Last month Berlin-based Deepspin were awarded the €50,000 Headstart grant. Now they raise €600,000 in seed funding.
Headstart winner 2020 Deepspin has successfully raised a seed round of €600,000 from APEX Digital Health, with participation from existing investors Entrepreneur First (EF) and SOSV, along with a number of unnamed angel investors. DeepSpin will use the funds to grow the team and further develop their technology.
Founded earlier this year, DeepSpin is developing a next-gen, AI-powered MRI imaging machine at a fraction of the cost, size and weight of standard systems., based on a new antenna technology combined with AI-controlled operation, which the startup is currently patenting.
The MRI procedure is currently not easily accessible because it is incredibly expensive, requires specialised operators and needs specifically shielded rooms, but the startup hopes to eliminate these hurdles and make MRI universally accessible for any patient, anywhere in the world.
In a Techcrunch article, the two co-founders — Clemens Tepel, a former McKinsey consultant, and Pedro Freire Silva, a PhD researcher from KIT describe the face pace of development of their idea. “Within four weeks we were able to prove it in simulation, get industry-leading advisors on board and get first LOIs [letter of intent] from interested clinicians.”
Having proven DeepSpin’s methods in simulation, the next step and the team’s current focus is to develop a first fully AI-driven prototype. “Based on that, we will develop an initial product version, aimed at pre-clinical applications, before going into medical certification, which then will allow us to sell our product for clinical use across a range of medical domains and to new geographies that can’t afford conventional systems,” says Tepel.