The European Innovation Council (EIC) Fund and Methinks AI, a leading digital health company specializing in early detection and management of acute stroke patients using artificial intelligence (AI), has announce a significant investment from the EIC Fund along with participation from existing investors and the addition of a new investor. Methinks AI has secured €2.5 million in convertible loans to prepare for its upcoming investment round.
Acute stroke is a life-threatening medical condition affecting approximately 17 million individuals worldwide each year. Timely detection plays a critical role in enhancing recovery chances, reducing permanent disabilities, and minimizing the need for extensive rehabilitation. Methinks Stroke Suite software has proven to rapidly and reliably detect Large Vessel Occlusion (LVO), improving and accelerating treatment decisions for stroke care in hospitals with and without Computed Tomography Angiography (CTA) capabilities. It increases the efficiency of patient transfers in stroke networks, resulting in better patient outcomes and lower costs for the hospital.
In January this year it received the CE Marked Certification and the company expects FDA clearance mid next year, which will pave the way for the launch of commercial operations in the United States.
Methinks AI was previously awarded a €2.5 million grant from the EIC Accelerator, a funding programme under Horizon Europe that offers support to start-ups and SMEs that have an innovative, game changing product.
This new EIC Fund investment complements the grant and will empower Methinks AI to establish a solid foundation in preparation for scaling up, setting the stage for a Series A funding round in the second half of 2024, in which the EIC Fund plans to match up to €5 million in equity investment.
Pau Rodriguez, CEO of Methinks AI, expressed his gratitude and pride, saying, “We are deeply appreciative of the European Innovation Council for their continuous support and trust in our company. Their initial backing through the EIC Accelerator grant and now this additional investment not only provides crucial financial support but also underscores the credibility of our technology. It further highlights the potential impact on healthcare systems, both clinically and economically.”
Svetoslava Georgieva, Chair of the EIC Fund Board, said: “The EIC Fund aims at backing European innovators in scaling their journey and Methinks AI is a great example of how the European Union is helping top innovators. The EIC Fund’s ambitious commitment, alongside other investors, is an important step to boost their development.”
Methinks AI has been selected to attend Web Summit, one of the year’s top technology events, to showcase its disruptive technology to potential investors, key partners and the most influential figures in technology media.