The U.S. imaging services market is on a significant upward trajectory, valued at $144.8 billion in 2023 and projected to grow to $192.9 billion by 2030. This expansion is fueled by an increasing number of cancer and cardiac cases, along with continuous advancements in medical imaging technologies. As diagnostic imaging remains essential to modern medicine, the sector is expected to grow by nearly 6% annually from 2022 to 2027, supported by the rise of diagnostic centers and an aging population that will soon surpass 74 million people over the age of 65.
Segmed, Inc. is advancing the medical imaging industry with a unique strategy that leverages the potential of varied imaging data for artificial intelligence development and clinical research. Segmed has created a platform that combines a variety of de-identified imaging data by working with hundreds of healthcare providers. With the help of this platform, innovators may create comprehensive cohorts in their own settings, bringing a new degree of accuracy to patient treatment and advancing the field of precision medicine.
To support its vision, Segmed recently secured $10.4 million in Series A funding. This oversubscribed round was led by iGan Partners and Advocate Health, with additional backing from Castellan Group, Engine Health Capital, Bold Brain Ventures, Fox Chase Cancer Center, and Y Combinator. The funding represents not just financial backing but a strong endorsement from key players in both healthcare and venture capital.
“We are thrilled to partner with such a select group of health systems and healthcare technology investors to support Segmed as they continue to shake up the healthcare industry with their innovative approach to real-world imaging data,” said Sam Ifergan, Managing Partner at iGan Partners. “Segmed’s platform is poised to make a significant impact on patient care and healthcare outcomes, and iGan is ready to back their dynamic growth and the substantial influence they are set to wield in healthcare technology.”
Emilie McKenna, Managing Director of Strategic Development and Investment at Advocate Health, echoed this enthusiasm, highlighting the alignment between Advocate Health’s mission and Segmed’s goals. “Advocate Health has always led the way in using innovation to meet the health needs of individuals, families, and communities,” McKenna noted. “We’re driven by the mission to advance the science of medicine, and our dedication to developing the most comprehensive provider-based research data set in the country aligns perfectly with Segmed’s goals. We’re excited to support Segmed in unlocking imaging data to accelerate medical research.”
Reflecting on the company’s progress, Segmed’s CEO and co-founder, Martin Willemink, acknowledged the importance of this funding and the expertise it brings. “When we founded Segmed five years ago, our goal was to revolutionize medical imaging research and improve patient outcomes. Today, with the continued support of investors like iGan Partners and Y Combinator, and the addition of clinical leaders like Advocate Health and Fox Chase Cancer Center, we are well on our way,” Willemink shared. “Their expertise and guidance will be invaluable as we continue to develop cutting-edge solutions that will shape the future of healthcare.”
Segmed’s journey also includes a comprehensive corporate rebrand, introducing Openda as the new identity for its Insight Platform. This rebrand reflects Segmed’s broadened mission beyond AI healthcare data to include significant contributions to the biopharmaceutical and life sciences industries. The launch of Openda marks a new phase for Segmed, emphasizing its commitment to providing high-quality, real-world imaging data to healthcare professionals and researchers worldwide. This transformation is complemented by a new logo, vibrant brand identity, and an overhauled digital presence, all underscoring Segmed’s expanding role in the future of medical imaging.
