The Barcelona-based startup Methinks has just received European approval to commercialize its software that uses artificial intelligence (AI) in the detection of any type of stroke with just a simple CT scan, becoming the first company to bring its 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 and to face growth with a Series A round.
Methinks uses 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 cerebral hemorrhage ---an artery breaks and bleeding occurs--- or a cerebral infarction ---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 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 hyperdense.
Once it has been analyzed whether there is a clot, the program sends a notification to medical professionals so that they can refer patients to reference hospitals that are equipped with the necessary tools to extract it. The simple CT scan allows gaining time in diagnosis, essential to limit the sequelae caused by this disease, as well as a faster transfer to centers that have the equipment prepared to stop the blow. "With our technology, any hospital in the world will be able to transfer patients to larger centers for treatment if there is suspicion of stroke," explains Pau Rodriguez, CEO of Methinks, "we democratize the process, but we do so without replacing the radiologist, as we complement them by alerting them."
Up to now, Methinks' technology has been tested in different Catalan hospitals to verify its viability, confirming its operation in almost 4,000 cases. Although with European approval, centers will be able to use it more generally, the priority now is to consolidate clinical evidence while waiting to receive the green light to also commercialize it in the United States. The company plans to seek FDA approval by summer and raise funding to execute its expansion at the beginning of next year, with the goal of starting to generate revenue and grow with between 10 and 20 employees. Currently, the workforce stands at 12 employees.
The company has already raised 7.5 million euros, backed by both national and international business angels and 300 small investors who participated in a round in Capital Cell. It has also received an EIC Accelerator grant, endowed with 2.5 million euros and up to 15 million euros in co-investment in the next Series A round.
Methinks is part of Nina Capital's portfolio. In fact, Rodríguez collaborated with the Barcelona-based investment fund when he met its founder, Cristian Marti, an entrepreneur who years ago had created Coordina, a company specialized in fleet management that was bought by Tomtom. Six years ago, Marti wanted to enter the AI sector applied to health, and thus Methinks was born. When Marti and Rodríguez met, they divided tasks, with the former focused on the more scientific side and the latter on the business side.
The company is focused on strokes, not only with the software that has just been validated and is innovative for embolisms, but also with another program that allows detecting them following the traditional method ---CT scan with contrast---. In addition, it applies AI to diagnose cerebral hemorrhages. All three are already validated by the European Commission. In the future, it plans to focus on other serious diseases.