- Subtle Medical Inc. raised nearly $10 million in a Series B+ funding round.
- The latest round brings total Series B funding to over $30 million and overall financing to over $50 million.
- Funding will support US and global sales initiatives and accelerate new AI product launches.
- Subtle Medical serves over 600 sites and 2.5 million patients annually with a 2x year-over-year growth rate.
- The company, founded in 2017, specializes in AI solutions for medical imaging, including MRI, PET, CT, SPECT, and angiography.
- It holds over 30 global patents and has achieved seven FDA clearances, with additional CE Mark (MDR) approvals.
- Recent product innovations include SubtleREFORMAT™ and SubtleSYNTH™.
- The company partners with major imaging equipment manufacturers and pharmaceutical companies.
- Expansion plans include entering the Korean and Japanese markets in 2024.
Main AI News:
Subtle Medical Inc., a prominent leader in AI-driven medical image acquisition, has successfully closed a Series B+ funding round, raising nearly $10 million. This investment includes contributions from existing investors like Fusion Fund, alongside notable new backers such as EnvisionX Capital, BRV Capital, Ignite Innovation, and Samsung Ventures. With this round, Subtle Medical’s total Series B funding surpasses $30 million, pushing their overall financing to over $50 million. The new capital will be directed towards boosting sales efforts both in the US and globally, and accelerating the introduction of new AI-driven products.
As a pioneer in its field, Subtle Medical leads the market with substantial revenue, far exceeding its closest competitors. The company serves over 600 sites and 2.5 million patients annually worldwide, maintaining an impressive 2x year-over-year growth rate, which is expected to persist through 2024.
Founded in 2017 by Dr. Enhao Gong and Dr. Greg Zaharchuk, Subtle Medical is headquartered in Silicon Valley and operates with a global team. Dr. Gong, a serial entrepreneur with a PhD in Electrical Engineering from Stanford, and Dr. Zaharchuk, a radiologist and professor at Stanford, have developed advanced AI models that enhance medical imaging efficiency. The company’s technology, which includes MRI, PET, CT, SPECT, and angiography, aims to improve image quality while potentially reducing radiation and contrast agent dosages.
Subtle Medical benefits from exclusive rights to technology developed at Stanford in 2016. The company holds over 30 global patents and has more than 20 peer-reviewed publications validating its products. It has achieved seven FDA clearances and holds CE Mark (MDR) approvals along with other regional certifications. The company’s innovations have garnered multiple accolades, including the NVIDIA Inception AI award and recognition as a Top AI 100 and Top GenAI 50 Company by CB Insights.
Subtle Medical commercializes its AI technologies through various business models, including SaaS and software systems for hospitals and imaging centers across the US, Europe, and Latin America. Recently, it has expanded its presence in the APAC region, with plans to enter South Korea and Japan in 2024. The company collaborates with leading medical imaging equipment manufacturers like Siemens Healthineers and pharmaceutical giants such as Bayer and Bracco to enhance imaging workflows and applications.
The company’s flagship products, SubtleMR™ and SubtlePET™, were pioneers in their categories, receiving FDA approval in 2018 and 2019 respectively. This year, Subtle Medical has announced new FDA clearances for SubtleREFORMAT™, an AI solution for MRI data harmonization, and SubtleSYNTH™, a groundbreaking software for synthetic image generation, which promises further advancements in quality and efficiency.
Sean Seoho Lee, Executive Director at Ignite Innovation, highlighted Subtle Medical’s market position, noting its focus on image acquisition rather than the saturated diagnostics market. “The company has established itself as a category leader by addressing multiple imaging modalities and partnering with pharmaceutical companies,” said Lee.
Fusion Fund’s Founder and Managing Partner, Lu Zhang, praised the company for its strategic partnerships with major scanner manufacturers and radiology pharmaceutical firms, reinforcing its leading market position.
Samsung Ventures also commended Subtle Medical’s proven AI-powered SaaS products, which enhance hospital efficiency and patient care. “The company’s solutions deliver significant ROI by improving scanner throughput and reducing patient radiation and contrast dosage by up to 90%,” noted a Samsung Ventures representative.
Dr. Enhao Gong, CEO of Subtle Medical, emphasized the impact of the new funding. “This investment, combined with our expanded product line, positions us to continue leading in AI-powered imaging acquisition and workflow solutions, marking a new era in medical imaging technology.”
Conclusion:
Subtle Medical’s recent $10 million Series B+ funding underscores its leading position in the AI-driven medical imaging sector. This investment will enhance the company’s capabilities to accelerate product development and expand its market presence. By focusing on the image acquisition stage rather than downstream diagnostics, Subtle Medical differentiates itself with a broader market reach and stronger partnerships with key industry players. This strategic positioning and continued innovation are expected to drive significant growth, allowing Subtle Medical to capture a substantial share of the $35 billion AI-powered radiology market.
