Synaptiq opened a new investment round for private investors

Synaptiq opened a new investment round for private investors

April 10, 2023

The MedTech startup Synaptiq, RubikEDU incubator alumni, opened a new investment round, this time for private investors, through SeedBlink.

We first met the team back in 2021, when they joined our RubikEDU incubator as a pre-MVP (minimum viable product) startup. Since then, we continued to support them in their startup journey. Now, they are raising a new round of investments, worth 600,000 euros.

Roxana Sabau, co-founder Synaptiq, says:

“Building a startup in the MedTech field is a multifaceted challenge that goes beyond business development. It involves expanding your network, understanding business needs, and breaking into the market. Developing software dedicated to the medical industry requires both courage and support. We, Synaptiq, were fortunate enough to participate in the RubikEDU program from the beginning of our journey. It was an amazing experience with incredible people who motivated us to keep going, and with their support, we established a valuable network. Rubik Hub is a dynamic community where everything can feel like a game, even if the outcomes are very serious and fulfilling.

For the past two years, we have stayed in touch with this incredible community and its members who provided us with support throughout our journey. As alumni, we are always eager to participate in any event they arrange in Piatra Neamt or connect with them in different environments.”

What does Synaptiq do

Founded in 2020 in Cluj, Synaptiq developed the Mediq software, an AI-based solution specialized in optimizing cancer treatment through radiotherapy.

Mediq is a digital solution of high precision and performance, based on the processing of data from medical imaging with the help of Artificial Intelligence. Designed and developed in collaboration with reputable doctors and prestigious clinics, the solution reduces the time needed to identify and delineate organs at risk and tumors, from the current average of 2-4 hours to a maximum of 5 minutes.

The Mediq solution helps radiation oncologists quickly identify and locate tumors and organs at risk, allowing them to make better treatment decisions for millions of cancer patients worldwide. In Europe, one in four patients who need radiotherapy doesn’t receive it because of a lack of medical staff and lengthy procedures. Every year, over 20 million people are diagnosed with cancer worldwide, and half of them require radiotherapy.

About this investment round

The investment round open now is worth 600,000 euros. Out of this, 160,000 euros is open for private investors on SeedBlink. If you’re interested, you can invest any amount starting at 2500 euros and get shares of Synaptiq.

The company is valued 4.8 million euros (pre-money) at this round, and the other 440,000 euros have already been invested by existing and new investors from the previous round (who came with follow-on investment) and by the new partner, Fortech Investments.

The money raised in the current investment round will go towards completing the European Level Certification for the Mediq solution and conducting a complete clinical trial to meet the requirements for accreditation. This will allow Mediq to be used in radiotherapy clinics throughout Europe, while also adding new features and functionalities to the application.

Milestones

Below are just a few milestones Synaptiq has achieved until now:

• Attracted a round of pre-seed investment worth 250,000 euros in the first year of activity
• Received a non-refundable grant of 158,000 euros from the Norwegian fund Innovation Norway
• Gained the trust of several major shareholders: Cleverage VC, Gapminder VC, and the angel investor Daniel Istrate.
• Developed a fully functional version of the software solution, which has already been implemented and is being tested in eight medical radiotherapy clinics
• Already has a team of 15 professionals, including software engineers and business experts, with university degrees and PhDs obtained in Bucharest, Munich, Amsterdam, Heidelberg and Bristol, to a group of five radiation oncologists with a rich experience in oncological clinical activity
• In June 2022, won first place at the InnovX-BCR Demo Day (Startup Alliance – Article 5)
• In February 2023, won the Best Pitch Award at the Smart Health Technology Forum, organized by Medic Nest

Why invest in Synaptiq

Do you want to support a cause that will positively impact countless lives? Do you believe in Synaptiq’s ambitious mission of making a difference in the fight against cancer? Do you wish cancer patients would have better chances when it comes to treatment?

This is your chance to easily invest in Synaptiq and become a shareholder. More details on this link.

We want to congratulate Roxana, Dragos, and the entire team for such great achievement and for contributing to making the world a better place! #WeAreInThisTogether