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Romanian medtech startup XVision raises 1 mln euro for expansion in W. Europe, U.S.

Romanian medtech startup XVision raises 1 mln euro for expansion in W. Europe, U.S. Stefan Iarca, XVision co-founder Source: XVision

BUCHAREST (Romania), January 13 (SeeNews) - Romanian medtech startup XVision said on Thursday it has raised 1 million euro ($1.14 million) from investors and plans to expand in Western Europe and the Unites States.

The amount will be directed towards growing the current business, software development, AI and imaging team of ​​specialists and towards expanding into Western Europe, XVision said in a press release. XVision aims to expand into the United States in 2023, it added.

"This round is extremely important from a strategic point of view. XVision is at a point where the product has proven its practicality, so it's time to start expanding beyond Central and Eastern Europe, an area we are familiar with. Thus, we will use the funds both to accelerate our access to Western European markets, as well as to develop existing and new products," XVision CEO Stefan Iarca said.

The financing round was led by bValue and was supported by GapMinder, RocaX, Cleverage, Growceanu from Romania, Cristian Pop as an angel investor and by Polish investors ResQMed and Marek Dziubinski.

This is the second round of financing obtained by XVision. The company has attracted a total of 1.5 million euro so far.

Founded in 2018 in Timisoara, XVision uses artificial intelligence algorithms to analyze medical images, to assist radiologists in the diagnostic process. Its AI software, which is implemented in Romanian chain of private clinics Regina Maria and used internationally in over 60 clinics and hospitals, analyses over 26,000 chest X-rays and 10,000 lung CTs per month. The company's platform is operational in over 60 private hospitals in Romania, Hungary, Slovakia, and Poland.

($=0.880 euro)

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