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News Release - August 12, 2020
MobileODT completed $4 million series round CThe round will support the development of AI cervical cancer screening device
TEL AVIV, Israel, Aug. 12, 2020 -- (Healthcare Sales & Marketing Network) -- MobileODT, the developer of the EVA System for cervical cancer screening, announced the completion of a $4 million series C fundraising round. The round will enable MobileODT to further develop an AI (Augmented Intelligence) clinical decision support technology for the evaluation of cervical cancer at the point of care. The round was led by OrbiMed Israel Partners, with participation from Tristel, Tara Health and Laerdal. To date, the company has raised $26 million.
As the second most common cancer among women, after breast cancer, cervical cancer causes 311,000 deaths annually worldwide. The most tragic fact about cervical cancer is it can be easily treated if caught early. Globally, 932 million women require cervical cancer screening, yet almost 600 million women will never be tested due to lack of access to healthcare. MobileODT's novel AI technology, VisualCheck, will automatically predict how a highly trained colposcopist may evaluate a cervix, to make quality screening more accessible.
This round was led by newly appointed CEO, Leon A. Boston. Mr. Boston's extensive experience leading medical technology companies through various stages comes at a critical time for MobileODT. "Launching VisualCheck to the world markets will be a game changer in women's health," said Boston. "We have a tremendous opportunity to close the gap between lack of access and lack of experts in the field of cervical cancer screening, and reduce the number of unnecessary deaths of women globally."
According to Boston, "There is a great deal of complexity in developing an AI product and the company has undergone major changes to get to this point. We now have the right team and technology to make VisualCheck a reality for women's health."
Recently, the company completed initial validation of its AI VisualCheck technology. Preliminary results show high agreement rates between the AI algorithm and leading experts in cervical cancer. VisualCheck is planned to be released later this year.
MobileODT helps clinicians utilize the power of AI on its portable medical devices to enhance women's health. MobileODT's EVA System combines advanced imaging, data and software applications, to expand access to quality care in 30 countries and across more than 60 US health systems. The EVA System's smart mobile colposcope is used by clinicians worldwide for colposcopy, general gynecology, telegynecology, and forensic imaging. MobileODT is integrating its AI in approved markets to provide powerful clinical decision support to healthcare providers at the point-of-care. MobileODT is headquartered in Tel Aviv. The company raised $26 million to date from Orbimed, Tristel, Tara Health, Laerdal, DAI, private funds and investors.
 Data source: Country cervical cancer data
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