Sofia Angels Ventures – New Investment Press Release
Sofia Angels Ventures (SAV), a €13M venture fund backed up by EIF for angel and private co-investment, headquartered in Sofia, is pleased to announce its latest investment – CoLumbo – an innovator in AI-driven medical diagnostic software.
CoLumbo, the Varna-based software is the sole spine AI algorithm for MRI with FDA clearance, boasting a CE mark and TGA certification. In the beginning of 2024, the Company raised a EUR 2.2 mln. Late Seed round, led by New Vision 3 Fund and supported by Sofia Angels Ventures, Eleven Ventures and several Angel investors. The legal side of the deal was wholly covered and serviced by our legal partners – DSP Law Office.
Demonstrations with live customers have highlighted CoLumbo’s ability to save 25-50% of the radiologist reading time, to enhance diagnostic accuracy by 15%, and streamline radiologists’ workflow by offering automated segmentation and measurement editable draft report. CoLumbo’s initial offering has successfully secured seven agreements, including three paid clients in France, Spain, and Switzerland.
The company’s business model leverages a B2B approach, offering annual subscription licenses per MRI machine. Demonstrating significant traction, CoLumbo boasts more than €50k in revenues for FY23, with projected revenues of above €350k in FY24, supported by a robust pipeline of customers.
The funding will facilitate the launch of CoLumbo V2, enhance CT Modality capabilities, and target €2M ARR by Q2’25. With plans to establish a corporate presence in the US, CoLumbo is positioned to leverage the global spinal imaging market’s potential, expected to grow at a CAGR of 5.2% from 2020 to 2027.
CoLumbo is set to expand its market reach in the USA and Australia in 2024, and Japan in 2025, following significant traction in Europe.
February 2024
Sofia
