MindPeak Raises $3 million to Improve Cancer Diagnostics with Deep Learning

MindPeak Raises $3 million to Improve Cancer Diagnostics with Deep Learning

MindPeak Raises $3 million to Improve Cancer Diagnostics with Deep Learning 150 150 Innovationsstarter Hamburg - Wir fördern Hamburgs Startups.

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MindPeak Raises EUR 3 million to Improve Cancer Diagnostics with Deep
Learning

September 23, 2019

Hamburg, Germany-based MindPeak is developing AI software to improve pathologists’ productivity
and ability to accurately diagnose cancer in clinical settings.

MindPeak, a Hamburg, Germany-based startup developing software to assist histopathologists in clinical
routine cancer diagnostics, today announced that it has raised EUR 3 million in seed funding led by
Innovationsstarter Fonds Hamburg (IFH), with participation from Apex Ventures, Nina Capital, Motu
Ventures and prominent angel investors. MindPeak will use the funds to bring their first product, a
quantification tool for breast cancer, to market and expand their product portfolio to additional cancer
types.

“We thank our team and investors for their support and trust,” said Felix Faber, who founded MindPeak
in 2018 with Dr. Tobias Lang after both lost relatives to cancer. “MindPeak is focused on building the
robust and highly accurate cancer diagnostic support tools that are easily accessible and cost effective
in clinical environments. This funding validates our early progress that we have made working with
leading labs, research institutions, and clinical partners to detect tumor and malignant cells in human
tissue.”

Partnering with renowned research institutes, such as the Charité Hospital Berlin, and clinical labs in
Hamburg and Cambridge, MindPeak has developed software that works out of the box and is robust
against all variations in the lab.

MindPeak’s first product assists the histopathologist in identifying and quantifying the tumorous region
and detecting breast cancer cells, a task that is traditionally very tedious and time consuming for
physicians. Histopathologists generally spend their time examining slides and tissue samples to classify
large numbers of tumor cells, MindPeak’s solution greatly improves the pathologists throughput and
accuracy by supporting them towards detecting and classifying ten times more cells in just a fraction of
the time.

MindPeak’s team is comprised of world-leading data scientists with alumni from Cambridge, UC
Berkeley, SCR Princeton, and TU Munich. CEO Felix Faber is an experienced entrepreneur with past
successful exits and an IPO in his track record. Co-founder Dr. Tobias Lang previously developed deep
learning solutions for large e-commerce companies that are used by millions of people every day. Both
co-founders have educational backgrounds in computer science and artificial intelligence.

“Our investment in MindPeak is part of our strategy to invest in Deep Tech companies that are centered
around a meaningful scientific discovery or unique engineering innovation to improve medical
diagnostics and patient outcomes,” said Apex Ventures Partner Dr. Gordon Euller. “We are thrilled by
MindPeak’s technology and the very positive market response in adopting their products.”

“We are extremely happy to support an innovative company like MindPeak who, in my point of view,
will play an important role in improving patient care. The city of Hamburg has a strong interest of
promoting local champions to form a thriving healthcare startup ecosystem.“ said Senator
Westhagemann from the City of Hamburg.

“The team with its impressing technology is going to enter in a high volume market which is
characterized by a very low degree of digitalisation. MindPeak addresses a high demand for right and
quick diagnostics for cancer which will become even more and more important in the future” said IFH
Investment Manager Gencer Sahin.

About MindPeak GmbH
MindPeak’s mission is to increase the accuracy of cancer diagnostics and make it accessible to everyone
who is in need. MindPeak develops software tools based on artificial intelligence to assist the pathologist
in daily routine. MindPeak’s solutions reduce costs of diagnosis of up to 90% while improving its
accuracy.

Contact:
MindPeak GmbH
Felix Faber
Zirkusweg 2
20359 Hamburg
T: +49 40 3567 6797
felix.faber@mindpeak.ai
https://www.mindpeak.ai/

About Innovationsstarter Fonds Hamburg
The Innovationsstarter Fonds Hamburg provides venture capital to young and innovative companies
with its place of business in Hamburg. The aim is to strengthen research and development activities.
Open participation in limited liability companies can reach up to 1 million Euros. Investors are in equal
shares the city of Hamburg and the European Regional Development Fund (EFRE). The management of
the fund is the IFB Innovationsstarter GmbH which is a 100% owned subsidiary of the Hamburgischen
Investitions- und Förderbank.

Contact:
IFB Innovationsstarter GmbH
c/o IFB Hamburg
Gencer Sahin, Investment Manager
Besenbinderhof 31
20097 Hamburg
T: +49 40 6579 805 96
sahin@innovationsstarter.com

About APEX Ventures GmbH
APEX Ventures is a European venture capital firm, headquartered in Vienna and Frankfurt, focused on
high-tech startups with a mission to support the most talented founding teams in building global market
leaders. Their new fund APEX Digital Health will be a dedicated healthcare fund to support innovative
founders who are committed to improve patient outcomes and make healthcare more affordable.

Contact:
APEX Ventures GmbH
Dr. Gordon Euller, Partner APEX Digital Health
Habsburgergasse 2/1a
1010 Wien
T: +43 664 110 22 40
gordon@apex.ventures
www.apex.ventures