The year has been an exceptional one, to say the least. It has also been a year of new growth for us at MVision AI. From successfully closing our second funding round to doubling the number of colleagues and usage volumes, we wrap up the year with gratitude. But before, let’s take a look at the key milestones of the unprecedented year 2020.
It all started with a bang as we announced the closing of our $1.65 million seed round. The round was led by Voima Ventures with participation from our existing investors such as Icebreaker.VC and business angels from Europe and the US. Advancing the growth of our customer base, we also welcomed our second customer in Germany followed by the first one in Sweden shortly after. This solidified the path of collaborations with some of the best cancer clinics in Europe which we saw to continue throughout the year.
In the spring, we were happy to welcome the first new colleagues of the year. Even in the middle of a new global pandemic, our team only grew stronger and the hard work paid off. In May, we obtained the CE mark for all major cancer sites. As our founder and CEO Mahmudul Hasan put it back then, the certification and clinical release of the first complete set of organ models marked a major milestone for the company. It also added an important layer to our strong base for the future development of new MVision services and products.
“I am very proud of the whole team at MVision AI who has done a tremendous job in creating such a strong service in quite a short time. I am very thankful to our clinical collaboration partners for all discussions and feedback we got from them.”
The team continued to grow over the summer, and by August, we had doubled the number of colleagues. While taking steps forward with successfully developing the organization, our customer base and usage levels kept on reaching new heights, too.
In September we hit the highest monthly volume of segmentation services we had seen so far. Additionally, a significant number of hospitals started to use MVision for 100% of their cancer patients undergoing radiotherapy. This was a significant validation of the impact our customers experience – both in terms of the quality of and access to treatment. Needless to say, both numbers have only continued to increase. As Professor and Head of Tyks Department of Oncology and Radiotherapy, Heikki Minn stated:
“AI speeds up a physician’s job and allows for repeated and uniform treatment planning on a hospital level, not only on an individual physician’s level. With a high number of cancer patients, having quick radiation treatment planning can also help with waiting times.”
By the end of the year, more customers have signed up for the MVision subscription service. Our new website was published and we have continued to set up our expansion plan to the US, too. In November, we took part in ESTRO 2020 and were astonished by the interest of the leading minds in radiotherapy with over 600 visits at our virtual booth. It was also great to see a significant increase in discussions around and about AI in radiotherapy.
On a larger note, 2020 has clearly been the year when AI truly started to gain more ground in the field of radiation oncology. Not only have there been more publications and research but we have also seen new AI tools come out. This is only good; it is wonderful to see others follow in our footsteps. In the end, all this is taking is us closer to improving the quality of life of cancer patients undergoing radiotherapy.
What lies ahead? The interest in AI will only grow in 2021. We see more and more visionaries who share our vision. So, one thing is for sure: MVision continues to double down our efforts to bring more AI-powered solutions to standardize and streamline radiotherapy workflow. This includes developing our cloud platform to break the existing barriers. To stay tuned, make sure to join our mailing list.… See you next year!
Psst, we are also putting together a little reading package for you to check out during the holidays. Another good reason to sign up here.