Xylexa, a Pakistan-based, early-stage health-tech startup, has raised an undisclosed pre-seed round led by Epiphany’s angel investors’ network. Xylexa has developed a computer-aided diagnostics (CADx) platform using Artificial Intelligence and images processing approach to assist healthcare providers with automated, accurate, timely and cost-effective medical image diagnosis. Using pathology-verified data, Xylexa’s computer vision and ML algorithms analyze and interpret a patient’s medical image (mammogram) to detect breast cancer. Xylexa’s early detection methods and algorithms improve Radiology workflow while saving lives and optimizing diagnostics’ accuracy, cost and time.
“In 2018 alone, over 2 million women were diagnosed with breast cancer where over 600,000 perished; equivalent to one woman dying every minute. Missed diagnosis led to a number of those deaths while costs related to over-diagnosis exceeded $4 Billion in the US alone. Xylexa aims to not only assist caregivers in diagnosing cancer at an early stage, but will also help reduce costs associated with over-diagnosis. With early detection, we believe our platform will not only save lives, but will also improve a patient’s quality of life, said Shahrukh Babar, CEO and Co-founder of Xylexa.
Xylexa’s platform is available as a SaaS-based pay-per-study offering, incorporating Cloud-based PACS, DICOM and Data Analytics, offering diagnostics and analytics, systemic disease detection and auto report generation capabilities. Industry analysts estimate the mammography CAD market currently worth $400 million, but growing at a 10.7% CAGR to $914 million by 2024. Subsequently, AI and Deep Learning-based Computer-aided Diagnostics platforms (CADx) market is projected to grow to $16 Billion over next 10 years.
“This investment will enable Xylexa to advance its current technology while supporting clinical trials and pilots, due to begin during Q2, 2020 in Europe. It will also pave the way for the company to fast-track mammography-related diagnostics capabilities to systemic disease detection such as congestive heart failure, superior vena cava syndrome, dermatosis, etc. As an extension of our team, Epiphany and its angel investors are assisting the company with access to data, developing commercial pipelines in new markets, and raising the next round of funding.” said Shahid Abbasi, COO and Co-founder of Xylexa.
Epiphany’s angel investor stated, “As an expat investor in Pakistan, I was previously skeptical about investing in startups in the country, but having found the Epiphany team and seeing firsthand how they select, incubate and accelerate startups, I was amazed that such an organization exists in the country. Not only have they helped me select investments, but they also helped on various parts of the investment DD. By investing and helping Xylexa on its journey, with its awesome founder and team, we hope that this is a start to better identify cancer, reduce the cost of diagnosis and propel Pakistan onto the global health-tech stage.”
Reflecting on the investment, Epiphany’s Founder, Samar Hasan described the transaction as a “culmination of our team’s efforts to support impact startups in Pakistan not only with advisory services, but also funding opportunities. We’d also like to thank our angel investor for his vote of confidence.”
Founded in 2017, Epiphany accelerates high-growth impact startups by offering a time-tested, international curriculum, business support and strategic mentorship. It also helps businesses secure pre-seed and seed funding through its network of angel and institutional investors. It also optimizes businesses through customized advisory services and design and conduct bootcamps, hackathons and community events to foster entrepreneurship and cultivate a unicorn mindset.