BIRMINGHAM, Ala., Nov. 2, 2020 – Digital biotech startup AI Metrics secured a $1.7 million investment as it prepares to introduce its image analysis and reporting systems to the radiology and oncology imaging markets. The investment was led by members of the Alabama Capital Network. AI Metrics further bolstered its capital position with an in-kind equity investment from its software development partner, Innolitics, and was also recently awarded a Phase I research grant from the National Science Foundation. Combined with an earlier pre-seed investment, AI Metrics has attracted nearly $2.4 million in capital since inception last year.
AI Metrics has developed augmented intelligence (AI) image analysis and reporting software that dramatically improves the workflow of radiologists, oncologists, and researchers assessing tumors and other significant findings on CT and MRI scans. Early versions of the software were evaluated at 20 institutions, including university medical centers at Emory, Georgetown, and Michigan, and leading hospitals including The Mayo Clinic and Massachusetts General Hospital. Radiologists and oncologists strongly favored the AI Metrics platform and reports over existing systems, noting significantly faster patient analyses, higher accuracy, and 99% error reduction. “Using AI Metrics for the evaluation of patients with advanced cancer, we expect our radiologists will be able to complete (CT scan) reads in half the time and reporting errors will be markedly reduced,” said Brian Allen, M.D., Radiologist at Duke University School of Medicine.
“We’re extremely proud of the confidence placed in us by our investors, partners, and the National Science Foundation,” said company founder Andrew Smith, MD PhD. “AI Metrics is an outgrowth of my frustration at the lack of cutting-edge technology to reduce major errors and improve accuracy, efficiency and standardization in radiologic imaging and reporting. Our guided workflows now address these issues. The choice to integrate AI to enhance the medical experts was key. Now we’re building an entire company around the concept of augmented intelligence.” Dr. Smith is a clinical radiologist and researcher at the University of Alabama at Birmingham. His years of research prior to launching AI Metrics last year provided the Company with a great foundation to build on as it now enters the market with multiple sales pending.
In addition to Smith, the Company’s progress from day one has been driven by a small but highly skilled team, including COO Bob Jacobus, Product Manager Paige Severino, and software engineers from Innolitics. AI Metrics intends to use funds from this investment to deepen its AI workflow, extend its product portfolio, and add key personnel.
About AI Metrics: AI Metrics is an early stage company developing AI-driven innovations in radiology image analysis and reporting, founded by radiologist and researcher Andrew Smith, MD PhD. The company’s products enhance radiologist efficiency and workflow speed while reducing errors, improving data quality for clinical and research efforts, and ultimately improving communication, physician collaboration, and patient care.
Media Contact: Bob Jacobus , Chief Operating Officer 205-440-2980
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