The European Innovation Council (EIC) Fund and Methinks AI, a prominent digital health company specializing in the early detection and management of acute stroke patients using artificial intelligence (AI), have announced a significant investment from the EIC Fund. This investment, along with participation from existing investors and the addition of a new investor, has enabled Methinks AI to secure €2.5 million in convertible loans in preparation for its upcoming investment round.

Acute stroke, a life-threatening medical condition affecting approximately 17 million individuals worldwide each year, necessitates timely detection for enhanced recovery chances, reduced permanent disabilities, and minimized rehabilitation needs. Methinks Stroke Suite software has demonstrated rapid and reliable detection of Large Vessel Occlusion (LVO), improving and expediting treatment decisions for stroke care in hospitals with and without Computed Tomography Angiography (CTA) capabilities. The software increases the efficiency of patient transfers in stroke networks, resulting in better patient outcomes and lower hospital costs.

Having received CE Marked Certification in January of this year, Methinks AI anticipates FDA clearance in the middle of the next year, paving the way for the launch of commercial operations in the United States.

Methinks AI had previously been awarded a €2.5 million grant from the EIC Accelerator, a funding program under Horizon Europe providing support to start-ups and SMEs with innovative, game-changing products.

The new EIC Fund investment complements the grant, empowering Methinks AI to establish a solid foundation for scaling up. This positions the company for a Series A funding round in the second half of 2024, during which the EIC Fund plans to match up to €5 million in equity investment.

Pau Rodriguez, CEO of Methinks AI, expressed gratitude and pride, stating, “We are deeply appreciative of the European Innovation Council for their continuous support and trust in our company. Their initial backing through the EIC Accelerator grant and now this additional investment not only provides crucial financial support but also underscores the credibility of our technology. It further highlights the potential impact on healthcare systems, both clinically and economically.”

Svetoslava Georgieva, Chair of the EIC Fund Board, remarked, “The EIC Fund aims at backing European innovators in scaling their journey, and Methinks AI is a great example of how the European Union is helping top innovators. The EIC Fund’s ambitious commitment, alongside other investors, is an important step to boost their development.”

Methinks AI has been selected to attend Web Summit, one of the year’s top technology events, to showcase its disruptive technology to potential investors, key partners, and influential figures in technology media.