Radformation Company Profile

Background

Overview

Founded in 2016, Radformation is a New York-based company specializing in developing software solutions to automate and enhance workflows in radiation oncology. The company's mission is to improve the lives of clinicians by delivering user-friendly products that increase the safety and quality of cancer treatment. Radformation envisions a radiation oncology clinic where staff are equipped with solutions that supplement their expertise and automate tedious tasks, leading to better patient care globally.

Industry Significance

Radformation has grown to serve over 1,400 radiation oncology clinics worldwide, offering a portfolio of products that streamline all stages of the cancer care treatment process. By leveraging artificial intelligence and specialized workflows, the company enables providers to plan treatments, ensure patient safety, and optimize revenue cycle processes. To date, Radformation has facilitated radiation therapy care planning for patients worldwide, with 30,000 software runs per day across 20 countries, achieving 100% annual revenue growth since its inception.

Key Strategic Focus

Core Objectives

Radformation aims to automate and standardize the treatment planning workflow in radiation oncology, ensuring that any patient, anywhere, can receive high-quality care. The company strives to reduce cancer's global impact and help save more of the 10 million lives it claims every year by delivering reliable, high-quality solutions that aid in providing standardized care.

Areas of Specialization

The company specializes in developing software tools that integrate seamlessly into clinical workflows, enhancing efficiency and accuracy in treatment planning, plan evaluation, and quality assurance processes.

Key Technologies Utilized

Radformation employs advanced algorithms and artificial intelligence to automate error checking and plan generation processes, creating high-quality treatment plans in minutes—a task that traditionally required hours.

Primary Markets Targeted

Radformation targets radiation oncology clinics globally, with a significant presence in the United States and expanding reach in international markets through strategic partnerships.

Financials and Funding

Funding History

• Seed Round (June 2018): Radformation raised $1.6 million in seed funding led by Brooklyn Bridge Ventures and a group of angel investors. The proceeds were used to expand the engineering team and support the growing roster of clinical clients.

• Strategic Investment (July 2023): BVP Forge made a strategic investment in Radformation to accelerate its global growth. This partnership aims to scale the customer growth engine, expand the product portfolio, and enter new market segments.

Intended Utilization of Capital

The capital raised has been utilized to enhance product development, expand the sales and service teams, and support global expansion initiatives.

Pipeline Development

Key Products

• ClearCheck: Automated plan check and documentation software that ensures high-quality treatment plans with over 80 plan checks and instant documentation.

• ClearCalc: Independent calculation software that validates plan accuracy, providing instant dose validation of photon, brachytherapy, and electron plans.

• EZFluence: Software that automatically generates high-quality 3D plans in one click for any beam arrangement and treatment site.

• AutoContour: AI-driven contouring software that automatically segments 50 of the most commonly delineated clinical structures in seconds.

• ChartCheck: Treatment evaluation software that actively monitors patient data in real-time to ensure safety for ongoing treatments.

• QuickCode: Billing QA software that evaluates charges, catching missed or incorrect codes to ensure appropriate compensation.

• RadMachine: Quality assurance software that provides a unified solution for diverse equipment testing needs.

Product Development Milestones

• 2016: Company founded; ClearCheck launched.

• 2017: EZFluence launched.

• 2018: Achieved 25 team members.

• 2019: First overseas installation; 500 clinic installations.

• 2020: ClearCalc and QuickCode launched.

• 2021: AutoContour and ChartCheck launched; 1,000 clinic installations.

• 2022: RadMachine and RadMonteCarlo launched; 1,300 clinic installations.

Technological Platform and Innovation

Proprietary Technologies

Radformation's suite of software tools, including ClearCheck, ClearCalc, EZFluence, AutoContour, ChartCheck, QuickCode, and RadMachine, offer unique automation solutions that differentiate them from competitors in the radiation oncology sector.

Significant Scientific Methods

The company leverages advanced algorithms and artificial intelligence to automate error checking and plan generation processes, creating high-quality treatment plans in minutes.

Leadership Team

• Kurt Sysock, MMP, DABR: Co-Founder & CEO. With six years as a Radiation Oncology Medical Physicist and over ten years in software development, Kurt holds a Master's in Medical Physics from the University of Pennsylvania.

• Elisabeth Van Wie, MS, DABR: Co-Founder & CXO. Elisabeth has five years of experience as a Radiation Oncology Medical Physicist and earned her Master's in Medical Physics from Stony Brook University.

• Alan Nelson, DMP, DABR: Co-Founder & CTO. Alan brings five years of experience as a Radiation Oncology Medical Physicist and over ten years in software development. He holds a Doctorate in Medical Physics from Vanderbilt University.

• Karl Otto, PhD, FCCPM: Chief Scientific Officer. Karl holds a PhD in Physics from the University of British Columbia and a Master's in Medical Physics from McGill University. He is the inventor of VMAT and former co-founder and CEO of HyperDrive Medical and Limbus AI.

• Christine Gnaster, MS, DABR, FAAPM: Vice President of Product. Christine has eight years of experience as a Radiation Oncology Medical Physicist and six years in product management. She holds a Master's in Radiological Medical Physics from the University of Kentucky.

• Wayne Keranen: Vice President of Engineering. Wayne brings 25 years of experience in radiotherapy software engineering and 20 years in engineering leadership. He has led clinical radiotherapy software teams for over ten years.

• Joe Ianni, CMD: Vice President of Global Sales & Strategic Partnerships. Joe has ten years of experience as a Radiation Oncology Medical Dosimetrist and seven years in the radiation oncology software industry.

• Reanna Knoll: Vice President of People. Reanna has ten years of experience in human resources and holds a Master's in Industrial and Organizational Psychology and a Bachelor's in Biochemistry.

• Matthew Monroy: Vice President of Finance. Matthew has over ten years of experience in accounting and finance and holds a BBA in Finance from the University of New Mexico.

Leadership Changes

• May 2021: Joe Ianni appointed as Chief Revenue Officer.

Competitor Profile

Market Insights and Dynamics

The radiation oncology software market is experiencing significant growth, driven by the increasing complexity of cancer treatments and the need for efficient, error-free workflows. Automation and AI-driven solutions are becoming essential in enhancing treatment planning and patient care.

Competitor Analysis

• Flatiron Health: Founded in 2012, Flatiron Health provides oncology-specific electronic health record software and real-world evidence solutions. With over 1,000 employees and significant funding, Flatiron is a major player in the oncology software market.

• Paige: Established in 2017, Paige focuses on AI-powered pathology solutions to assist in cancer diagnosis. The company has secured substantial funding and is expanding its presence in the healthcare technology sector.

• Trapelo Health: Founded in 2009, Trapelo Health offers precision medicine solutions.