# Koios Medical, Inc.

 FDA-cleared AI MedTech detecting more cancer early. Featured by NBC, NPR and WSJ.

- Canonical URL: https://wefunder.com/koios
- Entity ID: wefunder:company:155372
- Last updated: 2026-06-04T18:04:39Z
- Generated at: 2026-06-04T18:38:10Z

## Quick facts
- Named A “World’s Best Digital Health Company” by Newsweek
- FDA-Cleared, Reimbursement Eligible, Multi-indication for Ultrasound + AI; One-of-A-Kind Solution.
- Global Traction Accelerating. $5.5M Total Contract Value. 250%+ Growth. 95%+ Customer Retention.
- 10x Top 30 Most Raised In The Country! (Beating out 400+ campaigns)
- ‍Led by Team of Pioneers in Radiology + AI from Yale, UPenn, RadNet, iCAD, Intelerad, GE & Siemens.
- 1,000+ Hospitals Across 30+ Countries Use Koios Software. Achieve Superhuman Accuracy = 98%+
- Trusted by Mass General, Yale, Cleveland Clinic, Mt. Sinai, Sloan Kettering, SimonMed & More.
- Capital Efficient. Only $38*M Raised via Physicians, Leading Healthcare Conglomerate Mitsui & Co.

## Active fundraises
- wefunder:fundraise:130200: 4(a)(6) successful (USD)
- wefunder:fundraise:114451: 4(a)(6) successful (USD)
- wefunder:fundraise:130199: 4(a)(6) open (USD)
- wefunder:fundraise:114450: 4(a)(6) successful (USD)

## Investor memos
- Kingscrowd Capital: https://wefunder.com/memos/feed/246282-koios-medical-investment-memo

## Story
Simple: Doctors using Koios Medical's AI powered software catch more cancers earlier, before it’s too late; while simultaneously avoiding stressful, painful, costly overtreatment. Commercial payers have taken notice, incentivizing adoption and contributing to triple digit company growth.Few moments are more devastating than a cancer diagnosis, except when learning it was missed the first time. Koios detects cancers early, when they are often invisible to humans, using the world’s leading FDA-cleared AI powered software as a medical device (SaMD) for ultrasound cancer diagnostics.Physicians using Koios DS also avoid up to 60% of today’s “false positives”. Precision medicine powered by AI. Koios detects both suspicious and benign tissues extremely accurately. Peace of mind, anxiety gone, no discomfort or expense associated with biopsies that prove “negative, no trouble found.”Koios DS software is already saving the healthcare system millions. Commercial insurance companies reimburse providers for the use of this innovative software, encouraging expanded and accelerated adoption.The Koios value proposition packs another powerful component. Time. Diagnostic workflows are dramatically streamlined giving back precious time to overworked and scarce critical resources: Physicians and Sonographers. Ultrasound exams and interpretations are time consuming and complex, experiencing high degrees of variability in interpretation. With efficiency focused AI, Koios customers experience 30% efficient gains. One more patient per hour, eight more patients per day. Benefits add up quickly.Koios DS software delivers a nearly instantaneous return on investment (ROI).Our patented SmartUltrasound™ is trusted in 1,000+ hospitals and clinics across 30+ countries, diagnosing breast and thyroid cancer for many of the world’s top institutions — including Mayo Clinic, Mount Sinai, Northwestern, Memorial Sloan Kettering, Georgetown Medstar, Sutter Health, Mass General Brigham, and many more.Named one of Newsweek’s Best-Rated AI Technologies in Healthcare, Koios is backed by Mitsui & Co. and partnering with global leaders GE Healthcare, Philips, and Change Healthcare.With FDA clearance, insurance reimbursement, and profitability on the horizon, Koios stands at the forefront of a $2+ billion global market redefining ultrasound and medical imaging AI.Our mission is clear & purposeful: Empower physicians with the best possible solutions to improve diagnostic accuracy, to provide healthcare at a lower cost, and to achieve better outcomes. Simply put, we enable physicians around the world to Be Koios Confident™.Ultrasound is one of the most widely used imaging modalities in medicine; the safest, but also the least reliable.*Stats for breast cancer. Every year, 1 in 6 cancers are missed on ultrasound because ultrasound accuracy depends on the human eye, which has limits. Even the best-trained physicians interpret the same image differently, and some even disagree with themselves, later changing their diagnosis.Data above comes from internal studies and research performed by Koios(WHO, World Cancer Research Fund)Meanwhile, the strain on our healthcare system is growing. The global shortage of radiologists is leaving hospitals overwhelmed, with doctors forced to read faster with fewer resources. Even after exams are completed, doctors often feel uncertain, leading patients to undergo painful, costly biopsies that prove unnecessary.Across every demographic, economic and racial disparities widen the gaps in diagnosis and quality care. The result is a systemic problem in medical imaging that is inconsistent, inefficient, and dangerously dependent on human variability.Medicine is only as good as its ability to see clearly. Right now, ultrasound exams being read without Koios are still being read in the dark.At Koios Medical, we are transforming how physicians detect and diagnose cancer. Our patented, FDA-cleared SmartUltrasound™ is the world’s most widely adopted computer vision AI solution for ultrasound cancer diagnostics.Ultrasound remains one of the most commonly used diagnostic tools in medicine — safe, accessible, and noninvasive — but its images can be complex and often difficult to interpret. Our SmartUltrasound™ applies advanced computer vision AI to every pixel, every frame, translating uncertainty into insight.Today, SmartUltrasound™ is FDA-cleared and clinically proven for breast and thyroid cancer detection and diagnosis, two of the most frequently occurring cancers worldwide.Koios DS analyzes millions of microscopic details invisible to the human eye and instantly determines whether tissue looks safe, benign, suspicious, or malignant, giving doctors an objective, data-driven assessment in seconds.Our AI is trained on millions of biopsy-confirmed images — what medicine calls “ground truth” — representing the collective knowledge of thousands of physicians and pathologists combined into a software that is able to fully automate a clinical interpretation and report.SmartUltrasound™ does not guess, it recognizes. It identifies patterns invisible to the human eye that have already been proven in clinical reality, connecting what’s seen on screen to what’s been verified in the lab.SmartUltrasound™ integrates seamlessly into the systems physicians already use today. Available directly on GE Healthcare scanners, integrated with Philips images, and within all major image storage and hospital reporting systems.With a single click, Koios AI runs silently in the background, interpreting images, aligning results with breast and thyroid imaging, reporting, and data systems (BI-RAD/TI-RAD), to prepare a structured report that elevates every exam with the confidence of consistency.You wouldn’t write without spell check. You wouldn’t drive without GPS. And soon, we believe you won’t get an ultrasound without Koios.Koios is rapidly becoming the new standard of care.Koios AI makes already brilliant physicians superhuman. Increased accuracy saves time and avoids overtreatment, costing our strained healthcare system hundreds of millions in late-stage treatment and avoidable procedures. Physicians can do in seconds what used to take minutes. The savings add up.SmartUltrasound™ turns ultrasound from one of medicine’s most variable imaging tools into one of its most consistent. In clinical studies, Koios reduces diagnostic variability by 41% and reading time by 24%, while helping physicians detect more cancers at earlier, more treatable stages.With Koios, physicians read faster and act sooner. Hospitals gain efficiency with streamlined operations, lower costs, and fewer unnecessary procedures. And patients get answers that can stop cancer before it spreads.With less than $38M+ raised to date from leading VCs and healthcare investment conglomerate Mitsui & Co., Koios is FDA-cleared, patented, and trusted in more than 1,000+ hospitals and clinics across 30+ countries. More than 50% of the 30 top cancer centers in the US depend on Koios DS software.As adoption accelerates, Koios KPIs are signaling success. Annual recurring revenue has more than tripled over the past three years and hit $5M in 2025.Growth is driven by resource shortages, growing awareness of AI, robust clinical evidence, and all combined with insurance reimbursement. Subscription renewals over 95% and expanding hospital installations with patient analyses performed up 300%+ year-over-year.Forward-looking projections are not guaranteed.Partnerships with two of the world’s largest medical imaging companies, GE Healthcare and Philips, have resulted in Koios’ technology being built directly into ultrasound scanners, third-party software, and distributed globally.These integrations unlock access to tens of thousands of physicians working in hospitals and clinics. Koios can reach nearly any institution and clinician in the world through the partnerships created with these incumbent global leaders.In the U.S., partnerships with Optum, a leading healthcare services organization, and SimonMed Imaging, one of the largest outpatient imaging networks, expand access across major health system providers and payers.Koios’ portfolio of over a dozen issued and pending patents protects its core AI algorithms, intellectual property, data pipeline, and integration frameworks, fortifying its competitive moat in the wake of accelerating global adoption.Koios’s SmartUltrasound™ technology is used by the most respected names in medicine, including Mayo Clinic, Mount Sinai, Mass General Brigham, Yale New Haven Health, Memorial Sloan Kettering, among other leading cancer centers.It is deployed in more than half of the US News top 30 cancer hospitals in the U.S., making it one of the most widely adopted AI platforms in medical imaging.Our AI software performance has been tested and validated in 19 peer-reviewed clinical studies, with top radiologists calling Koios their “second set of eyes” in the fight against missed cancers.Koios is led by a seasoned team of healthcare innovators and engineers with decades of experience across radiology, medical AI, and imaging software. Our leaders have built and scaled technologies from concept to global adoption, used by GE Healthcare, Philips, Mount Sinai, Optum, Memorial Sloan Kettering, and even the U.S. Department of Defense.Our co-founding engineers began their careers building advanced pattern recognition systems for national defense, technology that could detect faces, weapons, and hidden threats in complex environments.That same expertise now powers SmartUltrasound™, helping physicians identify cancer earlier and more accurately than ever before. Management brings prior healthcare, IT, and imaging informatics, along with clinical experience specific to ultrasound diagnostics.Ultrasound ranks as one of the most widely used and accessible imaging modalities in medicine, performing more than 400 million exams every year across hospitals, clinics, and private practices.The market value of ultrasound is projected to reach $13 billion globally by 2028 as new applications, lower costs, and portable devices expand access worldwide.At the same time, the medical imaging AI market is projected to exceed $14 billion globally, growing more than 20% annually as hospitals adopt AI solutions to improve accuracy, efficiency, and reimbursement.SmartUltrasound™ sits squarely at the intersection of these two surging markets. In the U.S. alone, more than 8 million breast and thyroid ultrasound exams each year are eligible for Koios use, representing an estimated $400 million annual revenue opportunity.Data above comes from internal studies and research performed by KoiosAs insurance reimbursement expands and partnerships with GE Healthcare and Philips accelerate adoption, Koios is positioned to capture meaningful market share in a massive, underpenetrated global category.Forward-looking projections are not guaranteed.Koios operates a Software-as-a-Service (SaaS) model, generating recurring revenue by selling annual subscriptions to hospitals, health systems, and radiology groups. Pricing scales with usage, from individual physicians and small clinics to full enterprise integrations across hospital networks.Each SmartUltrasound™ subscription includes reimbursement support, meaning hospitals are paid by insurers for use of Koios software for eligible exams. Reimbursement creates a powerful incentive for adoption and ensures every installation is a recurring revenue stream, generating a nearly immediate return on investment for each Koios customer.Revenue growth is built on direct sales and distribution partnerships. GE Healthcare, Philips, and a network of distributor partners from Switzerland to Thailand, Israel to Istanbul, SmartUltrasound™ is becoming the global standard for ultrasound +AI.Koios also offers customers a low-risk, low-cost risk and revenue-sharing pricing model, along with multi-year enterprise contracts to expand scalability across major health systems worldwide rapidly.Over the past two years, Koios has grown its installed base by nearly 300%. Annual recurring revenue has more than tripled year-over-year since 2023, driven by insurance reimbursement and original equipment manufacturer (OEM) and other strategic partnerships.Cost controls over the past two years have reduced monthly expenses by over 30%. We have adopted the use of AI internally to improve our own efficiency, which will help accelerate our path to profitability.TCV (total contract value) exceeded $4.5M in 2025, and profitability is on the horizon as subscription renewals, enterprise contracts, and reimbursement-based usage compound growth, both domestically and overseas.Forward-looking projections are not guaranteed.Beyond 2025, Koios anticipates continued double-digit annual revenue expansion through its partnerships with GE Healthcare, Philips, Optum, and others, as additional reimbursement codes and global distribution drive adoption.Our foundation is strong, and the next chapter is all about scale and scope expansion.Forward-looking projections are not guaranteed.Koios sits in the same category as recent billion-dollar imaging AI success stories. Companies like Viz.ai ($1.2B+), Aidoc ($1B+), and HeartFlow ($2.4B) have proven the appetite for clinically validated, diagnostic imaging platforms.Forward-looking projections are not guaranteed.Koios’ deep integrations with widely used machines from GE Healthcare and Philips — both active acquirers in medical AI — make it highly visible to strategic buyers.As original equipment manufacturers (OEMs) and other global imaging leaders consolidate their AI ecosystems, Koios’ patented SmartUltrasound™ platform represents a turnkey acquisition with an existing global footprint and massive scale potential.Koios has done what few early-stage AI companies achieve: FDA clearance, insurance coverage, global adoption, and revenue growth. The next phase is growth capital-fueled scaling, and it’s already well underway.Koios is on a mission to make confident, accurate diagnosis the global standard of care. Our FDA-cleared SmartUltrasound™ is already trusted in more than 1,000 hospitals and clinics across 30+ countries, including leading institutions like Mount Sinai, Mayo Clinic, and Sloan, and partnered with industry giants GE Healthcare, Philips, and backed by Mitsui & Co.Together, we can create a world where no cancer is missed, and every diagnosis is made with confidence.Let’s make certainty the new standard of care. Invest in Koios today.

## FAQ
1. **Hi, what is your YTD revenue compared to 2023 YTD? Can you share more in terms of your recent traction? This looks like a very compelling opportunity but the valuation seems to require some market adoption. Thanks**
   - Hello, Yosef! Thank you for the inquiry and you are spot on. Market adoption is the name of the game once all regulatory hurdles are cleared, and workflow engineering completed. Emerging from Covid hospitals, health systems and physician practices were not in a position to invest into many new emerging technologies, so we are just now seeing signs of ability and willingness to invest. 2023 YTD vs. 2024 YTD revenue is up 142%. Our leading indicator for traction is a) customer pilots coming onl...
2. **Hi, Can you please describe how you differentiate from other companies (i.e. Rad AI--that recently just closed a $50 Series B round). Are they a direct competitor? Thanks!**
   - Jorinda, Thank you for the interest in Koios and your great question. There are other excellent companies already making a positive impact in Radiology and it can be a challenge distinguishing among them. Rad AI for example is a great software that automatically creates an "impression" from a radiologist's dictated findings. In other words, they help create a consistent, final report from the highly variable ways in which physicians and interpret/document and/or dictate findings into their re...
3. **Hello Chad, You are on to a great disruption and I love the progress you and your team made thus far. I am an angel investor, would love to get on a call with you to clarify few things before I commit.**
   - Prakash, Thank you for your interest and kind/encouraging words. It would be our pleasure to connect on a call to share our story further and hopefully answer any questions you may have. Please send me an email with your availability for a call. cmcclennan@koiosmedical.com Regards, Chad
4. **Can you share your thoughts on how often you will update us on how things are progressing with your goals and business plan? Secondly, do you intend to file the annual report with the SEC? Thanks for your feedback.**
   - Eric, Thank you for asking and for your interest in Koios Medical. Historically we have provided regular progress reports to investors both in the form of bi-annual detailed reports combined with ad-hoc announcements related to key milestones such as regulatory approvals and strategic relationships (FDA clearance, CE Marks, worldwide distribution agreement with GE and others). Now that we are growing our wonderful Koios Community here through WeFunder, I would like to ask how often would our ...
5. **Hi Chad, I would like to invest in your company, but you've set the minimum investment TOO high! Perhaps you might consider the limitations placed on Non-accredited investors (read 'small investors') by the SEC . If I make less than $107K/year I cannot by law invest more than ...**
   - Kim, Thank you for your interest and for your suggestion and compelling, detailed rationale provided. We definitely understand your point and will certainly take it into consideration. There are both pros and cons to offering a lower minimum, but I commit to discussing internally and take your input under advisement. Thank you again. Best regards, Chad

## Team
- Chad McClennan (President & CEO)
- Graham Anderson (Chief Financial & Administrative Officer)
- Ajit Jairaj (Vice President, R&D)
- Jon Robinson (Vice President, Software Product)
- Omar Partida (Chief Development Officer)
- Bill Hulbert (Vice President, Software Development)
- Joanie Collins (Clinical Applications, Enablement & Engagement Specialist)
- Robin Allman (Customer Enablement & Clinical Strategy Leader)
- Lev Barinov (Vice President Clinical Excellence)
- Peter Graham (Vice Presidents, Sales)

## Recent posts
- Discover Event Recording (2024-10-24T21:18:37Z)

## Q&A
- Q: Hi Chad, I would like to invest in your company, but you've set the minimum investment TOO high! Perhaps you might consider the limitations placed on Non-accredited investors (read 'small investors') by the SEC . If I make less than $107K/year I cannot by law invest more than 5% of my income - regardless of how much I need (or don't need) to "live on". Thus if I make $50K/year, by law I can't invest more than $2,500 in Reg-CF startups. To set your minimum this high seems to disregard this constraint. For anyone to put 40% of their total available funds for investing into just one (1) startup is rather significant. Many small investors will NOT put all those eggs into just one basket, as it were. I’m convinced that rather than invest in only 2 or 3 startups in one year, most small investors would rather invest in 20 to 25 startups across multiple sectors to hopefully produce a diversified portfolio. I'm saying, if you lower the minimum investment amount, you can attract many more small investors who otherwise would not be able/willing to participate in your raise because of the high hurdle you've set. Please consider lowering the minimum. Thanks for listening. Blessings
  - A: Kim, Thank you for your interest and for your suggestion and compelling, detailed rationale provided. We definitely understand your point and will certainly take it into consideration. There are both pros and cons to offering a lower minimum, but I commit to discussing internally and take your input under advisement. Thank you again. Best regards, Chad
  - A: Our upcoming round will have a lower investment minimum. We hope this helps.
- Q: Thanks for answering my previous question in a timely manner. Actually never got an answer. Says I need a "reservation" then below it says "You can still invest" How do I go about this? My emails and calls go unanswered. Very disappointed with Wefunder and Koios response.
  - A: My apologies. Was unaware of this function remained active post-raise. Now I know. Please reach out and will monitor this on-going.
- Q: What is your current runway with how much you have raised so far?
  - A: Adam, Thank you for the inquiry and for your inquiry into our exciting story and company, Koios Medical. We have raised a total of $34.5M to date (since inception). Our WeFunder community round is currently at an additional $447K atop the $8M previously committed and funded by Mitsui & Co as part of the same Series B equity round. We anticipate raising another $650K via Reg CF but have Board approval to raise up to $5M, as needed and based on investor demand. Given we are no longer "pre-revenue" our runway is now a function of additional growth capital raised combined with other working capital including revenue, A/R and other income sources (eg. licensing fees, co-development fees). Our pipeline (sales qualified leads) exceeds $10M in estimated ARR while our current annual operating expenses are approximately $5.5M. OEM partner commitments are estimated at $1-1.5M before year end. Pilot sites are converting to commercial terms at or above our goal of 90% with strong gross margins. Cash raised to date, anticipated additional investment combined with current and forecasted revenue plus commitments from OEM partners gives us line of sight or "runway" beyond year-end 2024 and into 2025, over which time we expect to continue converting our large and growing pipeline to fund continued operations and growth moving forward. We monitor timing of proceeds (revenue, financing and licensing/development fees) closely while monitoring/regulating expenses to manage through this exceptional growth period. We appreciate the inquiry and the opportunity to inform. Regards, Chad
- Q: Hi, Can you please describe how you differentiate from other companies (i.e. Rad AI--that recently just closed a $50 Series B round). Are they a direct competitor? Thanks!
  - A: Jorinda, Thank you for the interest in Koios and your great question. There are other excellent companies already making a positive impact in Radiology and it can be a challenge distinguishing among them. Rad AI for example is a great software that automatically creates an "impression" from a radiologist's dictated findings. In other words, they help create a consistent, final report from the highly variable ways in which physicians and interpret/document and/or dictate findings into their reports. Language models are used to generate language from language inputs. Koios uses AI differently in that Koios SmartUltrasound generates findings directly from (analyzing) the ultrasound image itself. Using "computer vision" analyzing patterns in pixel level data to create an impression of "what is going on" in the image, generating a risk prediction along with a description from visual (not written) inputs. To that end, RadAI is complementary to our software and focus. We also differentiate from other MammoAI companies that also focus on breast cancer by focusing on ultrasound as our modality of choice, not mammograms or xrays. Other companies are proven at diagnosing fractures (xray) or strokes (CT scans). At present there are no direct competitors approved here in the US nor across most of Europe for analyzing ultrasound to detect and diagnose cancers. We enjoy a dominant, first mover advantage in many of the world's largest markets. Thanks for asking! Best regards, Chad McClennan President & CEO
- Q: Chad, I've got a couple of questions for you. 1. You previously projected reaching cash-flow neutrality by late 2025 with $6M in revenue. We are now in the early part of 2026. How are you tracking against that target? What is your current monthly burn rate? 2. A $90M pre-money valuation is significant given the low-single-digit millions of revenue. What specific milestones do you expect to hit in the next 12–18 months that will "de-risk" this valuation for Wefunder investors?
  - A: Anand, Thank you for your important questions. We made great strides in Q4 closing 40+ deals and nearly $1M in ARR, though a number of larger deals (currently in contracting) pushed into Q1 and/or Q2 anticipated to close in 2026. Our revised estimate is cash-flow neutral by midyear. Many large institutions (Kaiser, MD Anderson, etc) have recently created new AI governance models/AI councils that did not exist previously. The market is maturing (a good thing), but purchasing decisions remain quite lengthy (and unpredictable) due to larger groups of stakeholders involved. Some background/context provide as much clarity as possible. Being that our business model is SaaS (Software as a Service) selling (primarily) annual subscriptions we categorize revenue as a) Bookings or TCV (total contract value sold), b) ARR (annual recurring revenue) and lastly c) GAAP revenue. While we may sell a contract for $120K, that often includes a modest one-time activation fee ($5K-20K) with the balance being annual subscription revenue (ARR). The TCV is booked at contract signing with revenue only recognized monthly over the course of the year. Current TCV: $4.6M and ARR: $3.2M along with a growing pipeline of sales qualified leads of $17.7M. We’ve also brought down annual expenses (burn) over 40% from Jan ‘24. In summary, since Jan '24 topline growth is up 600% while our underlying operating expenses have been nearly halved. As for the $90M pre-money valuation, the primary metrics behind market multiples for SaaS and MedTech AI companies are YoY growth rates with consistently high growth rates valued at a premium (20-40x ARR) over lower growth rates. Koios Medical YoY and QoQ growth rates for the past two years have exceeded 200% placing us at the high end of the range. Our procedure growth was 86% vs. (mid 40% for Heartflow, as an example). Granted we started from a lower base, but we still anticipate the ability to achieve triple digit growth for the foreseeable future. The current sales pipeline represents nearly 4x current TCV while we are proving we can scale hyper-efficiently. Other important valuation metrics to take into account are our high customer retention rate (95%+), even higher net revenue retention (110%+) and high and improving gross margins. We continue to advance as the dominant market leader in ultrasound + AI with a unique position, well protected by patents, IP and other first mover advantages unlike other imaging AI sectors and players experiencing heavy competition (that also lack the important reimbursement aspect of the Koios value proposition.) We have been laser focused on “de-risking” our situation and your investment. The key milestone of achieving cash-flow neutrality later this year will be an important “de-risking” event. Looking 12-18 months ahead, assuming continued rapid growth (100%+) and steadily growing TCV & ARR and new indications coming to market using our current platform, distribution, infrastructure and installed base, we believe the current valuation of $90M will look extremely attractive relative to today. Hopefully this answers your questions. Thank you again for your interest in our exciting and impactful story. BR, Chad
- Q: how much you have raised so far?
  - A: Ada, As of today, since inception (2012) we have raised a total of $38.3M ranging from seed through Series A to Series B and now the current RegCF Wefunder round. BR, Chad
- Q: I thought I had 4 days left to invest didn’t know about the reservation I know a smart investment when I see one I have the 1000 minimum just no reservation
  - A: My apologies. We exceeded our SEC imposed amount limit. We are opening a new round soon and you can make a reservation now. Sorry for the late reply.
- Q: Congratulations on your success to date. A couple of questions: 1) Other than GE Logiq, can you speak to distribution/integration agreements already in place (you say GE and "others")? Given the number of players in ultrasound, there's a lot of room for growth. 2) Is there the availability to upgrade legacy/older systems with the solution? Clinicians tend to hold onto their beloved systems for as LONG as possible. 3) Is the recommendation/interpretation saved as part of the DICOM itself? 4) What is your risk exposure of the ultrasound manufacturers creating their own AI applications? Some companies like Siemens have been investigating heavily in AI directly.
  - A: Lance, Great questions and thank you for your interest in our story and company. 1) In addition to our global distribution and product development agreement with GE Healthcare, we currently have a co-marketing agreement in place with Philips (USA) along with co-development (in progress) that will allow for and offer Koios DS (breast & thyroid) available for "on-scanner" use for Philips customers. We are currently under NDA with two of the five largest ultrasound equipment manufacturers. We agree that OEM collaborations should help fuel future growth. We are actively pursuing this strategy through formal relationships on terms that are mutually beneficial. 2) The ability to make the installation of Koios DS onto legacy/older systems will be on a vendor partner by vendor partner basis. Upgrading on-scanner software of older systems is not an insignificant technical undertaking. 3) The Koios interpretation can be saved as a DICOM secondary capture and stored as part of the original study (exam). 4) The risk does exist that ultrasound manufacturers may create their own (AI applications). Samsung has a product (S-Detect) for lesion segmentation (detection) also offering a method of classification. Any/all manufacturers proceeding down that path will face the many challenges of data accumulation, curation (images, pathology & more), clearing regulatory hurdles and the demands of the marketplace to integrate to PACS and reporting systems. Performance requirements will remain high, but we do acknowledge this risk, and should any manufacturer choose to build their own, our goal is to be a worthy competitor and the dominant player in our field. Best regards, Chad
- Q: Congratulations on your campaign success. I am very impressed with your trajectory and market position. Can you speak to how doctors and organizations are able to find information regarding your product and share feedback with colleagues? I understand that, as this software is not direct-to-consumer, Koios Medical does not have “Google reviews” per se. Even still, is there an equivalent platform in the medical community, other than articles and peer-reviewed journals, where prospective clients can access information and feedback related to your product? My research indicates that GoogleHealth has also been vigilant in this space. Also, it seems that a former CEO who has since left and founded a new company, also holds several AI imaging patents for cancer detection and evaluation. Can you speak to Koios’s vulnerability to these competitors and future open-source technologies? Thanks so much.
  - A: Dave, Thank you for the kind words and your inquiry. Doctors and organizations are able to contact us directly via www.koiosmedical.com where they can also find product information, request demos and more. We do our best to keep the site current in this rapidly changing field and dynamic time. We also receive inquiries through the multiple social channels where we have a presence (LinkedIn, X). We offer a collection of testimonials we are frequently updating with comments (feedback) shared from our growing base of users. We encourage peer to peer interactions as well. Koios also holds multiple patents related to the use of AI in conjunction with ultrasound imaging and cancer diagnosis. We recognize that other open-source technologies will become available, and others can certainly acquire large datasets as we continue to augment our datasets as well. Competition is always a risk so we must commit to other aspects of our overall strategy such as achieving exemplary system performance, global distribution, excellent customer experiences and seamless integrations across the radiology ecosystem (scanner, PACS, reporting), to name a few, all combining to create challenges and barriers for others. A pleasure to engage in the dialogue. Have a great weekend. BR, Chad McClennan
- Q: Hi Chad, I'm from D3VC, a venture fund specializing in equity crowdfunding. We're reviewing the Koios offering and have a few questions to dive deeper: Can you share any data analysis or reports on your outcomes? How would you describe your data advantage? Is it proprietary, or could others replicate your approach if they had access to the same data? What are the primary sources of revenue for Koios? Looking forward to your insights!
  - A: Hello Zac, Thank you for your interest in Koios and your questions. Our investor presentation includes results from multiple studies that effectively demonstrate both the improvement in early cancer detection (sensitivity) along with a reduction in recommendations for biopsy or follow-up of normal tissue (specificity). If you can provide an email address, I can share links of several other studies performed that demonstrate excellent results related to classification accuracy of invasive lobular cancers, triple negative cancers along with demonstrations of the lack of demographic bias that can often be associated with other AI solutions. Other outcomes shared by our user customers indicate efficiency gains, time savings. Our data advantage stems from a proprietary and substantial (size) and robust (diverse) training (and validation) dataset(s) sources from over 60 sites around the world, something we continue to rigorously augment, enhance and curate. Primary sources of revenue are annual software license subscriptions paid by physician groups, imaging centers, healthcare institutions and/or systems around the world. Hope this helps! Best regards, Chad
- Q: Can you share your thoughts on how often you will update us on how things are progressing with your goals and business plan? Secondly, do you intend to file the annual report with the SEC? Thanks for your feedback.
  - A: Eric, Thank you for asking and for your interest in Koios Medical. Historically we have provided regular progress reports to investors both in the form of bi-annual detailed reports combined with ad-hoc announcements related to key milestones such as regulatory approvals and strategic relationships (FDA clearance, CE Marks, worldwide distribution agreement with GE and others). Now that we are growing our wonderful Koios Community here through WeFunder, I would like to ask how often would our new investors prefer to receive updates? We want to avoid such frequent reporting that our information gets lost, but we certainly want to keep everyone engaged with all the exciting developments happening in the world of Imaging AI and Koios in particular. We want you to be informed and help be a champion and advocate for our technology and its impact on lives and livelihoods. Case in point, we announced last week being named a "World's Best Digital Health Company" by Newsweek for 2024. Great news! (We also will comply with all SEC reporting requirements as well). Regards, Chad
- Q: Hi, what is your YTD revenue compared to 2023 YTD? Can you share more in terms of your recent traction? This looks like a very compelling opportunity but the valuation seems to require some market adoption. Thanks
  - A: Hello, Yosef! Thank you for the inquiry and you are spot on. Market adoption is the name of the game once all regulatory hurdles are cleared, and workflow engineering completed. Emerging from Covid hospitals, health systems and physician practices were not in a position to invest into many new emerging technologies, so we are just now seeing signs of ability and willingness to invest. 2023 YTD vs. 2024 YTD revenue is up 142%. Our leading indicator for traction is a) customer pilots coming online, b) daily & weekly usage statistics (growth) and c) quotes requested from customers looking to invest in AI in the future. YTD pilot growth and system adoption (usage) is up > 330% 2024 vs. 2023. Our pipeline (value of all leads) exceeds $9.5M. Customers rarely purchase Radiology AI sight unseen. We must invest in customers completing pilots; once results are seen we experience extremely high conversion rates (>90%) and renewal rates. Recent news of patients preferring AI vs. physicians we expect will continue accelerating adoption along with the new CPT codes that can now be used for billing for the use of Koios SmartUltrasound. (0689T, 0690T). Breast density notifications going into effect in September are expected to drive ultrasound growth and accelerate adoption further. Koios is also uniquely positioned in that we are the only cleared solution of its kind in most of our markets around the world, we become the only and only solution of choice. Thank you!
- Q: Greetings, When does this funding round end?
  - A: Dr. Adjei, When we achieve our $2M goal. Preferably sooner vs. later. Our raise velocity has been strong thus far. 2x+ our prior raise. I won't venture to guess when or how long it will take, but we would prefer to close out in the coming weeks/months. Thanks for asking. BR, Chad
- Q: Chad, Thanks for a detailed response to my previous questions. I got a couple more. 1. You’ve mentioned expanding into other imaging modalities (beyond breast and thyroid). Which organ or application is next in the R&D pipeline, and what is the expected timeline for the next FDA submission? 2. You are currently eligible for commercial insurance reimbursement via CPT Category III codes (0689T, 0690T). What is the status of moving these toward Category I codes for full Medicare/Medicaid coverage? 3. Given your deep integration with GE and Philips, do you view an acquisition by an OEM? as the most likely exit, or are you building toward a standalone IPO?
  - A: Anand, Thank you for your further questions. I like your couple questions (and the bonus 3rd one too :)) A1: To clarify, we do not anticipate expanding (organically) into other modalities (eg, X-Ray, CT, MRI, PET), but rather we are planning additional indications within ultrasound. Specifically, we are working on full study detection and segmentation (beyond the current classification capabilities). We also have data in the lab for other disease states (eg, lymph nodes). If/when we can prove measurable performance improvement vs. physicians we will proceed with commercialization. Customers ask regularly to assist with other areas they find problematic and we anticipate building new solutions once we can prove/achieve levels of excellence equivalent to our breast and thyroid products. We have a new/improved version of our already successful thyroid "engine" currently submitted into the FDA, once cleared we will roll out broadly. A2: We are working closely and under the direction of the ACR in terms of timing to apply for Cat I vs remaining Cat III code. Though we are now considered "Cat I eligible" it has been the strong recommendation of the ACR to remain Cat III given the combination of excellent utilization and favorable payment treatment by commercial payers. For example (and unlike the vast majority of other Cat III codes) use of Koios software seeing coverage (rate) of more than 50% and payment rates range from $40 - $500 (based on payer). Some Medicare Advantage plans currently cover as well. A3. While anything is possible and an OEM may make us an offer we cannot refuse, given that we have developed a fully vendor agnostic solution and work closely with and across many of the OEM's, we believe we create more enterprise value for the company (and shareholders) that way vs. aligning with any one OEM in particular. We may be a better fit (target) for a software company vs. hardware and whether we build for an IPO or become an even more attractive M&A target - the best path forward remains accelerating our growth (double/triple digit growth rates), high customer retention (95%+), expanding our product offering, high net revenue retention (120%) and strong gross margins and become (highly) profitable in the coming year and beyond. The market opportunity is getting larger, and we have only scratched the proverbial surface. Hope this helps. BR, Chad
- Q: Hi Chad, I am very interested in how your collaboration with Mt Sinai is progressing. I am wondering if you have thought about organising a webinar with Dr Laurie Margolies and potentially some other radiologists from well-respected hospitals that are using Koios software? Alternatively, even a 1-2 minute video recording or a letter from these professionals would be very helpful to me in evaluating how users are finding the software. Kind regards, Noah
  - A: Noah, Thank you for the question. The best answer I can come up with (short of offering to connect you with or suggesting you reach out to Dr. Margolies directly) is to share two CBS News reports that specifically address your question and highlight (showcase) the use of Koios DS Ai software at Mount Sinai. https://www.cbsnews.com/newyork/news/doctors-tout-use-of-artificial-intelligence-to-detect-breast-cancer/ https://www.cbsnews.com/news/ai-mammograms-other-breast-cancer-screenings/ You will see our SmartUltrasound software in action ~ look for the Koios Owl (despite the reporter incorrectly describing ultrasound as mammography). As a matter of policy, both Dr. Margolies and Mt Sinai as an institution are restricted from any type of product promotion or endorsement that might be considered as compromising their objectivity and that could also violate their tax-exempt status. Dr. Margolies has also published (unfunded) research on the efficacy of our software. Journal of Medical Imaging (Volume 10, Issue 6, 061108), December 2023. https://pmc.ncbi.nlm.nih.gov/articles/PMC10721939/ Another clue/insight about the success of our collaboration is the fact that building upon the positive experiences of Dr. Margolies and Dubin Cancer Center her colleagues, Mt Sinai has agreed to expanded the use of Koios SmartUltrasound more broadly, activating the module for thyroid ultrasound interpretation as well. I shared your insights with our team and we are formulating a plan to host a webinar featuring physician users of our software to share their experiences and also engage in Q&A from the audience. More testimonials to follow! BR, Chad