Corsmed Raises $3.5M to Speed Up MRI Scanning Tenfold

The Swedish MRI Simulator Company Will Use the Latest Round of Capital to Secure FDA Approval for Corsmed’s New MRI Scanning Software and Eliminate the Diagnostic Bottleneck in Imaging

Corsmed, the Swedish Magnetic Resonance Imaging (MRI) software company, has secured $3.5M in seed funding, bringing the total investment in the company to $10M. The company is renowned for its educational MRI simulation platform, and this latest funding round will see Corsmed bring its fast MRI scanning technology out of stealth and put into clinical use. The round was co-led by Luminar Ventures and Big Pi Ventures with participation from previous investors.

Operating since 2019 under the leadership of Co-founders Erik Jacobsson (CEO) and Christos Xanthis (CTO), and CSO Athanasios Polimeridis, Corsmed currently offers a true-to-life MRI simulator used by acclaimed cancer hospitals and research institutions such as The Christie NHS Foundation Trust, CNI College, and Gurnick Academy to train, upskill, and assess students and medical staff. So far, more than 80,000 hours of real MRI scanner time has been run on the Corsmed simulator, saving institutions precious time on real scanners that cost an average of $1,325 to run for less than an hour.

Corsmed will use this latest capital to commercialize its clinical MRI scanning technology, built on the same digital twin technologies as its successful MRI simulator platform. This new software will drastically shift the clinical norm of MRI scan speeds by reducing MRI scan durations from an average of 45 minutes to a mere 2-3 minutes. The company plans to file for submission with the U.S. Food and Drug Administration (FDA) and ensure the software is Health Insurance Portability and Accountability Act (HIPAA) compliant.

MRI, a Crucial Piece of the Preventive Healthcare Puzzle

According to the 2023 NHS Diagnostic Waiting Times and Activity Data Report, the proportion of UK patients waiting six weeks or more for an MRI scan consistently remained above 25%, far higher than the operational standard NHS aim of 1%.

Today’s global healthcare system is constantly playing catch up by reacting to sickness rather than preventing it. Prevention starts with smart, efficient diagnostics that can identify health risks before they become critical.

Comprehensive health assessment requires gathering data across multiple biomarkers – from blood samples and genome sequencing to advanced imaging technologies. While access to most diagnostic tests has dramatically improved over the last decade (genome sequencing that cost the Human Genome Project $2.7 billion in 1990 now costs less than $500), MRI remains a huge bottleneck.

Despite being one of the safest imaging methods that provide rich, detailed health insights, MRI has been prohibitively expensive and time-consuming to deploy at the scale needed for truly preventive healthcare.

A Billionaire’s Healthcare for All

Corsmed’s new software remedies this strain by drastically expediting the scanning process; from an average of 45 minutes to a mere 2-3 minutes. This speed is currently unparalleled even at the cutting edge of MRI innovation. New AI-accelerated software solutions from incumbent players tend to deliver 20-40% faster scans; Corsmed’s software can generate several high-resolution full 3D brain contrasts in three minutes, ten times faster than the current clinical norm.

Moreover, unlike traditional, qualitative MRIs that rely on subjective interpretation by radiologists, Corsmed’s software produces quantitative MRI scans, with each pixel representing measurable data that can be compared across different patients and timeframes. By reducing the cost and time of advanced medical imaging, Corsmed turns high-precision health tracking from an expensive privilege into an accessible healthcare tool for the broader population.

Erik Jacobsson, CEO at Corsmed, comments, “Until we can make MRI regularly accessible for everyone, we’ll continue to see preventable mortality pile up. We currently live in a sick-care, rather than a healthcare, system. Corsmed aims to change this. Imagine a world where routine, whole-body quantitative scans can detect cancer and other life-threatening diseases at their earliest stages, giving everyone a fair shot at a long and healthy life. This is the future we’re building toward.”

Magnus Bergman, Co-Founding Partner at Luminar Ventures, comments, “To democratize MRI scans is a cornerstone in the creation of preventive healthcare. We estimate that Corsmed can save tens of thousands of lives per day by enabling the detection of life-threatening conditions 10x cheaper than today. Together with AI-enabled image processing, this is an area that will see exponential improvements in the next coming years and Corsmed’s qMR technology will be driving that change and this industry.”

Nick Kalliagkopoulos, Partner at Big Pi Ventures, comments, “Corsmed has the potential to fundamentally change healthcare worldwide. The team has developed a technology that can truly unlock preventative and personalized health. We are impressed with what they have achieved and are excited to join their journey.”

Noyal Mathew, MRI Practice Educator and Clinical Simulations Facilitator at the University College London Hospitals NHS Foundation Trust adds, “Corsmed has elevated the standard of the MRI training programs at UCLH, ensuring that both staff and patients benefit from a safer, more effective imaging process. By providing staff with hands-on, simulator-based training, they gain a deeper understanding of MRI protocols and techniques, reducing errors and enhancing their confidence before they work directly with patients.”

Guy Drabble, Clinical Scientist at The Christie NHS Foundation Trust MR Physics Group comments, “Corsmed has made it much easier to teach MR radiographers the challenging concepts of MR physics by guiding them through the effect of imaging parameter changes in real-time in a relaxed environment without clinical pressures. Over 90 MR radiographers across North West England have attended and reported significant benefit to their knowledge and understanding of MR physics.”

About Corsmed

Corsmed is a Swedish MedTech startup revolutionizing medical imaging through advanced MRI software technology. Since 2019, the company has been developing innovative digital twin technologies that dramatically reduce MRI scan times from 45 minutes to just 2-3 minutes. With over $10M in total investment and a mission to transform healthcare from reactive to preventive, Corsmed’s MRI scanning platform aims to make advanced medical diagnostics more accessible and efficient for healthcare institutions worldwide.

About Luminar Ventures

Luminar Ventures is a VC firm focused on seed-stage startups across the Nordics, providing experienced seed financing and active operational support to Nordics-based early-stage technology companies that are looking to disrupt or transform major industries. Luminar’s founders are former serial entrepreneurs and active angel investors with a successful track record of founding and growing tech startups such as Truecaller, Prezi, Sportamore, FirstVet, and Challengermode.

About Big Pi Ventures

Big Pi Ventures partners with teams who are developing exceptional technologies or ingenious business models. The fund invests where there are opportunities to change people’s lives for the better or transform whole industries.

Originally announced December 18th, 2024

The Swedish MRI Simulator Company Will Use the Latest Round of Capital to Secure FDA Approval for Corsmed’s New MRI Scanning Software and Eliminate the Diagnostic Bottleneck in Imaging

Corsmed, the Swedish Magnetic Resonance Imaging (MRI) software company, has secured $3.5M in seed funding, bringing the total investment in the company to $10M. The company is renowned for its educational MRI simulation platform, and this latest funding round will see Corsmed bring its fast MRI scanning technology out of stealth and put into clinical use. The round was co-led by Luminar Ventures and Big Pi Ventures with participation from previous investors.

Operating since 2019 under the leadership of Co-founders Erik Jacobsson (CEO) and Christos Xanthis (CTO), and CSO Athanasios Polimeridis, Corsmed currently offers a true-to-life MRI simulator used by acclaimed cancer hospitals and research institutions such as The Christie NHS Foundation Trust, CNI College, and Gurnick Academy to train, upskill, and assess students and medical staff. So far, more than 80,000 hours of real MRI scanner time has been run on the Corsmed simulator, saving institutions precious time on real scanners that cost an average of $1,325 to run for less than an hour.

Corsmed will use this latest capital to commercialize its clinical MRI scanning technology, built on the same digital twin technologies as its successful MRI simulator platform. This new software will drastically shift the clinical norm of MRI scan speeds by reducing MRI scan durations from an average of 45 minutes to a mere 2-3 minutes. The company plans to file for submission with the U.S. Food and Drug Administration (FDA) and ensure the software is Health Insurance Portability and Accountability Act (HIPAA) compliant.

MRI, a Crucial Piece of the Preventive Healthcare Puzzle

According to the 2023 NHS Diagnostic Waiting Times and Activity Data Report, the proportion of UK patients waiting six weeks or more for an MRI scan consistently remained above 25%, far higher than the operational standard NHS aim of 1%.

Today’s global healthcare system is constantly playing catch up by reacting to sickness rather than preventing it. Prevention starts with smart, efficient diagnostics that can identify health risks before they become critical.

Comprehensive health assessment requires gathering data across multiple biomarkers – from blood samples and genome sequencing to advanced imaging technologies. While access to most diagnostic tests has dramatically improved over the last decade (genome sequencing that cost the Human Genome Project $2.7 billion in 1990 now costs less than $500), MRI remains a huge bottleneck.

Despite being one of the safest imaging methods that provide rich, detailed health insights, MRI has been prohibitively expensive and time-consuming to deploy at the scale needed for truly preventive healthcare.

A Billionaire’s Healthcare for All

Corsmed’s new software remedies this strain by drastically expediting the scanning process; from an average of 45 minutes to a mere 2-3 minutes. This speed is currently unparalleled even at the cutting edge of MRI innovation. New AI-accelerated software solutions from incumbent players tend to deliver 20-40% faster scans; Corsmed’s software can generate several high-resolution full 3D brain contrasts in three minutes, ten times faster than the current clinical norm.

Moreover, unlike traditional, qualitative MRIs that rely on subjective interpretation by radiologists, Corsmed’s software produces quantitative MRI scans, with each pixel representing measurable data that can be compared across different patients and timeframes. By reducing the cost and time of advanced medical imaging, Corsmed turns high-precision health tracking from an expensive privilege into an accessible healthcare tool for the broader population.

Erik Jacobsson, CEO at Corsmed, comments, “Until we can make MRI regularly accessible for everyone, we’ll continue to see preventable mortality pile up. We currently live in a sick-care, rather than a healthcare, system. Corsmed aims to change this. Imagine a world where routine, whole-body quantitative scans can detect cancer and other life-threatening diseases at their earliest stages, giving everyone a fair shot at a long and healthy life. This is the future we’re building toward.”

Magnus Bergman, Co-Founding Partner at Luminar Ventures, comments, “To democratize MRI scans is a cornerstone in the creation of preventive healthcare. We estimate that Corsmed can save tens of thousands of lives per day by enabling the detection of life-threatening conditions 10x cheaper than today. Together with AI-enabled image processing, this is an area that will see exponential improvements in the next coming years and Corsmed’s qMR technology will be driving that change and this industry.”

Nick Kalliagkopoulos, Partner at Big Pi Ventures, comments, “Corsmed has the potential to fundamentally change healthcare worldwide. The team has developed a technology that can truly unlock preventative and personalized health. We are impressed with what they have achieved and are excited to join their journey.”

Noyal Mathew, MRI Practice Educator and Clinical Simulations Facilitator at the University College London Hospitals NHS Foundation Trust adds, “Corsmed has elevated the standard of the MRI training programs at UCLH, ensuring that both staff and patients benefit from a safer, more effective imaging process. By providing staff with hands-on, simulator-based training, they gain a deeper understanding of MRI protocols and techniques, reducing errors and enhancing their confidence before they work directly with patients.”

Guy Drabble, Clinical Scientist at The Christie NHS Foundation Trust MR Physics Group comments, “Corsmed has made it much easier to teach MR radiographers the challenging concepts of MR physics by guiding them through the effect of imaging parameter changes in real-time in a relaxed environment without clinical pressures. Over 90 MR radiographers across North West England have attended and reported significant benefit to their knowledge and understanding of MR physics.”

About Corsmed

Corsmed is a Swedish MedTech startup revolutionizing medical imaging through advanced MRI software technology. Since 2019, the company has been developing innovative digital twin technologies that dramatically reduce MRI scan times from 45 minutes to just 2-3 minutes. With over $10M in total investment and a mission to transform healthcare from reactive to preventive, Corsmed’s MRI scanning platform aims to make advanced medical diagnostics more accessible and efficient for healthcare institutions worldwide.

About Luminar Ventures

Luminar Ventures is a VC firm focused on seed-stage startups across the Nordics, providing experienced seed financing and active operational support to Nordics-based early-stage technology companies that are looking to disrupt or transform major industries. Luminar’s founders are former serial entrepreneurs and active angel investors with a successful track record of founding and growing tech startups such as Truecaller, Prezi, Sportamore, FirstVet, and Challengermode.

About Big Pi Ventures

Big Pi Ventures partners with teams who are developing exceptional technologies or ingenious business models. The fund invests where there are opportunities to change people’s lives for the better or transform whole industries.

Originally announced December 18th, 2024