MANHATTAN, NY / ACCESSWIRE / April 1, 2021 / With DiagnostiX's increasing growth and recent announcement of a €20M Series A round at a €100M valuation, we have learned that the company is planning to go public through a SPAC by the end of 2021. SPAC IPO proceedings have doubled from 2019 to 2020 to over $25 billion and can be an easier way for startups to go public. The fees associated with it are generally less and the process is less time consuming making it increasingly popular amongst start-ups.
Diagnostix is currently being used in a variety of hospitals across Europe and the company plans on expanding into the U.S. market around Q1 22'. They have developed a proprietary software that enables hospitals to immediately diagnose X-Rays for lower priority coded patients. It has been proven successful as they were able to streamline emergency room wait times from 6 hours to 2 hours.
The company first started with a different algorithm that automatically diagnoses gastrointestinal symptoms and correlates them with related diseases. However, due to the COVID-19 pandemic, DiagnostiX has been focusing more on X-Ray related solutions as the data would be too conflicting for their prior systems.
Its founder Giuliano Senese says that "With these hard times of the pandemic and life drastically changing, we also had to fully adjust our business model. Even though we work in BioTech, we realised that we had to focus on what we can fully bring to scale at this point in time: Which is X-Ray A.I". The vision proved to be the right one as DiagnostiX was able to launch in over 12 hospitals across Europe within 4 months after launching. The company further aims to implement new models predicative software for cancer detection at early stages. The company believes that building predicative models through Neural Networks is the key to the future of healthcare tech.
They have further developed an application that is currently being used in countries such as Italy in order to navigate the COVID-19 vaccination organization. Even though first it was being used for testing centres and tested travel, they have re-shifted COV-iD towards vaccination.
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SOURCE: DX Medical Solutions B.V.