CoLumbo successfully secures €2.2M investment, now raising additional €200K to enhance AI lumbar spine solutions. Join the Investment round exclusively on SeedBlink.

Sofia, Varna, Bulgaria ~
February 14, 2024

CoLumbo, The Varna-based software is the sole spine AI algorithm for MRI with FDA clearance, boasting a CE mark and TGA certification.

CoLumbo is set to expand its market reach in the USA and Australia in 2024, and Japan in 2025, following significant traction in Europe.

CoLumbo, an innovator in AI-driven medical diagnostic software, is raising €500K as an extension of the €2.2M Late Seed funding round, now available for retail investors on SeedBlink. The funding is led by New Vision 3 Fund and supported by Sofia Angels Ventures, Eleven Ventures, and Angel investors.

"We are proud to partner with CoLumbo contributing towards the €2.2M funding round. This investment reflects our belief in CoLumbo's exceptional AI technology for spine diagnostics and its potential to revolutionize healthcare outcomes. The company has already seen a favorable market reception, significantly bolstered by CoLumbo's FDA-cleared spine AI algorithm and the team's unwavering dedication. This has reaffirmed our commitment to backing entrepreneurs in the region who have global aspirations. We are looking forward to seeing the ongoing global transformation their technology will bring to patient care and radiology practices. " said Yordan Zarev, Partner at New Vision 3 Fund.

Demonstrations with live customers have highlighted CoLumbo's ability to save 25-50% of the radiologist reading time, to enhance diagnostic accuracy by 15%, and streamline radiologists' workflow by offering automated segmentation and measurement editable draft report. CoLumbo's initial offering has successfully secured seven agreements, including three paid clients in France, Spain, and Switzerland.

The company's business model leverages a B2B approach, offering annual subscription licenses per MRI machine. Demonstrating significant traction, CoLumbo boasts €56,990 in revenues for FY23, with projected revenues of €382,470 in FY24, supported by a robust pipeline of customers.

"The unwavering trust and commitment of our esteemed investors are the cornerstones enabling CoLumbo to redefine the capabilities of medical imaging. Our solution equips radiologists with cutting-edge tools for markedly enhanced lumbar spine analysis and diagnosis. Join us on SeedBlink to be a part of this transformative journey, alongside leading SEE VC investors, and seize the opportunity to shape the future of radiology,"
said Nedelcho Georgiev, CEO of CoLumbo.

CoLumbo is the first and only AI spine algorithm that has passed clinical trials and is certified with the CE mark, FDA 510(k), and TGA, providing full regulatory clearance for clinical use in Europe, the USA, and Australia. The company is also QMS certified with ISO 13485:2016, and ISO 27001; also follows ISO 14971:2019.

The funding will facilitate the launch of CoLumbo V2, enhance CT Modality capabilities, and target €2M ARR by Q2'25. With plans to establish a corporate presence in the US, CoLumbo is positioned to leverage the global spinal imaging market's potential, expected to grow at a CAGR of 5.2% from 2020 to 2027.

About CoLumbo
CoLumbo is a forward-thinking company specializing in AI-driven software for lumbar spine analysis and diagnosis, supported by an expert team and medical advisory board with extensive experience in management, technology, AI/ML, medical imaging, radiology, and neurology. The company's strategy is to develop computer algorithms and solutions that will boost efficiency and provide reliable results in an easier and faster way. The company targets the eHealth market as one of the faster-growing markets. The team working on CoLumbo is international with vast experience in software and project development, finance, technology, and medicine. Consultants to the project are radiologists, neurosurgeons, and MSK specialists from the EU and the USA.

For further information, please contact:
Email: info@columbo.me
Telephone: +35952919513

Bulgaria
Varna
113 Gen.Kolev street
office 7.2

CoLumbo reads spine MRI scans to provide a pre-populated report. The software reduces the total interpretation time by up to 48% and reduces errors of omission by up to 15%. CoLumbo has a CE mark, FDA 510(K), and TGA clearance

This release was published on openPR.