Magentiq Eye is a company that offers an AI-aided colonoscopy solution that offers one of the best performances known today. And with worldwide recognition from the gastroenterology community and dozens of procedures performed every day with the assistance of MAGENTIQ-COLO, MAGENTIQ-EYE is setting the new standard of colonoscopy, and saving more and more lives. Pulse 2.0 interviewed Magentiq Eye CEO Dr. Dror Zur to learn more.
Dror Zur’s Background
Zur has bachelor’s and master’s degrees in electrical engineering and a Ph.D. in applied mathematics and computer science. And Dr. Zur said:
“I have more than 30 years of experience in the tech industry, including more than 25 years in the medical device industry.”
“Today, I serve as founder and CEO of Magentiq Eye, a medical device startup company focused on the field of endoscopic medical procedures. Our product helps direct doctors’ attention to polyps that might otherwise go undetected.”
“We apply cutting-edge artificial intelligence, deep learning, computer vision, and video analysis technologies to aid doctors in the difficult task of performing medical exams and procedures. Our first product is an add-on diagnostic decision support system for the colonoscopy screening test.”
Formation Of Magentiq Eye
How did the idea for the company come together? Dr. Zur shared:
“I found that the miss rate in polyp detection is an unmet need with a technological challenge, and that, with the new era of artificial intelligence (AI) and deep learning techniques, it can be solved. This convinced me that there was a business case and market for this solution. That was my main motivation to create Magentiq Eye.”
Favorite Memory
What has been your favorite memory working for the company so far? Dr. Zur reflected:
“I have a very fond memory of the day that the first patient underwent a colonoscopy test with the MAGENTIQ-COLO. Seeing how the system helps doctors to detect more polyps was a very gratifying moment.”
Challenges Faced
What challenges has Dr. Zur faced in building the company? Dr. Zur acknowledged:
“The three greatest challenges we’ve faced at Magentiq Eye have been recruiting talented people dedicated to the company’s mission, finding the investors who are most valuable for the company, and running complex operations, such as large-scale international clinical study.”
Core Products
What are the company’s core products and features? Dr. Zur explained:
“Our primary product is the Automatic Polyps Detection (CADe) system. Future product versions will include polyp size estimation, characterization, and more.”
Evolution Of Magentiq Eye’s Technology
How has the company’s technology evolved since launching? Dr. Zur noted:
“Since launch, we’ve improved the performance of our polyp-detection technology. Now, our technology has been proven and validated by a large clinical study and is already being regularly used in Israel and Europe and soon also in the US. Subsequent iterations of the technology with enhanced features are being developed and tested by the team today.”
Significant Milestones
What have been some of the company’s most significant milestones? Dr. Zur cited:
“For the current version of our product, major milestones have included the beginning of regular use in Israel and Europe, the completion of a successful clinical study, and FDA clearance via the 510K process.”
Customer Success Stories
Can you share any specific customer success stories? Dr. Zur replied:
“In Hadassah Medical Center in Jerusalem, Israel, the first installation of the MAGENTIQ-COLO, the system has been fully deployed since 2021. Thus far, it has helped the health systems’ clinicians to increase the health system’s Adenoma Detection Rate (ADR). Adenomas are precancerous lesions that may transform to become malignant.”
Funding
Upon asking Dr. Zur about funding, he replied:
“We are well-funded via our relationships with venture capitalists, corporate entities, angel investors, and government partners.”
Total Addressable Market
What total addressable market (TAM) size is the company pursuing? Dr. Zur assessed:
“The TAM for our products is estimated at between $1.5 billion and $2 billion ARR (annual recurring revenue).”
Differentiation From The Competition
What differentiates the company from its competition? Dr. Zur affirmed:
“We are completely focused on AI products for endoscopy. Additionally, we have product versions with excellent, proven performance, and we are developing the most advanced features within this domain of the industry.”
Future Company Goals
What are some of the company’s future company goals? Dr. Zur concluded:
“Our primary goals include reaching the widest number of doctors to help them increase the Adenoma Detection Rate and decrease the colorectal cancer incidence, as well as facilitating the treatment of specific GI diseases, and improving upper GI and other endoscopy procedures with effective AI tools.”
