Cortechs.ai Announces Oversubscribed Funding Round to Accelerate Innovation in AI-Powered Neuroimaging and Oncology Solutions

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Nov 20, 2024, 09:30 ET

SAN DIEGO, Nov. 20, 2024 /PRNewswire/ -- Cortechs.ai, a leader in AI-powered neuroimaging and prostate imaging solutions, is pleased to announce the successful close of an oversubscribed Series C funding round led by VILAS Ventures. This strategic investment will fuel the company's mission to advance medical imaging through cutting-edge technology, expanding both its product suite and market reach.

The funding round, which exceeded its hard cap by a wide margin, drew strong interest from a diverse group of investors, reflecting high confidence in Cortechs.ai's innovative solutions. Existing investor Genting Berhad, a global conglomerate, participated in the round as well.

"We are thrilled by the enthusiastic response from our investors," said Kyle Frye, CEO of Cortechs.ai. "This oversubscribed round is a testament to the growing recognition of the critical role our AI-powered tools play in improving diagnostic confidence and patient outcomes. In selecting VILAS Ventures as our capital partner, we valued their deep understanding of healthcare technology, their track record of providing operational support to portfolio companies, and their shared commitment to transforming healthcare. With this support, we're poised to drive even greater innovation and provide unparalleled value to our clinical partners."

Daniel Livschutz, Managing Director of VILAS Ventures, expressed excitement about the partnership: "As our inaugural deal, we couldn't be more thrilled to partner with a visionary company like Cortechs.ai, which has established itself as a frontrunner in AI-driven medical imaging. In our search for the best AI imaging product on the market, Cortechs.ai stood out as a clear leader with the most comprehensive and accurate suite of AI diagnostic tools for the brain and prostate. Their innovation is truly unparalleled, driven by a talented team and a unique ability to bring products to market at record speed. We believe their technology is the leader to address significant gaps in neuroimaging and cancer detection. With this record-breaking investment, we look forward to helping Cortechs.ai realize its extensive product roadmap and continue to expand its position as the global leader in AI diagnostic tools and clinical decision support.". Livschutz will assume the role of Board Chair, bringing his leadership and expertise to guide Cortechs.ai in this next stage of growth.

Cortechs.ai's long-standing partnership with Genting Berhad has been pivotal to its growth. "Genting has been a proud partner of Cortechs.ai from the very beginning, supporting its journey from research and development to groundbreaking product innovation," said Dato' Sri Tan Kong Han, COO of Genting Berhad. "We are thrilled to co-invest in this next phase, as the company takes bold steps toward fully realizing its commercial success and transforming patient care through advanced AI-driven imaging solutions."

The company's rapid evolution is also a point of pride for its founder, Anders Dale, PhD. "It has been an incredible journey founding and building this company, and today, partnering with both Genting Berhad and VILAS truly validates Cortechs' position as a leader in the neurology and oncology quantitative imaging market," said Dale. "Our innovation continues to advance, with growing demand from clinicians and patients alike for our cutting-edge technology. I am immensely proud of how far we've come, and even more excited for the future and the opportunities ahead."

This capital infusion will accelerate the rollout of new product features, broaden Cortechs.ai's commercial footprint, and drive ongoing research and development efforts. Built on the groundbreaking research of Professor Anders Dale, Cortechs.ai's flagship products include NeuroQuant®, which plays a critical role in early diagnosis and monitoring of neurodegenerative diseases such as Alzheimer's, and OnQ Prostate, a fast-growing tool aiding in prostate cancer detection.

Under Kyle Frye's leadership, Cortechs.ai has been consistently growing in excess of 100% while deepening its engagement with current customers and expanding its offering to major healthcare organizations in the US and globally. Advising Cortechs.ai during this funding round was Uplift Partners out of Chicago, IL.

About VILAS Ventures
VILAS Ventures is a healthcare-focused investment firm founded by Daniel Livschutz, a visionary entrepreneur with deep experience in healthcare technology and managed services. Drawing from a background that includes scaling multiple HIT companies to national prominence, Daniel founded VILAS Ventures with a commitment to supporting transformative healthcare enterprises while creating immense value for investors and stakeholders. As its inaugural investment, VILAS Ventures aims to deliver not only capital but also extensive operational support to portfolio companies. The firm's team includes leaders across healthcare and technology verticals, including significant benefactors of healthcare transformation, health-tech executives, and serial entrepreneurs.

For inquiries, please contact:
VILAS Ventures
www.vilasventures.com
[email protected]

About Cortechs.ai
Cortechs.ai is a leader in AI applications in radiology. Cortechs.ai uses cutting-edge technologies in medical imaging to revolutionize disease screening and early detection so patients can enjoy longer, healthier lives. The company develops and markets breakthrough medical device software that quantifies and tracks neurodegenerative diseases, and assists in the detection of clinically significant cancer. Cortechs.ai's industry-leading brain imaging software provides radiologists, neurologists, oncologists, and clinical researchers worldwide with a convenient and cost-effective way to quantify brain structures for assessing Alzheimer's disease, epilepsy, multiple sclerosis, brain trauma, and other brain abnormalities. The company has FDA-cleared products for use in helping the diagnosis and follow-up of neurodegenerative and traumatic brain conditions, as well as prostate cancer. Please visit www.cortechs.ai for further information and follow us on Twitter, LinkedIn, and Facebook.

For more information, please contact:
[email protected]
+1 858 459 9700

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