Ligence Company Profile

Background

Overview

Ligence, established in 2019 and headquartered in Vilnius, Lithuania, is a deep-tech startup specializing in the automation of echocardiography through artificial intelligence. The company focuses on enhancing the efficiency and accuracy of cardiac ultrasound analysis, aiming to alleviate the manual workload of medical professionals and improve patient outcomes.

Mission and Vision

Ligence is committed to revolutionizing cardiac diagnostics by integrating advanced AI technologies into echocardiography. Their vision is to streamline the diagnostic process, enabling healthcare providers to deliver faster and more precise cardiac assessments.

Industry Significance

By automating the analysis of cardiac ultrasound images, Ligence addresses the global challenge of cardiovascular diseases, the leading cause of death worldwide. Their technology not only reduces examination time but also enhances diagnostic accuracy, thereby contributing significantly to the healthcare industry.

Key Strategic Focus

Core Objectives

Ligence aims to:

Automate the analysis of cardiac ultrasound images to reduce manual workload.

Improve diagnostic accuracy and efficiency in echocardiography.

Integrate seamlessly with existing hospital systems to enhance workflow.

Areas of Specialization

The company specializes in:

Deep learning algorithms for medical imaging.

Development of AI-driven software solutions for cardiology.

Key Technologies Utilized

Ligence employs:

Deep learning and machine learning algorithms.

Advanced image recognition and processing techniques.

Primary Markets Targeted

Ligence targets:

Healthcare institutions and hospitals.

Cardiologists and sonographers seeking efficient diagnostic tools.

Financials and Funding

Funding History

Ligence has secured multiple funding rounds to support its growth and development:

July 2020: Received a grant of $66.4K.

July 2020: Raised $410K in an Early Stage VC round.

June 2021: Secured additional grant funding.

October 2021: Obtained further grant support.

February 2022: Received another grant.

December 2022: Completed an Early Stage VC round.

August 2023: Secured additional Early Stage VC funding.

May 2024: Participated in an Accelerator/Incubator program.

Notable Investors

Ligence's investors include:

MedTech Innovator

Lemonade Stand (Estonia)

European Innovation Council Fund

CoInvest Capital

Lithuanian Business Angel Network

Utilization of Capital

The funds have been allocated towards:

Research and development of AI-driven echocardiography solutions.

Expansion of the technical and operational teams.

Regulatory compliance and market entry strategies.

Pipeline Development

Key Products

Ligence Heart: An AI-powered platform for automated analysis and reporting of 2D transthoracic echocardiography studies.

Development Stages

Clinical Validation: Ongoing trials to ensure accuracy and reliability.

Regulatory Approvals: Achieved CE Class IIa certification under MDR.

Target Conditions

Cardiovascular diseases requiring echocardiographic assessment.

Anticipated Milestones

Completion of clinical trials.

Expansion into new markets.

Continuous software updates and enhancements.

Technological Platform and Innovation

Proprietary Technologies

Deep Learning Algorithms: Trained to recognize various heart images and perform precise measurements.

Significant Scientific Methods

Automated Image Segmentation: For accurate identification of heart anatomical features.

Functional Assessment Tools: To evaluate cardiac performance metrics.

Leadership Team

Arnas Karužas, MD: Co-Founder & Chief Executive Officer

Dovydas Matuliauskas, MD: Co-Founder, Chief Financial Officer & Chief Business Development Officer

Justinas Balčiūnas: Chief Operating Officer

Antanas Kiziela, MD: Co-Founder, Chief Information Officer, Deep Learning Engineer, and Co-Chief Technology Officer

Karolis Šablauskas, MD: Co-Founder, Chief Product Officer, Co-Chief Technology Officer, and Chairman

Leadership Changes

As of the latest available information, there have been no recent significant changes or appointments within Ligence's leadership team.

Competitor Profile

Market Insights and Dynamics

The market for AI-driven medical imaging solutions is experiencing rapid growth, driven by the increasing prevalence of cardiovascular diseases and the demand for efficient diagnostic tools.

Competitor Analysis

Caption Health: Focuses on AI-guided ultrasound imaging.

Ultromics: Specializes in AI solutions for cardiovascular imaging.

HeartFlow: Provides AI-based analysis of coronary CT angiography.

Strategic Collaborations and Partnerships

Ligence has engaged in partnerships to enhance its market position and innovation capacity, including participation in the EIT Health InnoStars Awards, where it secured funding and mentorship opportunities.

Operational Insights

Strategic Considerations

Ligence differentiates itself through:

A strong focus on AI-driven automation in echocardiography.

Seamless integration with existing hospital systems.

Compliance with leading medical standards and certifications.

Strategic Opportunities and Future Directions

Strategic Roadmap

Product Enhancement: Continuous improvement of AI algorithms and software features.

Market Expansion: Entry into new geographical markets and healthcare institutions.

Regulatory Approvals: Pursuit of additional certifications to broaden market access.

Opportunities for Expansion

Telemedicine Integration: Adapting solutions for remote diagnostics.

Collaborations: Partnering with medical device manufacturers and healthcare providers.

Positioning for Future Objectives

Ligence's commitment to innovation and quality positions it to effectively address the evolving needs of the healthcare industry and achieve its strategic goals.