RAYDIAX secures €3.5 million in fresh capital to develop its therapy assistance computed tomography system in the fight against cancer

October 26, 2023

  • RAYDIAX, a Magdeburg spin-off of the STIMULATE research campus, secures a total of €3.5 million in seed funding and grants
  • The capital will be used to advance the development of RAYDIAX’s assistance system for image-guided, minimally invasive cancer interventions up to the pre-clinical prototype and to accelerate market development in Europe and the US
  • Investors in the seed round include High-Tech Gründerfonds (HTGF), bmp Ventures with the IBG funds and experienced business angels. In addition, RAYDIAX receives public funding from the German Federal Ministry for Economic Affairs and Climate Action (BMWK)
  • RAYDIAX is aiming to significantly expand the use of minimally invasive therapies with the launch of the therapy assistance CT “TACT”, addressing demographically driven challenges in healthcare
  • Minimally invasive therapies in many cases offer the potential to deliver cancer treatments on an outpatient basis rather than an inpatient setting; with this increase in the number of outpatient cases the burden on hospital structures is relieved.

Magdeburg, October 26, 2023 – RAYDIAX, a spin-off of the STIMULATE research campus/ Otto-von-Guericke-University Magdeburg, is developing an image assistance system based on the principles of computed tomography for use in minimally invasive cancer treatments. The company secures €3.5 million in fresh capital to advance the development of the preclinical prototype and prepare for market entry in Europe and the USA. A seed round of €2.4 million is led by HTGF and bmp Ventures with IBG funds. In addition, RAYDIAX will receive €1.1 million in funding through a top-up of an “EXIST: transfer of research” grant from the German Federal Ministry for Economic Affairs and Climate Action (BMWK).

We pursue the goal of sustainably strengthening cancer therapy through high-tech medical technology. Minimally invasive image-guided interventions offer numerous advantages for patients. With our targeted image-assistance system TACT, we are unleashing a completely new potential that will significantly expand the range of applications of these very gentle interventions, benefiting in particular patients for whom surgical cancer treatment appears to be too risky. With the closing of this financing round, we are in an optimal position to further develop our system in close.

Dr. Thomas Hoffmann, CEO and co-founder of RAYDIAX

Minimally invasive therapies in cancer care

Cancer is among the leading causes of death worldwide, and even number one in wealthy countries. Open-surgical therapies are often too risky and thus unsuitable for treating very old patients in poor general health conditions. Minimally invasive therapies are a promising form of treatment for this patient group. In this type of therapy, millimeter-thin surgical instruments are inserted through the skin into the tumor under image guidance. A local application of energy leads to the death of the malignant cells. Due to the low degree of injury, patients can recover more quickly, hospital stay times are significantly shortened, thus saving costs, and additional treatment capacity is created.

Establishment of a new product category: therapy assistance computed tomography

The particular challenge with this form of therapy is to place the instruments with sub-millimeter accuracy in a pre-planned surgical area so that the energy input can be targeted in the tumor. With the TACT, RAYDIAX is developing an imaging device which for the first time provides assistance with therapy planning, execution and monitoring within a dedicated overall system. The requirements for the system were defined by numerous physicians in Germany and Europe. The imaging itself centres on the principle of X-ray-based computed tomography. The RAYDIAX system is characterized by a minimized use of X-rays, resulting in patient-friendly care and safer work conditions for clinical staff.

RAYDIAX’s development of the TACT is a clear look into the future of minimally invasive cancer surgery. It takes courage and a great deal of expertise to develop a highly complex large-scale medical product. These are precisely the qualities that RAYDIAX’s founding team combines, and we see clear potential.

Dr. Jan Engels, Investment Manager at High-Tech Gründerfonds

As a deep-tech investor, we were particularly impressed by the profound scientific basis of RAYDIAX’s approach and the outstanding technical expertise of the founding team. We see a clear medical need in interventional radiology, which the company addresses with its TACT system.

Philipp Kopp, Investment Manager at bmp ventures

Science transfer through long-term research funding

RAYDIAX is a spin-off of the Magdeburg STIMULATE research campus. The renowned research center for minimally invasive image-guided therapies provides the ideal environment for device and company development.

We are very proud that with RAYDIAX another high-tech medical technology company could be established in Magdeburg. The basis for such developments is the constant research support in the field of image-guided medicine at the STIMULATE research campus over the past 10 years. I am particularly pleased that the team of five former scientists and research group leaders is now taking the opportunity to transfer the results of the recent years into clinical application. We are very pleased that the long-term commitment of the Otto-von-Guericke-University, the city of Magdeburg, the state of Saxony-Anhalt, and the Federal Government makes such economic developments possible.

Prof. Dr. rer. nat. Georg Rose, Chairman of the Board of “STIMULATE research campus”

RAYDIAX_Founders
Team of RAYDIAX (Picture: RAYDIAX)

Image content: LINK

About RAYDIAX
The company was founded in 2022 and is headquartered at the STIMULATE research campus in Magdeburg’s “science-harbour”. The scientific company is a spin-off by scientists from the Otto-von-Guericke-University Magdeburg. The foundation of the company was based on a 3-year EXIST research transfer grant from the German Federal Ministry for Economic Affairs and Climate Action (BMWK), which was approved in 2021. The focus of technical development is on both the hardware and software areas of computed tomography scanners.

Press contact
Dr. Thomas Hoffmann, CEO RAYDIAX
+49 391 67 57027
pr@raydiax.com

About bmp ventures/IBG Funds
bmp Ventures is a Berlin-based technology investor with 25 years of active investment experience and one of the most experienced VCs in Germany. The track record includes ten managed VC funds and more than 260 investments. bmp currently manages the IBG funds, the venture capital funds of the federal state of Saxony-Anhalt. IBG provides venture capital to innovative companies with sustainable, high growth potential and headquarters in Saxony-Anhalt.

Contact
Philipp Kopp, Investment Manager
pkopp@bmp.com
https://www.bmp.com/

About EXIST “Transfer of Research”
EXIST “Transfer of Research” is a funding line of the EXIST programme of the Federal Ministry for Economic Affairs and Climate Action (BMWK) to support business start-ups from academia. EXIST is supervised by “Projektträger Jülich” (PtJ). The aim of EXIST research transfer is to support founders at universities and research institutions in preparing for start-ups and implementing technically particularly risky and complex development work, the results of which form the basis for an economically viable start-up. Funding in the EXIST research transfer is open to topics and technologies. In 2022, approx. €33 million were approved as part of the EXIST Transfer of Research (Phase I) funding line.

Media contact
ptj-exist-forschungstransfer@fz-juelich.de
+49 30 20199 411

About the STIMULATE research campus
At the STIMULATE research campus, interdisciplinary teams from hospitals, companies and scientific institutions work hand in hand to research and develop solutions and technologies for highly innovative therapy and diagnostic procedures in image-guided minimally invasive medicine. The innovative medical technology is designed specifically for the improved treatment of cancer and vascular diseases. STIMULATE is a public-private partnership between the Otto-von-Guericke-University Magdeburg, Siemens Healthcare and the STIMULATE Association. STIMULATE is funded as part of the “Research Campus” initiative of the Federal Ministry of Education and Research, supplemented by funding from the European Regional Development Fund (EFRE) in Saxony-Anhalt.

Media contact
STIMULATE research campus
Dr. Jasmin Lother
+49 391 67 57276
Jasmin.Lother@ovgu.de

About High-Tech Gründerfonds
The seed investor High-Tech Gründerfonds (HTGF) finances tech start-ups with growth potential and has supported more than 700 start-ups since 2005. With the launch of its fourth fund, HTGF now has about 1.4 billion euros under management. Its team of experienced investment managers and start-up experts support young companies with expertise, entrepreneurial spirit and passion. HTGF’s focus is on high-tech start-ups in the fields of digital tech, industrial tech, life sciences, chemistry and related business areas. To date, external investors have injected about 5 billion euros of capital into the HTGF portfolio via more than 2,000 follow-on financing rounds. In addition, HTGF has already successfully sold shares in more than 170 companies.
Fund investors in this public-private partnership include the German Federal Ministry for Economic Affairs and Climate Action, KfW Capital and 45 companies from a wide range of industries.

Media contact
High-Tech Gründerfonds Management GmbH
Tobias Jacob, Senior Marketing & Communications Manager
+49 228 82300 121
t.jacob@htgf.de

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