BioCam has raised PLN 2M from Level2 Ventures for further development of its AI-powered endoscopic capsule
The developer of a remote, painless system for diagnosing and monitoring gastrointestinal health using a smart pill, AI-powered medtech BioCam, has secured further funding. The Level2 Ventures fund has invested PLN 2 million and will support the company in the further development of its non-invasive endoscopy technology. The new partner joined the ranks of investment funds (LT Capital) and business angels (Dawid Urban) already present. Pilot testing of the technology on patients is underway - the company plans to test at least 200 patients by the end of next year in medical experiments and clinical trials. In its development plans, BioCam is considering the possibility of using the capsule for temperature measurement, biopsies, precision drug release and use in pets, among other applications.
The company has so far raised capital from investment funds such as LT Capital and business angel David Urban, an investor with experience in the new technology industry. Level2 Ventures, a venture capital fund operating in Central and Eastern Europe since 2021, has joined the company's investors. Level2 invests in technology startups within B2B SaaS, AI-based solutions, WEB 3.0 & Blockchain, Sustainability, Med Tech and Pet Tech at Pre-Seed, Seed and Round A stages. Founded and led by experienced ICT CEOs Adam Rudowski and Piotr Pawlowski. It makes investments in startups using a customized smart money+ formula, including a wide range of support in the areas of strategy, management, operations, marketing under the Development4Startups Program.
The value of the investment ticket granted by Level2 Ventures to the creators of the Polish endoscopic capsule is PLN 2 million. BioCam's total external financing raised by the company since 2020 is around PLN 10.5 million.
- At Level2 Ventures, we are convinced that BioCam has huge market potential both in Poland and internationally. Precise and painless examination of the gastrointestinal tract using the potential of AI, has the potential to significantly change the way we view healthcare today and contribute to improving the health and quality of life of many people. At the same time, the company's ambitious development plans and potential entry into new verticals backed by a committed and experienced team, significantly increase the likelihood of success. We are counting on Level2 Ventures' support in both strategic and capital areas to significantly accelerate the company's plans - emphasizes Piotr Pawlowski, managing partner of Level2 Ventures.
Early, painless and easy detection of pathology is not a myth
Wroclaw-based startup BioCam has succeeded in developing a revolutionary system that allows the entire digestive system to be examined at home. Powered by artificial intelligence, the precise and painless endoscopic examination method allows early detection of gastrointestinal disorders, including malignant tumors. Along with the endoscopic capsule, the company has developed an AI-supported image analysis system that enables automatic detection of pathological changes and supports the doctor in the diagnostic process. The innovative approach significantly reduces the examination and analysis time, saving time for both the patient and the doctor.
Currently, the company's R&D team is focusing on adapting the hardware platform for completely remote examinations, including at home, and integrating the endoscopic capsule with a mobile application, telemedicine platform and AI algorithms.
- At the moment, we are in the process of medical experimentation of the technology - pilot studies are being conducted on volunteer patients under the supervision of experienced doctors in one of the leading medical institutions in Wroclaw. Testing capsule endoscopy in real conditions allows us to modify and optimize the parameters of the solution on an ongoing basis. By the end of next year, we plan to test at least 200 patients in Poland and abroad during medical experiments and clinical trials. We are confident that this scale of testing will allow us to refine the current parameters of the device before entering the commercial market. In addition, we are in talks with industry corporations regarding potential joint commercialization of the solution and are determining the details of the planned pilots - says Maciej Wysocki, CEO and co-founder of BioCam.
Each patient tested brings the company closer to obtaining CE and FDA medical certifications and implementing the Polish endoscopic system into the commercial market.
BioCam is moving into the future - new opportunities and new markets
The company's development plans include research into the possibilities of using endoscopic capsules beyond their conventional application. BioCam is currently working on its own hardware platform, which in the future is expected to enable the capsules to be used to measure various physiological parameters, such as temperature, pH and differential pressure. The startup is also considering the potential use of endoscopic capsule technology to illuminate tissues with different lengths of light (known as NBI), perform contrast studies, biopsies, and remotely release drugs or vaccines.
In parallel, BioCam is considering making the solution available to the veterinary sector, which enables faster commercialization thanks to fewer regulatory requirements. This is because the existing system already allows precise examination of the digestive system in dogs over 7 kg. The company, together with veterinary experts, plans to launch clinical trials on dogs in the second half of 2023.
- The lack of regulations in the area of pets may cause us to see the commercialization of the endoscopic capsule for four-legged dogs even before the implementation of the endoscopic system for humans - concludes Maciej Wysocki, CEO of BioCam.