Montreal-based artificial intelligence healthcare company Imagia said today it closed its acquisition of medical imaging dev Cadens Medical Imaging for an undisclosed amount.
Cadens, founded in 2008, develops and markets FDA and CE Marked medical imaging software products designed for oncology. Imagia said it is hopeful that integration of its technologies and IP will enable it accelerate development of biomarker discovery processes.
“This strategic transaction will significantly accelerate Imagia’s mission of delivering AI-driven accessible personalized healthcare solutions. Augmenting Imagia’s deep learning expertise with Cadens’ capabilities in clinical AI and imaging was extremely compelling to ensure our path from validation to commercialization. This is particularly true for our initial focus on developing oncology biomarkers that can improve cancer care by predicting a patient’s disease progression and treatment response,” Imagia CEO Frédéric Francis said in a press release.
“Our combined team will build upon the long-term outlook of clinical research together with healthcare partnerships, and the energy and focus of a technology startup with privileged access to deep learning expertise and academic research from Yoshua Bengio’s MILA lab. We are now uniquely positioned to deliver AI-driven solutions across the healthcare ecosystem,” Imagia co-founder & CTO Florent Chandelier said in a prepared statement.
Funding for the acquisition came through proceeds from Imagia’s Series A financing round from last December, the company said.
“Imaging evolved considerably in the past decade in terms of sequence acquisition as well as image quality and we believe AI enables the creation of next generation diagnostics that will also allow personalization of care. The acquisition of Cadens is an important step in building the Imagia platform and supports our strategy of investing in ground breaking companies with the potential to become world leaders in their field,” Imagia board chair Jean-Francois Pariseau said in prepared remarks.