AIQ Solutions Raises $3.2M in Series A Round to ContinueDevelopment and Commercialization of Medical Software Platform
AIQ Solutions has raised $3.2 million in equity financing to grow sales of its current products, develop and commercialize its product pipeline, and achieve broader market access for its technologies. The financing was led by Capital Midwest Fund along with Rock River Capital Partners and 30Ventures. Wisconsin Investment Partners also participated in the round.
AIQ has developed a medical device technology platform-based on advanced analytics, including artificial intelligence, to revolutionize evaluation of treatment response in patients with complex diseases. AIQ’s patented medical technology identifies all lesions, quantifies disease burden for each lesion, and matches lesions across multiple scans with sufficient precision to quantify changes at the individual lesion level. This allows researchers to better understand disease and clinicians to more precisely treat patients, ultimately helping improve patient outcomes and reducing healthcare system costs. The company’s first product, Quantitative Total Bone Imaging (QTBI), received FDA clearance in 2018. QTBI helps oncologists improve the evaluation of treatment response for patients with metastatic bone disease from prostate or breast cancer.
According to Eric Horler, President and CEO of AIQ, “Complex diseases, such as metastatic cancer, do not have the same treatment response throughout the body: some lesions will respond well while others will continue to grow. The difference between ‘stable’ and ‘progressing’ disease can come down to a few resistant lesions. Our technology is unique in quantifying treatment response for each individual lesion. This investment syndicate brings not only the capital we need to grow our business, but also invaluable expertise in health care, information technology systems, and data analytics. We are thrilled to be moving forward together.”
Eli Blee-Goldman of Capital Midwest Fund adds, “I am thrilled to lead this round of financing with 30Ventures and Rock River Capital Partners. Over the past few years Capital Midwest has evaluated hundreds of start-ups using machine learning or A.I. in the medical space. I believe AIQ will fundamentally disrupt qualitative treatment of complex diseases today while generating actionable data that will improve, prolong, and save patients’ lives. AIQ has the scientific research, customer base, and team to bring results, not buzzwords.”
AIQ is based in Madison, Wisconsin. The company was founded in 2015 to commercialize technology developed at the University of Wisconsin Carbone Cancer Center. AIQ’s founders include Dr. Robert Jeraj, Dr.Glenn Liu, Dona Alberti, and Guy Starbuck.