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Bulgarian CoLumbo raises 2.1 million euros in a funding round

SOFIA (Bulgaria), February 16 (SeeNews) – Bulgarian lumbar spine analysis software CoLumbo has closed a €2.1 million ($2.4 million) funding round backed by local capital firms -venture (VC) Eleven Ventures and BrightCap Ventures, Sofia-based media reported.

The round was joined by individual investors, business newspaper The Recursive reported on Tuesday.

CoLumbo provides radiologists with pathology descriptions and creates reports with results and measurements by combining artificial intelligence (AI) algorithms and medical domain knowledge to read, segment, measure and classify MRI images. The software was developed by Varna-based software company Smart Soft Healthcare.

Smart Soft Healthcare was founded in 2021 as a spin-off from Smart Soft, a local developer of data capture and document classification based on machine learning and AI.

Prior to its seed investment, CoLumbo was financially supported by the BridgeHead Europe 2019 program and the BridgeHead Global 2021 program from Munich-based EIT Health.

The CoLumbo team is made up of 16 people, most of whom are based in Varna where all research and development (R&D) operations are based, according to the outlet.

In the short term, CoLumbo’s goal will be to enter the Central and Western European markets, while in the longer term, they plan to enter the market in the United States, China and Japan. , also said The Recursive.

($ = 0.8796 euros)