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Press release: Synaptiq raises new investment round, open for the private investors through the SeedBlink platform

April 4, 2023 News

The Cluj-based medical software company Synaptiq, which developed the Mediq software, specialized in optimizing cancer treatment, raises a new round of investments, worth 600,000 euros.

Part of this investment, worth 160,000 euros, is open starting today for private investors on the SeedBlink platform. Interested investors will be able to subscribe to any amount, starting from 2500 Euros, directly through SeedBlink, receiving shares of Synaptiq, which is valued at this round at a total of 4.8 million Euros (pre-money).

The other 440,000 euros of this investment round in Synaptiq are already subscribed by the existing investors from the previous round (who came with follow-on investment) and by the new partner, Fortech Investments. Recently established in Cluj, the investment fund Fortech Investments is the lead investor for the current round, thus joining the other major shareholders of the Synaptiq business initiative: Cleverage VC, Gapminder VC, and the angel investor Daniel Istrate.

Built in Cluj in 2020, the HealthTech company Synaptiq managed to attract a round of pre-seed investment worth 250,000 euros in the first year of activity. Later on, the company received a non-refundable grant of 158,000 euros from the Norwegian fund Innovation Norway. Funds raised in the first two years were used to develop a fully functional version of the software solution, which has already been implemented and is being tested in eight medical radiotherapy clinics.

The current investment round will be used to complete the European Level Certification of the Mediq solution and to carry out the full clinical trial required for the accreditation. This will enable the deployment of Mediq in radiotherapy clinics across all Europe, in parallel with the addition of new features and functionalities in the application. 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.

“By investing in Synaptiq, you will make a real difference in the fight against cancer, supporting a cause that will positively impact countless lives. Your investment will support us in giving more people access to the appropriate treatment, thus improving their chances of survival. I invite you to invest together in a better future for the people we love”, says Dragoș Dușe, co-founder and CEO of Synaptiq.

“HealthTech is one of our main focuses at Fortech Investments, and Synaptiq caught our attention from the beginning. Yes, it is a growing industry, but it still requires high degrees of innovation, especially when it comes to detecting cancerous tumors. Since we’re talking prevention, the earlier the better, so it’s still a long way to go. The team at Synaptiq not only demonstrated that they have a promising solution, but also showed the impact that it already has at this stage of the solution, and that was the factor that convinced us to invest. We will support the Synaptiq project with all our strength so that together we can have an even bigger impact in the lives of people across the globe”, says Valentin Filip, managing partner of Fortech Investments, the main investor in the current round.

Synaptiq has currently 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. Nominated several times as “The best start-up” in the field of Artificial Intelligence, both locally and internationally, Synaptiq has won prestigious competitions such as InnovX and successfully participated in world-class medical and technology events (ESTRO, Medica), offering demonstrations of the Mediq app’s functionality.

“We are excited to partner with Synaptiq and to continue to support their growth as we announce our recent follow-on investment. Our decision to further invest was based on several factors. Firstly, we were impressed by the founding team’s enthusiasm, vision, and determination. Secondly, the company’s technology is highly differentiated and addresses a critical need in the healthcare market. Their solution provides actionable insights to healthcare professionals, enabling them to make better decisions and improve patient outcomes. Finally, we believe that Synaptiq has the potential to transform the way healthcare is delivered, making better care quality, and lowering costs”, declares Alexandru Popescu, managing partner of Cleverage VC Fund, one of Synaptiq’s long-term investors.

The Mediq solution will allow radiation oncologists to identify and delineate in an extremely short time the tumors and organs at risk, to quickly make the best treatment decisions and thus increase the chances of survival for millions of patients all around the world. In Europe, a quarter of patients diagnosed with cancer who need radiotherapy don’t receive the treatment due to the lack of medical staff and the complexity and long duration of the procedures. Each year, more than 20 million people worldwide are diagnosed with cancer, half of them needing radiotherapy treatment.

“I met the Synaptiq team at the ESTRO conference in 2022. They were the only Romanian company showcasing at one of the biggest radiotherapy conferences in Europe, which was pleasantly surprising. As I got to know them better, I understood the why behind their motivation and this made me be sure they would succeed. They have a great team of motivated specialists which allows them to build such complex yet useful software. I wish them the best of luck in their fundraising journey and look forward to continuing to work with them”, says Dr. Ștefănel Vlad, Executive Director of Radiotherapy Neolife Bucharest.

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