Nijmegen, The Netherlands – LUMO Labs’ pre-seed investment vehicle LUMO Fund II TTT AI announces an investment in Aiosyn B.V.. Aiosyn’s clinical diagnostics platform uses AI-powered pathology algorithms to support pathologists with more accurate and efficient clinical decision-making. LUMO Labs is the lead investor in a syndicate with The East Netherlands Development Agency (Oost NL). The total value of the investment is undisclosed.
The Aiosyn team will use the capital to expand pathologists’ access to artificial intelligence for the benefit of patients and society.
“Investing in Aiosyn is an opportunity to improve how doctors around the world diagnose diseases”, said LUMO Labs founding partner Sven Bakkes.
This technology, developed at Radboud University Medical Center in Nijmegen, utilizes a powerful form of machine learning called “neural networks” (or deep learning) to identify abnormal tissue patterns such as cancer with unprecedented accuracy. Aiosyn algorithms will be integrated in standard pathology workflows. In addition, Aiosyn’s algorithms will be used to accelerate the development of biomarker-based therapeutic and patient stratification strategies for biopharma and diagnostics companies.
“The Aiosyn platform increases the understanding of diseases and, by extension, the quality of healthcare,” said LUMO Labs founding partner Andy Lürling. “Its highly scalable interface will allow doctors around the world, including those in developing countries, to gain access to in-depth expertise and diagnostic support,” Lürling added.
“Aiosyn’s exciting artificial intelligence technology perfectly positions her team to align with the digitalization wave within healthcare. With this investment the company will be able to grow the team in Nijmegen and further develop her products and services,” says Björn Schaap, investment manager Health at Oost NL.
Aiosyn originates from the group of Jeroen van der Laak, head of the Computational Pathology Group from Radboud University Medical Center (Radboudumc), who will also lead the scientific work of the company.
“I am excited about the great potential of AI-powered diagnostics. Sustainable, inclusive healthcare requires accessible diagnostic tools that are highly reliable, effective and efficient, said Dennis Lammers, CFO Radboudumc Holding.
“As Radboudumc Holding, we see great potential in Aisoyn’s technology and team for the future of healthcare,” Lammers added.” We are delighted that LUMO Labs and Oost NL invest in this exceptional team and technology.”
LUMO Labs’ focus on AI and health and well-being makes them the “natural choice” for funding, said Patrick de Boer, Aiosyn co-founder and CEO.
“In our conversations with Sven and Andy, it became clear we were also very much aligned on the entrepreneurial and business aspects of such a partnership,” de Boer said. “Having LUMO Labs on board as our lead investor for this round, together with Oost NL, opens up a whole new range of opportunities.”
“At the intersection of health and innovation today there are a few exceptional founders,” Bakkes said. “Patrick de Boer is one of them. The Aiosyn team not only combines science, engineering and business expertise, it has shown to excel in all three.”
With the investment consequently Aiosyn will enter LUMO Labs’ two-year venture building program.
LUMO Labs creates opportunities for impact-driven software and smart hardware startups. The current LUMO Fund II is an impact-driven multi-stage capital fund (pre-seed up to and including series A). It includes a two-year venture builder program to support its portfolio companies in gaining financial success as well as social traction and impact.
LUMO Labs funds startups that align with at least one of the three United Nations Sustainable Development Goals: Sustainable Cities & Communities, Good Health & Well-Being and Quality Education. Its investment focus includes Artificial Intelligence/Data, Blockchain, Internet of Things, Robotics and Drones and Virtual Reality/Augmented Reality.
LUMO Labs advocates self-determination and traceable ownership of data and transparency and traceability of technologies.
TTT.ai is a knowledge and investment consortium consisting of Dutch knowledge institutes and LUMO Labs. Formed in 2020, the consortium’s aim is to advance the availability and relevance of artificial intelligence innovations within society. The consortium was awarded a subsidy of 8 million euros for pre-seed funding and knowledge transfer to startups. This is a subsidy from the Netherlands Enterprise Agency’s (RVO) Technology Transfer (TTT) scheme. The investment in Aiosyn is the second investment under the TTT.ai scheme.
Based in Nijmegen, Aiosyn is on a mission to accelerate the adoption of artificial intelligence in pathology diagnostics and improve the chances of cancer patients worldwide. The company develops AI-powered algorithms that are integrated in the standard pathology workflow. In addition, Aiosyn’s algorithms are used to accelerate innovation in biopharma and diagnostics companies.
Oost NL is the development agency of the eastern part of the Netherlands. Commissioned by the Ministry of Economic Affairs and the provinces of Overijssel and Gelderland, we strengthen the regional economy. We let entrepreneurs innovate, invest and internationalize to accelerate their growth. Oost NL guides entrepreneurs to the most appropriate form of financing. In addition, we make our network, knowledge and expertise available to entrepreneurs in Food, Tech, Health and Energy. Because Oost NL invests with public money, social return is of great importance. In this way we contribute to the achievement of regional, economic, sustainability and employment goals.