icometrix raises $18 million in funding

por John R. Fischer, Senior Reporter | May 20, 2019
Business Affairs
icometrix has raised $18 million
in funds
icometrix, a provider of AI-based solutions for brain imaging, has raised $18 million through a collaboration with Forestay Capital, Optum Ventures and its existing investor, Capricorn Venture Partners.

The funding, which was led by Forestay Capital, will be applied to the advancement of icometrix's sales, as well as the development and marketing of its solution, including a new, unreleased one.

"We have a unique range of CE/FDA-cleared solutions to analyze brain MR and CT scans. Hence, we want to invest in our commercial team, through direct sales and strategic partnerships, to reach out to as many hospitals worldwide as possible and hence help as many patients as we can," Wim Van Hecke, CEO of icometrix, told HCB News. "We also want to invest in our R&D pipeline, which is already very strong, to bring new solutions for patients with Parkinson's disease, stroke, brain tumors and other conditions to the market more quickly. Finally, we'll be soon launching a patient platform called icompanion, which captures clinical information through an app in-between visits to the clinician."

The collaborative effort to raise $18 million follows another partnership struck up in March between icometrix and Invicro, a provider of quantitative imaging biomarkers, core lab services and software solutions for research and drug development, to offer imaging core lab services combined with robust FDA-cleared MR informatics capabilities through automated workflows. The aim behind this is to provide pharmaceutical sponsors with one point of contact for study site set-up and training, which will harmonize with a single platform for data management, sharing and analytics.

An investor from the previous round, Capricorn once again took part in raising funds for icometrix, alongside Forestay and Optum, both of which demonstrated a clear match in their offerings and expertise to that of icometrix, according to Van Hecke.

"Forestay, as part of Waypoint, has a lot of experience and a large network in the pharmaceutical industry, with a specific interest in neurology. In addition, they own the largest European imaging center network, Affidea. Optum, as part of United Heathcare, has an interest and a lot of experience in health data and reimbursement. All of us, icometrix, old and new investors, aim for better care for people with neurological disorders, so there is a great fit."

icometrix is the developer of icobrain software, which extracts clinically meaningful information from brain MR and CT scans of patients with neurological disorders such as forms of dementia like Alzheimer’s disease, multiple sclerosis and traumatic brain injury.

To plot the development of standardization protocols for large-scale deployment of icobrain throughout Europe, icometrix has partnered with Affidea, a European imaging center network owned by WayPoint Capital group, which is an investor in Forestay Capital.

icometrix will remain a brain analytics company, confirmed Van Hecke.

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