RAYDIAX, headquartered in Magdeburg, has recently secured €3.5M in a new funding round to further the development of its computed tomography-based image assistance system designed to enhance minimally invasive cancer treatment procedures.
The funding comprises a €2.4M seed round, primarily led by HTGF and bmp Ventures in conjunction with IBG funds, as well as an additional €1.1M grant from the German Federal Ministry for Economic Affairs and Climate Action.
RAYDIAX is poised to advance its preclinical prototype and make its entry into the European and US markets.
Dr. Thomas Hoffmann, CEO and co-founder of RAYDIAX, states, “We are committed to the objective of enhancing cancer therapy sustainably through cutting-edge medical technology. Minimally invasive image-guided interventions offer a multitude of advantages for patients.”
“With our precise image-assistance system, TACT, we are unleashing a completely new potential that will significantly broaden the scope of applications for these minimally invasive procedures, particularly benefiting patients for whom conventional surgical cancer treatments may pose elevated risks.”
“By successfully closing this financing round, we are in an ideal position to further refine our system in close collaboration with our clinical partners, expedite our market entry, and drive our business expansion,” Dr. Hoffmann concludes.
Enhancing Cancer Care with Minimally Invasive Therapies
RAYDIAX recognizes that minimally invasive therapies hold great promise for cancer patients, particularly among the elderly or those with compromised health, for whom traditional open-surgical procedures may carry excessive risks.
These minimally invasive approaches employ thin instruments guided by advanced imaging technologies to precisely target tumors with localized energy, minimizing collateral damage to surrounding healthy tissues.
The benefits of these techniques include faster patient recovery, reduced hospitalization times, cost savings, and expanded treatment capabilities, effectively addressing cancer-related challenges, especially in aging and well-developed regions.
RAYDIAX is at the forefront of innovation with its groundbreaking imaging device, TACT. Designed to assist in the precise planning, execution, and monitoring of minimally invasive cancer therapies, this system was developed in close collaboration with healthcare professionals across Europe.
TACT leverages X-ray-based computed tomography while minimizing radiation exposure, ensuring sub-millimeter precision. This not only enhances patient safety but also provides a safer working environment for clinical staff during therapy.
Dr. Jan Engels, Investment Manager at HTGF, emphasizes that RAYDIAX’s development of TACT represents the future of minimally invasive cancer surgery. The company’s founding team’s courage and expertise, combined with their commitment to creating a highly complex, large-scale medical product, are qualities that hold substantial promise for the future.
RAYDIAX, established in 2022, is a promising spin-off originating from the renowned STIMULATE research campus located in Magdeburg. The company’s primary area of specialization lies in the realm of minimally invasive image-guided therapies.
RAYDIAX has directed its efforts toward the advancement of computed tomography (CT) scanners, placing significant emphasis on both the hardware and software components vital to this technology.
The company’s inception was made possible through the support of a 3-year EXIST research transfer grant granted by the German Federal Ministry for Economic Affairs and Climate Action. This funding was instrumental in propelling RAYDIAX into its mission of pioneering innovative approaches to cancer care.
Exploring the STIMULATE Research Campus
At the STIMULATE research campus, collaboration thrives among medical facilities, companies, and scientific institutions, all dedicated to advancing minimally invasive medical procedures.
Focusing on cutting-edge treatments for cancer and vascular diseases, STIMULATE’s mission is powered by a consortium comprising Otto-von-Guericke-University Magdeburg, Siemens Healthcare, and the STIMULATE Association.
Funding for this innovative endeavor is made possible through the support of the “Research Campus” initiative by the Federal Ministry of Education and Research, supplemented by contributions from the European Regional Development Fund (EFRE) in Saxony-Anhalt.
Professor Dr. rer. nat. Georg Rose, Chairman of the Board at the “STIMULATE research campus,” proudly states, “We are delighted to witness the emergence of another high-tech medical technology company in Magdeburg.”
“This achievement is a testament to the continuous research efforts in the realm of image-guided medicine at the STIMULATE research campus over the past decade. It is particularly gratifying that a team of five former scientists and research group leaders has seized the opportunity to translate years of research into clinical applications.”
Dr. Rose further expresses his satisfaction with the ongoing commitment of Otto-von-Guericke-University, the city of Magdeburg, the state of Saxony-Anhalt, and the Federal Government, which collectively foster these significant economic developments.
Key Investors Backing RAYDIAX
HTGF, High-Tech Gründerfonds, is a prominent seed investor known for nurturing tech startups with remarkable growth potential. With a track record dating back to 2005, HTGF has provided backing to over 700 startups and currently manages a substantial €1.4B in funds. The firm has played a pivotal role in facilitating more than 2,000 follow-on financing rounds and has been involved in the successful exit of 170 companies.
bmp Ventures, an industry leader with a rich 25-year history, specializes in technology investments within Germany. Managing an impressive portfolio of ten venture capital funds and having invested in over 260 companies, bmp Ventures currently oversees the IBG funds. These IBG funds are dedicated to providing vital venture capital to innovative companies in the Saxony-Anhalt region.
The EXIST “Transfer of Research” program, supported by the Federal Ministry for Economic Affairs and Climate Action, champions academic startups. It does so by offering funding for technically challenging developmental work and encouraging the growth of economically viable ventures. In 2022 alone, nearly €33M were approved for EXIST Transfer of Research (Phase I) funding.