Qmenta is looking for liquidity to expand its horizons. The Spanish company has opened a $10 million financing round in which it has already brought in several U.S. investors, according to Ernest Figueras, the company’s CFO, as explained to PlantaDoce. The identity of these investors has not been disclosed.
With this capital increase, Qmenta aims to strengthen its business area focused on the field of clinical trials, explore options within the big data business and carry out an expansion process in fields such as radiology and clinical research. By 2021, the company estimates to have generated profits of two million euros.
The company’s technology is based on image recognition using Artificial Intelligence (AI), and aims to accelerate diagnosis and bring drugs to market. Qmenta’s patented AI system enables quantification and sharing of medical images, and although the company is currently heavily focused on the brain, it also aims to strengthen its offering in other medical fields.
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Qmenta expects to generate profits of $2.27 million (€2 million) in 2021
For the time being, the company’s main front will remain neurological diseases. Currently, one billion people worldwide suffer from some kind of neurological disease, and many of the causes and mechanisms are unknown. In fact, nine out of ten drugs aimed at these diseases do not reach the market, generating average costs of $2.6 billion per drug.
In this sense, and to minimize the risk of losses, the company aims to provide support so that “the players in the sector can make better decisions,” explained Orlando Marín, head of commercial operations at Qmenta.
The company offers four types of service, including: clinical trials, where it has the Spanish company Icon as a client; research, collaborating with different universities around the world; hospitals and data companies.
Qmenta has more than fifty standard biomarker tools
In fact, the company currently has more than fifty standard biomarker tools and has more than ten million brain images labeled and managed.
On the other hand, Qmenta is present on two continents through its offices in Spain and the United States. The Barcelona headquarters is responsible for managing the market in Europe, the Middle East, and Africa, while in Boston it works with customers in North America and Latin America.
At the end of 2019, the company closed an investment round of more than $1.13 million (€1 million) that aimed to commercialize two of its image analysis algorithms in the United States. Following that transaction, the U.S. Food and Drug Administration (FDA) certified the company to operate in U.S. hospitals.
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This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in PlantaDoce, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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