CurveBeam AI, a bone fragility imaging company, has raised $25M with investment from Tenmile. The company was formed in 2022 when CurveBeam and StraxCorp merged. StraxCorp was spun out of Melbourne University.
Now, the company combines artificial intelligence and deep learning with its diagnostic cone beam CT imaging solution to help in orthopaedics and understanding bone health. The global operations include product development, manufacturing, sales and marketing, are based in Pennsylvania, USA, while the corporate office in Melbourne covers AI R&D, finance and IP functions.
Tenmile (Andrew Forrest's investment firm) was joined by Firetrail Investments and billionaire Brian Flannery's Ilwella and Karst Peak Capital. The round is marked as a pre-IPO round and was originally pegged at $15M, but it was over-subscribed due to strong investor interest. The focus will be on distribution via partners like Styker in the US and Europe. If all goes well, the company will list on the ASX in late 2023.
The business model is two-fold. First is the physical CT scanners manufactured and sold to orthopaedic clinics. Ongoing revenue comes from AI reports, which will be sold to surgeons at tasty 90% gross margins.
