Sweden-based, AI Medical Technology develops “Dermalyser”, an AI-based software which can transform smartphones (with a standard dermatoscope – think of it as a magnifying glass – mounted in front of the camera) into a powerful diagnostic tool for melanoma. The startup recently concluded an observational study (following ISO 14155 standard) – with its tech outperforming histopathology (i.e. biopsy) & specialists’ diagnosis (the gold standard) – across 240 patients from 37 different care centers in Sweden. Specifically, results showed 95% sensitivity (probability to indicate a positive result when a patient is truly positive) to melanoma, with 86% specificity (probability to indicate a negative result when a patient is truly negative) (note: the trick here is to continue increasing sensitivity without decreasing specificity). AI Medical Technology wants to launch across Europe in Q4 2023, if the company’s predicted timeline of the CE marking for its Dermalyser is adhered to. It’s interesting to note, that AI-models can’t be updated post trial, i.e. as a new trial would have to begin. So, although the company has since (filing for CE marking) already “produced (with it’s “market-leading” image library) much better AIs”, it will use the current (already impressive) iteration to go-to-market fast(er). Post which, the startup already set its sights on FDA approval, with the US accounting for 2/5 of the $7.2b global skin cancer market (set to CAGR 7.3% to $14.5b by 2031). AI Medical Technology was founded in 2020 by Christoffer Ekstroem (CEO) & Jonathan Helenason (Lead Software Developer). <Source: articstartup.com, nordiclifesciences.org, medtech.pharmaintelligence.informa.com>
