RYVER.AI achieves 1.3 million euros in financing round

Munich-based health-tech startup RYVER.AI receives funding to address ethical concerns in medical AI and provide access to high-quality training data for improved AI diagnostics in radiology

Munich, 07.12.2023 - RYVER.AI, a Munich-based health tech startup, has successfully closed a €1.3 million financing round with international investors. The founding team of RYVER.AI, consisting of members of the Technical University of Munich and ETH Zurich, is focused on addressing the lack of data for medical AI without compromising patient privacy. Their main focus is on the development of generative AI that creates datasets from radiological images such as CT, MRI and X-ray. The €1.3 million funding was led by Nina Capital, a Spanish health tech VC. Other investors are Bayern Kapital (Germany) and FundF (Austria).

The capital will mainly be used for technical development. We will continue to hire talented AI developers and invest in computing capacity to ensure the highest image quality.

Simona Santamaria, Head of Research at RYVER.AI

Co-founders Kathrin Khadra and Simona Santamaria have a background in AI research with a focus on ethical aspects. Their main concern lies in medical AI, as existing diagnostic models are not yet reliable for all patient groups. Studies show that AI-based diagnostics in radiology achieve significantly poorer results, especially in ethnic minorities, mainly due to the lack of diverse training and test data.

AI training data business model

Around 80% of medical AI solutions approved in Europe and the US focus on analyzing radiology images, but all providers struggle with the same problem: a lack of diverse data. Companies currently spend up to a year negotiating collaborations with hospitals or pay up to €500 per radiology image reviewed.

Our generative models understand the characteristics of radiologic images and the subtle differences between patient groups, scanners and disease patterns.

Kathrin Khadra, co-founder and CTO of RYVER.AI

RYVER.AI relies on generative AI models to enable medical AI providers to generate diverse test and training data quickly and cost-effectively. This technology is available to a wide range of companies, from specialized startups to large medical technology and pharmaceutical companies.