NTI venture Fund invests in a platform for medical diagnostics on the basis of AI “Tsels”
The NTI venture Fund will invest RUB 180 million in the Tsels project (Medical screening systems LLC), one of the leaders of the Russian market for the analysis of medical images using artificial intelligence technologies.
Tsels is developing a platform to support medical decision-making in the field of radiology and Oncology. The system recognizes the presence of benign or malignant changes in medical images, indicates their location, and then interprets the results according to international standards. The service helps radiation diagnostics specialists to significantly increase the accuracy and speed of diagnosis, to minimize the risks of missing pathology. The project team has already created finished products for mammography and fluorography, the final stage of development is solutions in the field of morphology and computed tomography, including COVID-19 diagnostics.
Compared to other AI solutions in the field of healthcare, the Tsels platform is versatile and can provide seamless integration with any archives of medical images. Its implementation does not require expensive equipment and long-term training of employees. The technology also achieves high accuracy in reading, detecting and interpreting medical images. The accuracy of interpretation of the results of the analysis of mammography studies is more than 95%, and fluorography studies-93%.
The effectiveness of the platform was confirmed during the trial operation within the framework of pilot and commercial projects in 13 regions of Russia. The Tsels solution also became one of the leaders in the number of processed images of a large-scale experiment of the Moscow Department of health on the use of computer vision for the analysis of medical images. The system analyzed more than 50 thousand images of mammography and 290 thousand images of fluorography in Moscow polyclinics.
The investments of the round will be aimed at developing sales and improving the platform by increasing the types of analyzed images and data, increasing the accuracy of conclusions and adding new ways of research. The company also plans to obtain certification in Russia and abroad with a focus on the markets of Southeast Asia, the Middle East, Africa and Europe.
Yevgeniy Borisov, partner of Kama Flow, the managing company of the NTI venture Fund
The transaction is a landmark for the Fund. The global market for healthcare solutions, including those affected by the pandemic, has entered a phase of accelerated digital transformation, which has led to the need to find and support promising technology companies developing digital products for medicine. The growth in the volume of medical data, demand for it, as well as changes in industry regulation in the field of implementation of artificial intelligence open a window of opportunity for such projects, and we, as an investor, certainly feel the impact of these market trends. Therefore, we can say that this transaction is not spontaneous, and marked the beginning of the implementation of the Fund's strategy in the field of digital health. We are convinced that the technological advantage of Tsels, its focus on foreign expansion will allow to build a competitive international business in the future.
Igor Chernin, co-founder of Tsels
For our team, Tsels is not just a kind of “venture history” that was created to attract investments. We initially approached the project as a business. Therefore, among the proposals that we received, we leaned towards a partnership with Kama Flow. It is to the partnership. Just getting investment money is not as valuable as investing with a good partner. We believe that with the attraction of these investments, we will be able to develop more intensively not only technologically and conduct new developments. This will also allow us to gain a foothold in the Russian market and start active operations abroad.
Alexey Basov, Deputy General Director-investment Director RVC
We see a high potential for growth in the company's value due to the expansion of the product line, increasing the pool of Russian customers and entering foreign markets. Technological expertise and experience of pilot projects confirm the high efficiency of Tsels solutions. Given the rapid growth of the market for computer vision in medicine, the product can be successfully integrated into the health system to support medical decision-making and improve the accuracy of diagnosis of socially significant diseases.
Oleg Teplov, General Director of VEB Ventures
The global market of information systems in healthcare is expected to exceed $130 billion this year, and solutions such as the Tsels project will be increasingly implemented in medical institutions. VEB Ventures joined the NTI venture Fund six months ago with commitments of 1.5 billion rubles, which will be aimed at stimulating and accelerating the digitalization of promising market segments.
Sergey Morozov, doctor of medical science, chief external specialist in radiation and instrumental diagnostics of Moscow, Director of the Scientific and practical clinical center for diagnostics and telemedicine technologies of DZM
An experiment of the city of Moscow on the use of artificial intelligence systems for the analysis of studies in radiation diagnostics has shown that their use is useful, helps to reduce the routine burden on specialists and reduce the probability of medical errors. Three Russian AI services have already received registration certificates as medical software. It is quite expected that the analysis of diagnostic studies using artificial intelligence technologies, together with speech recognition, in 2021 will no longer be a scientific task, but a common clinical practice. The future is fast and inevitable.
The venture Fund of the National technology initiative was launched by RVC in 2018 with the participation of the Infrastructure Fund RVC . The NTI venture Fund is managed by the private investment company Kama Flow and invests in Russian deep tech projects at an early stage. Among the priority areas are artificial intelligence, big data analysis and storage technologies, microelectronics, new materials and advanced manufacturing technologies. The volume of the Fund is 3.5 billion rubles.