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Friday, June 21, 2024

RedBrick AI gets $4.6M to expand the market for its healthcare solution

Healthtech startup RedBrick AI has secured funding of $4.6 million. The company is planning to expand the market for its medical imagery annotations solution.

RedBrick AI, a healthtech business, has secured $4.6 million in a fundraising round led by Sequoia India and Surge in Southeast Asia to extend the market for their medical picture annotations product.

Artificial intelligence is becoming widely used in clinical diagnostics. However, researchers must devote a significant amount of their early effort to prepare data for AI system training.

Hundreds of annotated medical photos and thousands of hours of annotation by doctors are also required for the training process.

With its automated and semi-automatic annotation tools, the Delaware-based SaaS business, which has an Indian office in Pune, is addressing this issue. RedBrick AI co-founder and CEO Shivam Sharma claims that the company’s flexible workflow system, which works with medical images such as CT scans, X-rays, MRIs, and ultrasound, speeds up annotations by up to 60%.

Sharma said,”RedBrick wants to  lay t the foundation for artificial intelligence in healthcare. In the future, we hope to assist teams with everything from data preparation through FDA certification of algorithms.”

RedBrick AI, founded in 2021 by former SpaceX Hyperloop engineers Sharma and Derek Lukacs (who also serves as CTO), provides specialized annotation tools that can be accessed via a web browser and integrated into customers’ existing data storage systems, such as AWS, Google Cloud Platform, and Azure. It also provides semi-automated techniques for annotating complicated 3D medical pictures.

RedBrick AI also offers APIs that machine learning experts may use to link with their cloud solutions and clinical data storage, such as hospital enterprise PACS systems.

Sharma said, “Clinicians merely need to enter information into their browser, and the process is fully automatic.”

Once properly annotated, images can be utilized for more rapid and thorough diagnosis. Annotated imaging can also be utilized by surgical robots and to automate cancer screening.

RedBrick AI is a seven-person team headquartered predominantly in India, however the business markets its solutions mostly in the United States and Europe.

The company also views open-source tools as the primary competitor, followed by in-house solutions built by corporations to solve their unique needs.

RedBrick AI’s early customers include the German biotech firm Orbem, the Canadian cancer and illness screening platform Prenuvo, the Boston-based non-profit hospital and physician network Mass General Brigham, and the Maharashtra-based radiology AI platform Deeptek.

Y Combinator and angel investors also took part in the all-equity seed round. Prior to this round, the firm was named to Y Combinator’s Winter 2022 cohort, which featured 32 Indian startups.

Sharma stated that RedBrick AI intends to use the funds to go beyond its present client base and reach out to companies. It also intends to employ more engineers in order to enhance its specialist toolkit.

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