Medicalgorithmics, an AI-focused MedTech company listed on the sWIG80 index of the Polish Stock Exchange, announces a significant partnership with a European leader in global cardiac diagnostic services. Medicalgorithmics will provide a comprehensive technology platform for cardiac arrhythmia diagnosis, utilizing its proprietary artificial intelligence (AI) algorithms. This system has already been successfully commercialized in 22 countries, with regulatory clearances enabling entry into over 50 countries.
As per the signed “Memorandum of Understanding,” the initial phase of cooperation includes piloting Medicalgorithmics’ diagnostic platform and AI algorithms with the partner’s existing customers. Concurrently, the parties are negotiating the commercial terms for both the pilot program and this strategic technology and business partnership.
The contemplated business collaboration includes integrating Medicalgorithmics’ advanced AI-powered diagnostic platform into this European partner’s operations. The pilot program aims to implement Medicalgorithmics’ technology within a select group of the partner’s customers. Notably, the new partner currently uses devices from multiple reputable vendors, some of which are already integrated with Medicalgorithmics’ platform, potentially expediting the commercial launch of this collaboration.
This partnership is another critical step in executing Medicalgorithmics’ new strategy of focusing on providing our cutting-edge AI-powered software to drive a variety of hardware devices and support different manufacturers and testing organizations.
The partnership demonstrates Medicalgorithmics’ commitment to advancing cardiac healthcare through AI technology. The company’s AI powered system, now renowned for accurately detecting a broad spectrum of cardiac abnormalities, is expected to improve the efficiency and effectiveness of cardiac arrhythmia diagnostics.
“This partnership is significant for Medicalgorithmics as we are becoming a leading technology provider for a wide variety of organizations in the rapidly growing cardiology services sector. Our ambition is to be a global market leader whose AI technology flexibly integrates with operations of a variety of organizations. Our diagnostic platform, powered by advanced AI algorithms, is among the most sophisticated solutions available globally. It can detect 26 types of cardiac abnormalities and automate ECG signal analysis, substantially reducing report wait times (in some instances by as much as 20 times). This specific global service provider has quickly recognized the advantages of our technology, confirming our strategy to market the diagnostic platform as a standalone product, compatible with a wide variety of cardiac monitoring devices,” states Jaroslaw Jerzakowski, COO at Medicalgorithmics.
Recently, Medicalgorithmics announced collaborations with two global cardiac monitoring service and device providers. Pending successful evaluations, currently under way, Medicalgorithmics will widen the reach of our platform for analyzing ECG recordings, via long-term, strategic technology partnerships with market leaders.
Aligned with its growth strategy announced in June 2023, developed with the main shareholder Biofund Capital Management LLC, Medicalgorithmics has transitioned from being a provider of a closed ecosystem of cardiac diagnostics linked to proprietary devices. The company is now concentrating on marketing its proprietary AI- powered ECG analysis system as a standalone product, integrating it with partners’ devices and IT systems. Medicalgorithmics’ software is now being provided as a service, with new compensation models including fees based on the volume of ECG data analyses.
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