Floy secures 5.4 million euros for AI radiology

Munich-based company Floy receives 5.4 million euros in funding to advance AI technology in radiology and help doctors make more precise diagnoses.

Munich - The Munich-based AI company Floy has successfully completed a seed financing round of 5.4 million euros. The capital will flow into the development of new AI products and serve to consolidate the company's position as market leader in Germany and drive its expansion within the EU and into the USA.

Floy works at the interface of technology and healthcare. The strategic approach makes the use of AI for clinical routines commercially attractive and offers patients added medical value and insights into their health status.

Dr. Laura Seifert from HV Capital

HV Capital led this financing round, in which All Iron Ventures and existing investors such as 10xFounders, xdeck Ventures, SB21 and renowned business angels also participated. Since its foundation in summer 2021, Floy has received a total of over 8.8 million euros from investors.

More than 25 million CT and MR scans are performed in Germany every year. With only 9,700 radiologists in the country, there is little time to analyze the images comprehensively.

Radiologists only have a few seconds per image. Each scan contains important information that even experienced radiologists can overlook. Our AI technology provides additional insights for the early detection of diseases.

Leander Märkisch, CPO of Floy

Floy enables the economic use of AI for radiologists and makes it accessible to patients. The company has captured 14% of the German radiology market in two years since its foundation, according to CEO Benedikt Schneider. The startup was founded in 2021 and received early investment support. In the same year, it received €1.3 million in pre-seed funding, followed by €2.1 million in seed funding in 2022. This financial support enabled Floy to advance its vision of innovative AI technology in radiology and laid the foundation for the recently completed €5.4 million funding round.