Romanian medical AI company Rayscape receives EUR 260,000 funding through Growceanu platform

The Timișoara-based company Rayscape, which develops artificial intelligence solutions for medical imaging, announced on Friday, October 23, that it raised EUR 263,568 from 114 investors through the Growceanu investment platform.

Rayscape develops artificial intelligence-based technologies that help doctors analyze radiological images. According to the company, its solutions are used in more than 300 clinical locations across 18 countries.

Rayscape's portfolio includes two main solutions: Rayscape CXR, designed to analyze chest X-rays, and Rayscape Lung CT, used to detect and characterize pulmonary nodules, including in organized lung cancer screening programs. The products are medical devices bearing the CE mark and are designed to be integrated into the existing workflows of radiology departments.

The capital raised will support the expansion of the commercial team, increase the company's visibility, and develop its presence in European markets.

The use of artificial intelligence in medical imaging aims to support doctors in interpreting medical examinations. However, the technology does not replace the clinical assessment performed by specialists.

“We thank the investors who joined us through Growceanu for their trust. This funding allows us to expand our commercial presence in Europe more quickly and be closer to the hospitals and imaging centers we work with, in an increasing number of countries,” said Ștefan Iarca, CEO and co-founder of Rayscape, according to Economedia.

Growceanu is an investment platform that facilitates individual investors' access to unlisted companies. This type of financing can provide companies with access to capital for development, but it also involves risks for investors. The invested capital may be partially or entirely lost, and selling the stakes may be difficult.