Health

Singaporean startup FathomX raises nearly $2 million to accelerate development of breast cancer artificial intelligence



Singapore-based AI startup FathomX has raised S$2.24 million (US$1.6 million) from an undisclosed investor in the early stages of its Series A funding round.

This follows its seed funding round last April, where it raised S$500,000 (over $350,000).

WHAT IT DOES

A by-product of the National University of Singapore and the National University Health System, FathomX offers an AI-powered mammography aid called FxMammo.

The screening solution has been shown to be highly accurate in detecting cancer in dense breast areas in Asian women. It can also reduce false positives for interval cancers or cancers diagnosed between routine screenings. Additionally, it enhances clinical workflow by reducing screening time and workforce.

The startup is working closely with Singapore’s Science, Technology and Research Authority’s Diagnostic Development Center and Hewlett Packard Enterprise to develop FxMammo into software as a medical device.

FOR WHAT

The new funding will help accelerate product development and achieve regulatory approvals. Furthermore, the grant will support ongoing multi-site validation research for FxMammo across eight markets in Asia-Pacific, as well as facilitate more research and commercial collaboration.

SNAPSHOT . MARKET

Korean startup Lunit is currently leading the AI ​​diagnostic space in APAC. It also offers an AI mammography aid, Lunit INSIGHT MMG, which analyzes mammogram images with 96% accuracy. It recently revealed a digital breast synthesis tool that speeds up the reading process by selecting a 3D slice image with suspicious lesions from among multiple images.

Another startup, Whiterabbit, also recently introduced its own AI breast cancer screening solution called WRDensity, which is FDA 510(k) certified in 2020. It uses AI to provide data on breast density, which is a risk factor for breast cancer. New Zealand-based Volpara Health is another company that has received similar US FDA approval for its breast cancer detection platform, Volpara imaging software.



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