge market it would be if technologies like deep learning were applied to medical image analysis, bringing revolutionary efficiency improvements to doctors’ work!

In late 2015, Ding Xiaowei shared his entrepreneurial idea with his mentor, Demetri, seeking advice. In the end, he half-jokingly asked, “Would you be willing to join?”

“I just said it off the cuff, with no expectations whatsoever,” Ding Xiaowei told VCBeat with a smile.

Unexpectedly, after some deliberation, Demetri actually agreed in earnest. Ding Xiaowei was overjoyed by this outcome. The primary reason for his excitement was not so much Professor Demetri’s impressive roster of prestigious titles and fellowships (Distinguished Professor at UCLA; Director of the Computer Vision and Graphics Laboratory; Fellow of the Royal Society, the Canadian Academy of Sciences, the Guggenheim Foundation, the Association for Computing Machinery (ACM), and the Institute of Electrical and Electronics Engineers (IEEE)).

More importantly, decades ago, Demetri leveraged applied geometry and mathematical models to develop the foundational technologies for image and object segmentation in computers. The paper introducing this technology has been widely cited across academia, including within the medical community, with over 20,000 citations to date—a remarkably high rate that is rare in the tech world. This achievement firmly established Professor Demetri as a preeminent authority in the field.

What is even more admirable is that this technology has not stagnated; instead, it continues to integrate and align with the latest advancements. For instance, it has currently been coupled with deep learning, making it the most cutting-edge algorithm in the field of medical image analysis.

Professor Demetri told VCBeat that he agreed to co-found the startup not only because he recognized Xiaowei’s exceptional intelligence, but also because of Xiaowei’s proactive attitude, deep commitment, and relentless effort in pursuing success. “That’s why I said yes.”

In 2015, Voxel Technology was founded in Los Angeles, USA, and Shanghai, China. The appointment of Professor Demetri as Chief Scientist at Voxel Technology was of significant importance. Leveraging its strong technical foundation, Voxel successfully secured $5.5 million in angel investment in 2016 and has since completed three additional funding rounds, raising a total of nearly $100 million.

Got it.DemetriThe professor’s appeal has drawn top-tier talent from across the industry; the core members of Voxel Technology come fromUCLA, Cedars-Sinai Medical Center, Mayo Clinic, Carnegie Mellon University, Arizona State University, Northwestern University, as well as GE, Philips, Siemens, and SAP, are all home to highly active scientists and medical experts in the fields of medical image analysis, computer vision, machine learning, and medical-grade solutions.

For the company’s scientists, CEO Ding Xiaowei has always strived to create the optimal research environment and experience. Over the three years since their relationship evolved from a mentor-student dynamic to a collaborative partnership, Professor Demetri and Ding Xiaowei have rarely had any disagreements. “Thanks to Xiaowei, he is an outstanding CEO and entrepreneur who makes even the most challenging tasks seem easy for me.”

In November 2018, another heavyweight scientist, Professor Eric Topol, joined Voxel as Chief Medical Advisor. Professor Topol founded the Cleveland Clinic Lerner College of Medicine and served as Chair of Cardiovascular Medicine at the Cleveland Clinic. He is also the founder of the Scripps Research Translational Institute. Widely recognized as a prominent American cardiologist and geneticist, he is a key opinion leader in personalized medicine and digital health in the United States.

Eric Topol will lead VoxelCloud in launching AI products that are best suited for physicians’ use and most needed by the healthcare market. In his forthcoming book, Deep Medicine, he reveals how AI can humanize healthcare, and he has published articles in the prestigious journal Science evaluating AI products approved by the U.S. FDA.

Zhao Xinghua, Managing Partner and Chief Investment Officer of Hongtai Capital, commented on Voxell Technology: “Voxell boasts the world’s leading team of AI and medical imaging scientists... Since its inception, Voxell Technology has been dedicated to the original development of its products.”

We believe this assessment also reflects the investment community’s widespread emphasis on and recognition of Voxel Super’s technological DNA.