Israeli start-up CVAid Medical has raised $4million in a Series A funding round to support its AI-powered stroke platform, CVAid.
The company received investment from Philips and Sanara Capital while Rad Biomed led the capital raising.
CVAid enables clinicians to perform neurological examinations based on audio and video captured via smartphone.
The AI algorithm compares this data with medical records in real time, allowing clinicians to determine whether a patient has had a stroke and its severity.
The data analysis also provides a set of tools for making quick decisions about how to treat the stroke, potentially improving outcomes for the patient.
The patient’s recovery can then be monitored in the long term, providing recovery data and detecting signs of a potential recurrent stroke.
Oren Dror, founder, partner and CEO of CVAid Medical, said:
“This successful investment round signals a major vote of trust in CVAid’s ability to generate a revolutionary change and become the “visual ECG” of cerebrovascular accidents.
“Joining up with investors of this magnitude will allow us to significantly accelerate our strategic plan, which includes completing regulatory processes with the FDA and CE, continuing clinical research, and recruiting additional first-rate personnel to the company to expand our ground-breaking development centre in Israel.”
The company has conducted clinical trials in Israel and Europe involving hundreds of patients.
The system has proven to be around 90 per cent accurate in detecting stroke and its severity, the company said.
Assaf Barnea, CEO of Sanara Capital, added:
“CVAid has made impressive leaps since we first met a few years ago.
“The field of neuroscience in general, and the diagnosis and treatment of the brain in particular, is one of the most developing fields in medicine in recent years and we will be happy to help the company with Sanara’s global network of contacts with hospitals and other medical leaders of opinion promoting groundbreaking medical innovation like CVAid.”
