(MENAFN- PR Newswire) RIYADH, Saudi Arabia, Oct. 28, 2021 /PRNewswire/ -- The Future Investment Initiative (FII) Institute has announced a 1 million EUR investment in AZmed, developers of Artificial Intelligence-enabled diagnostic applications which can help address the shortage of radiologists around the world.
The investment, which is part of AZmed's latest 3.5 million EUR round, builds on the Institute's commitment to catalyze globally relevant, real-world solutions in five focus areas: Artificial Intelligence and Robotics, Education, Healthcare and Sustainability. AZmed is a medical technology company that develops AI-enabled diagnostic applications for medical images.
AZmed CEO Julien Vidal said the company is addressing the recognised global shortage of radiologists. "Our goal is to be the trusted tech partner for every doctor analysing a medical image anywhere in the world," he said. "We are excited to work with the FII Institute which will bring strategic value to AZmed through connections with healthcare and AI specialists in its network, as well as go-to-market partners in the United States and MENA region."
The AZmed investment announcement comes during the 5th Anniversary of FII, the Institute's marquee platform taking place this week in Riyadh. The platform is centered around the theme "Invest in Humanity" and discussions that can create the greatest benefits for humanity especially in the post-COVID era.
FII Institute CEO Richard Attias welcomed the investment and said that AZmed fits the Institute's mission to make an impact on healthcare, AI and education. "We are very excited to support a company that is focused on life-saving technologies. Improving products and services for radiologists is an important issue for this specialty and we need to relieve the pressure on healthcare systems around the world that are already stretched by limited resources."
The company's first product, Rayvolve, is a market leading, AI-powered Fracture and chest abnormalities detection tool that was the first in its field to receive CE-certification, ensuring the product is compliant with all applicable European health, safety, performance and environmental requirements.
This marks the fourth FII Institute investment announced with Interstellar Lab, a space technology company designing closed-loop biodomes for sustaining life on Earth, the moon, and Mars; Lilium, an electric-powered aircraft reducing the carbon impact of regional travel; and Red Sea Farms agtech making it possible to grow food using sun and saltwater in challenging desert climates.
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About FII Institute
FII Institute is a global nonprofit foundation with an investment arm and one agenda: Impact on Humanity. Committed to ESG principles, we foster the brightest minds and transform ideas into real-world solutions in five focus areas: AI and Robotics, Education, Healthcare and Sustainability.
We are in the right place at the right time – when decision makers, investors and an engaged generation of youth come together in aspiration, energized and ready for change. We harness that energy into three pillars – THINK, XCHANGE, ACT – and invest in the innovations that make a difference globally.
Join us to own, co-create and actualize a brighter, more sustainable future for humanity.
AZmed facilitates X-ray diagnostics thanks to artificial intelligence. It helps doctors save time and dedicate resources to life-threatening exams. AZmed has been the first French company to commercialize an AI-powered radiology software.
Deep learning technologies as developed by AZmed are fully integrated into doctors' workflow, making it easy to use, without requiring any change in their work habits.
AZmed solutions are already used in more than 250 centers. More than 2500 doctors are using their solutions on a daily basis, in 12 different countries.
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