FathomX, a Singapore-based digital health AI company, announced that it raised a pre-Series A fund of S$2.24 million (about $1.6 million) in the lead up to its Series A financing.
The company, which is a spin-off from the National University of Singapore and National University Health System, seeks to harness the full potential of its digital AI solution to read medical images, including mammograms. It develops knowledge, capabilities and value through collaborations with research and healthcare institutions, deployment and teleradiology partners as well as picture archiving and communication systems (PACS).
The funding will also further accelerate the pace of product development, regulatory approvals and broaden the platform for research and commercial collaborations. It will also facilitate the ongoing multi-center validation study across eight regions in the Asia Pacific, the company said.
FathomX raised S$500,000 in a seed round in April 2021. Additionally, the I2Start Funding Program, a tripartite initiative to support company formation around health and biomedical science innovations, was awarded to allow the building of digital breast imaging AI for diagnosing cancer.
Initial funding partners include the Singapore-MIT Alliance for Research and Technology Centre (SMART), the National Health Innovation Centre (NHIC), Enterprise Singapore (EnterpriseSG) and the National University of Singapore (NUS). FathomX also partnered A*STAR’s Diagnostics Development Hub (DxD Hub) and Hewlett Packard Enterprise to productise the Software as a Medical Device (SaMD), FxMammo.
FathomX aims to increase the accuracy of mammograms in breast cancer detection using AI-integrated devices for detection, prevention, and diagnostics. FxMammo has several important clinically validated features, specifically a reduction in false positives and interval cancers.
Moreover, it also has a strong efficacy in detecting cancer in dense breasts among Asian women with a higher accuracy as compared to other technologies in the market.
“We are proud and excited to be able to provide a solution for fast reliable diagnosis of breast cancer, the most common cancer in women. The faith of our investors by providing funding will help us deliver our vision of creating solutions for women’s health”, said Professor Mikael Hartman and Professor Mengling Feng, founders of FathomX.