PVmed Raises US $14 Million Series A Funding
Perception Vision Medical Technologies (PVmed), a global artificial intelligence (AI) cancer treatment company, headquartered in Guangzhou, China, has secured US $14 million in Series A funding from investors including Cherami Investment Group, Philips, JHF Investment, COCOCAPITAL Corporation, and Strategy Capital.
The funding will enable the company to further develop its AI cancer treatment product portfolio and ecosystem. It will also accelerate the adoption of the company’s AI-defined cancer surgery and radiotherapy workflow software and hardware products by hospitals and medical technology companies. Xiaolin Wei, General Partner at Cherami, and Bill Chen, Senior Vice President of Philips Greater China and General Manager of Philips Precision Diagnosis Business Group, will join the PVmed Board of Directors.
Since its launch in May 2017, PVmed has developed a portfolio of AI-defined cancer treatment workflow products that have generated substantial interest from surgical oncologists, radiation oncologists, and medical physicists. The products automatically process and prepare three-dimensional (3D) computed tomography scan (CT) and magnetic resonance imaging (MR) data to help doctors plan and treat cancers (such as lung cancer, breast cancer, nasopharyngeal cancer, cervical cancer, and rectal cancer) more precisely and much faster. For example, the time required for physician contouring organs at risk (OARs) with PVmed’s auto contour technology is reduced from one to two hours to less than five minutes, a reduction in time by a factor of 10.
PVmed products are currently deployed at over 200 hospitals in China and have now processed over 200,000 cancer patients. The company recently completed a sales and collaboration agreement with Tianjin Medical University Cancer Institute and Hospital, one of the largest cancer centers in China, performing 32,000 surgeries and hosting 1.3 million outpatient visits annually.
Chenyang Xu, President and Co-Chairman at PVmed, said, “We are very pleased to receive this funding support from these leading Chinese and global financial and corporate investors. We are also excited about the strategic insights and resources these investors can provide. With thousands of doctors now using PVmed’s AI cancer treatment workflow products, benefiting hundreds of thousands of cancer patients, it’s clear the era of AI-defined cancer treatment procedures has arrived.”
Xu added, “We will increasingly see AI models that are trained using results from experienced doctors to empower a broader base of doctors by providing them with precise 3D contextual and target information about organs and tumors at each step of the procedure. For patients and doctors, that can mean safer, faster, and more precise treatment. Hospitals that have adopted AI-defined cancer treatment procedures have seen an improvement in doctors’ productivity and reduced operating costs, with doctors saving 1.5 hours per patient treatment on average, reducing the total doctor time by 20% to 40% per patient treatment.”
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