Lithuanian medtech Oxipit closes a $4.9M funding round

The Vilnius-based AI medical imaging company Oxipit has closed a $4.9 million funding round to advance its medical solution and expand into new markets. Taiwania Capital, Practica Capital, and Coinvest Capital co-led this round, angel investors also participated.

• Oxipit develops AI applications for diagnostic medical imaging. The company was launched in 2017 and aims to introduce innovative artificial intelligence breakthroughs to everyday clinical practice.
• One of the Oxipit product is ChestLink, an autonomous imaging software that can significantly reduce the workload of radiologists in the primary care setting and automates 15-40% of daily reporting workflow. Another product is Oxipit Quality, a virtual radiologist assistant. Oxipit Quality detects any mistakes in the medical report and instantly notify the radiologist to take another look. 
• The fresh round was led by Taiwania Capital, which operates six funds with total assets of $865M under management. Taiwania’s latest $200 million CEE fund targets biotech, fintech, aerospace, electric vehicle, and robotics. Recently, the VC fund led the round for Slovak Photoneo Brightpick Group, a provider of warehouse automation solutions for e-commerce, AIN.Capital informs. 
• Another leading investors, Lithuanian VCs Practica Capital launches new €70 million fund in December 2022, and CoInvest Capital that recently secures €300,000 for medtech Vilimed. 
• Oxipit will spend the investment to advance its development of autonomous AI medical imaging applications and support market expansion into new geographic regions, with particular focus on the United Kingdom.