Refined Diagnostics Raises 2.9 Million Euros and Prepares to Enter the Market for AI-Powered Cancer Diagnostics

Faster diagnoses can be crucial in cancer care. The medtech startup Refined Diagnostics aims to reduce tissue analysis times from several hours to just a few minutes and has now raised 2.9 million euros in growth capital to achieve this. The financing is supplemented by 2.6 million euros in public funding from the European Union, the federal government, and the state of North Rhine-Westphalia.

The funding round was led by the Companisto Business Angel Network together with existing and new co-investors. In addition, the company says it is already in advanced talks with other venture capital investors.

Cancer Diagnostics Directly During Surgery

Refined Diagnostics is developing an imaging diagnostic system based on Raman laser technology, the scientific principles of which were recognized with a Nobel Prize.

The technology analyzes the molecular fingerprint of tissue and can thus distinguish between healthy and pathologically altered tissue within a few minutes. Unlike traditional methods, in which tissue samples are often examined only in the laboratory, the system is designed to enable analysis directly during a surgical procedure.

In cancer surgery in particular, this could help make medical decisions faster and more precisely and avoid unnecessary follow-up procedures.

Clinical market launch planned for 2027

With the new capital, Refined Diagnostics intends to take the next crucial step in development: obtaining approval as a medical device.

The company plans to complete its ongoing clinical trials, obtain CE marking as an in vitro diagnostic (IVD), and establish production and distribution. The clinical market launch is scheduled for 2027.

According to the company, concrete purchase inquiries from hospitals have already been received even before the official market launch.

AI to Further Improve Diagnoses in the Future

In the long term, Refined Diagnostics aims to expand its platform to include AI-powered diagnostic tools. These are intended to help physicians evaluate tissue analyses more quickly and make personalized treatment decisions in the future.

The business model combines the sale of diagnostic systems with recurring revenue from leasing and service contracts.

Spin-off from the University of Münster

Refined Diagnostics was founded in 2019 as a spin-off from the University of Münster by Dr. Max Brinkmann, Dr. Tim Hellwig, and Christoph Seidenstücker.

In addition to clinical diagnostics, the company is already developing laser systems for research institutions worldwide, including applications in Raman microscopy and quantum technology.

With this latest round of funding, the focus is now shifting to the clinical application of the technology for the first time. If the market launch proceeds as planned, Refined Diagnostics could help make cancer diagnostics in the operating room significantly faster and more precise.