Luxembourg Medtech Startup MDsim Raises €2.3m for AI-Powered Spinal Care Platform

On Tuesday 3 June 2024, Luxembourg-based medical technology startup MDsim announced that it has raised €2.3 million in a seed round to accelerate the development of its AI-powered spinal care platform, SPINEsim.

Kadmos Capital, a UK-based venture capital (VC) firm focused on deep tech, led the oversubscribed seed funding round, which also saw the participation of Astorg Philanthropy Investments, as well as various new and existing business angels and family offices from around the world.

"From the moment we met the founders, it was clear they were building an impactful company," said Remy Kesrouani, Managing Partner at Kadmos Capital. "At Kadmos, we were impressed by MDSim's approach in building simulations to predict spinal conditions using a combination of computer modelling, data and AI".

During the direct fundraising campaign, there was "strong interest" in MDsim's mission among the community. In response, the firm decided to open its cap table to everyone through a crowdfunding campaign in partnership with Capital Cell, a specialised platform for health-focused startups. This initiative attracted more than 75 individual investors.

"We are thrilled and honoured by the trust shown by Kadmos Capital, Astorg Philanthropy Investments and our international community of angel investors, friends and family," commented Roger Assaker, co-founder and CEO of MDsim. "This funding marks a crucial milestone in our journey to deliver patient-specific digital twin technologies that empower clinicians and optimise spine surgery outcomes."

The seed funding is expected to enable MDsim to bring to market the first release of two of its software as a medical device (SaMD) products, designed to assist spine surgeons in planning interventions and preventing degenerative conditions through data-driven, personalised simulations.

With back pain being the leading cause of disability worldwide, MDsim said it is "positioning itself at the intersection of advanced biomechanics, AI and clinical decision support to reshape how spine care is delivered".