The European Union will financially back the Barcelona-based startup Methinks, which has developed software that uses artificial intelligence (AI) in the detection of any type of stroke with just a simple CT scan. Through the European Innovation Council (EIC) Fund, the EU has just granted the firm led by Pau Rodríguez a participating loan and has committed to contributing up to five million euros more in equity investment in the Series A financing round that Methinks is finalizing for the second half of 2024.
As a preliminary step to this round, Methinks AI has now raised 2.5 million euros in convertible loans that have been subscribed by the EIC Fund, by other existing investors, and also by a new investor, whose identity has not been disclosed. The startup had previously received a 2.5 million euro grant from the EIC Accelerator, one of the financing vehicles included in Horizon Europe, the EU program aimed at financing innovative and disruptive projects, endowed with 95.5 billion euros.
Pau Rodríguez, CEO of Methinks AI, has expressed his "deep satisfaction and gratitude to the European Innovation Council for its continuous support and trust. Their initial backing with the EIC Accelerator grant, along with this additional investment, not only provides crucial financial support but also demonstrates the credibility of our technology. All of this also validates the potential impact it will have on healthcare systems, both from a clinical and economic point of view".
Methinks AI has been selected to participate in Web Summit, one of the most important technology events of the year ---which is held this week in Lisbon--- with the aim of presenting its disruptive technology to potential investors, possible partners, and the most influential journalists from technology media.
The Barcelona-based startup received European approval at the beginning of the year to commercialize its stroke early detection software, becoming the first company to bring its AI-based technology to the community market. Based in Pier 01, the digital health company is now preparing to make the leap to the United States with FDA approval for its commercialization ---expected by mid-2024--- and to face growth with the Series A round.
Methinks resorts to AI to see if a patient has suffered a stroke, a disease that affects approximately 17 million people worldwide. The startup's diagnostic system works regardless of whether it is a hemorrhagic stroke —an artery breaks and bleeding occurs— or an ischemic stroke —a clot prevents blood flow—, the most serious and until now only detectable with a contrast CT scan for which not all hospitals are equipped, especially the smaller ones. The software created by the emerging company has been developed by training it with thousands of simple and contrast CT images, making it learn to read when there is a clot. In addition, it allows identifying it whether it is a dense clot, the most common, or a hyperdense one.
Early detection, key to reducing the effects of stroke
"Early detection is fundamental to improve the chances of recovery, reduce permanent disability and minimize the need for rehabilitation," the company points out, adding that the developed software, Methinks Stroke Suite, "increases the efficiency of patient transfers in the stroke care network, which translates into better health outcomes and lower costs for the healthcare system."
"The objective of the EIC Fund is to support European entrepreneurs in the growth of their companies and Methinks AI is a magnificent example of how the European Union is helping innovation leaders. The ambitious commitment of the EIC Fund, together with that of other investors, constitutes an important step to boost the company's development," said Svetoslava Georgieva, Chair of the EIC Fund Board.