Why we invested in Rayscape

The mismatch between the growing number of medical images needing analysis and the declining number of radiologists presents a critical challenge. In 2020, radiologists were tasked with analyzing around 59 images per day, up from 17 in 2006, exacerbating fatigue and the potential for diagnostic errors. The effects of fatigue from overnight shifts on diagnostic performance is obvious, a few examples being: 45% increase in time per case, 60% increase in total glaze fixations and 34% increase in time to fixate on fractures.

This escalating demand, driven by advancements in medical imaging technology and an aging population, underscores a pressing need for solutions. 

Enter Rayscape, a startup leveraging Radiology AI to transform the diagnostic process. Rayscape’s technology, capable of detecting over 148 pathologies and generating additional X-ray visualizations, represents a big leap in accuracy and efficiency in patient care. With its unique AI assistant, drawing on a dataset of over 16 million medical images from 22 countries, Rayscape offers a significant speed increase for radiologists while reducing human error by up to tenfold.  

The impact of Rayscape’s solution is not only felt in the work of radiologists but, more importantly, in the life and health of the patients, bringing what matters into perspective. Their two solutions, Rayscape CXR and Rayscape Lung CT, enhance patient care by helping doctors with the triage process, and by identifying high-risk patients and notifying doctors of possibly malignant nodules during regular check-ups, which puts a focus on preventive monitoring, early detection  and emergency care. They also follow the evolution of tumors’ growth, to analyze the efficacy of the treatment that the patients receive. 

The market for AI in medical imaging is poised for explosive growth, fueled by technological advancements and increasing healthcare demands. Rayscape’s innovations, particularly in lung cancer detection and management, position it at the forefront of this transformation, promising a future where diagnostics are more accurate, efficient, and accessible. 

In 2022, the CT scan segment dominated the global AI in the medical imaging market, representing over 1/3 of its total value, due to its widespread use in generating cross-sectional body images. Conversely, the X-ray segment, leveraging AI for enhanced diagnostic accuracy and patient care, is expected to grow at the fastest rate. The cancer diagnostics market size is expected to project USD 279.7 Billion by 2032 with a CAGR of 7.4%. The global lung cancer screening market is projected to increase at a CAGR of 8.1% and expected to reach US$ 6.60 Billion in 2032. 

Overall, the AI in medical imaging market is poised for rapid growth, fueled by technological innovations, significant investments, and a strong demand for more accurate and efficient diagnostic methods. The shift towards AI-driven medical imaging in both developed and developing regions marks a transformative phase in healthcare, promising enhanced patient care and diagnostic capabilities. 

The urgency of integrating AI into radiology has never been clearer, with a significant shortage of radiologists worldwide and the potential of AI to enhance diagnostic efficiency and accuracy. This makes the current moment an opportune time for investment and innovation in healthcare technology. 

Rayscape’s founding team brings a wealth of experience and a proven track record of success, having worked together for over eight years and founded multiple startups prior. The diverse team of 20 spans the necessary expertise from regulatory and medical to engineering and AI, supported by advisors with deep healthcare and finance backgrounds. 

Rayscape’s achievements are impressive, with operations in over 100 hospitals, analyzing tens of thousands of images per month, and generating significant monthly recurring revenue. Their technology’s accuracy and market adoption underscore the potential for widespread impact on global healthcare systems. 

In conclusion, our decision to invest in Rayscape is driven by the critical need for innovative solutions in medical diagnostics, the team’s capability to deliver this leading-edge technology, and the significant market opportunity. We believe Rayscape uniquely positioned to revolutionize radiology, enhancing patient care and healthcare efficiency worldwide.