DoMore Diagnostics, the winner of the European 42plus1 pitch competition 2024, shares insights into their AI-driven cancer diagnostics technology and their exciting journey following recent funding success.
We spoke with Torbjørn Furuseth, MD, CEO and Co-Founder of DoMore Diagnostics to learn more.
Interviewer: Thank you for joining us today. Congratulations on winning the European 42plus1 pitch competition 2024 and securing your seed round investment. Could you start by telling us about DoMore Diagnostics and the technology you are developing?
DoMore Diagnostics: Thank you! DoMore Diagnostics utilizes artificial intelligence to make personalized treatment decisions simple and accessible for cancer patients. Our technology is based on routine digital pathology slides and can be seamlessly integrated in existing workflow and systems ensuring accurate tests with short turnaround time and low cost. Our product are digital biomarkers with a great potential to improve patient outcomes at lower health care costs.
Interviewer: How did you come to establish DoMore Diagnostics, and where does your company stand today?
DoMore Diagnostics: We are based on a successful international research project with 10 million EUR budget over five years with publications in the highest-impact journals, and we have always aimed to build a company that makes a real societal impact. We are continuing to work with leading clinicians and will continue to publish significant clinical data in leading scientific journals. Earlier this year we secured 2,5 million EUR in funding from EIC Accelerator. Our technology is proving its potential, and we’re excited about our progress.
Interviewer: That’s impressive. How did you come across 42plus1 and DxPx, and how was your experience in the 42plus1 pitch competition?
DoMore Diagnostics: I was recommended to apply to the 42plus1 pitch competition and it was an incredible experience. It provided a platform to showcase our technology and receive invaluable feedback from expert judges and VCs. The competition was well-organized, and winning it was a significant validation of our work. The networking opportunities were phenomenal, and it gave us a lot of confidence moving forward.
Interviewer: What was your experience with the 42plus1 due diligence process?
DoMore Diagnostics: The due diligence process was thorough and rigorous, which we greatly appreciated. The 42plus1 team diligently assessed every aspect of our business, from technology and IP to financials and market potential. This process validated our business model and helped us refine our strategies. The transparency and professionalism of the team made the process smooth and constructive.
Interviewer: How has the investment from 42plus1 and the exposure from the DxPx conference impacted your company?
DoMore Diagnostics: The investment from 42plus1 has been very valuable. It enabled us to bring in other investors and the funds have accelerated our R&D efforts, allowed us to expand our team, and enhance our AI algorithms. The exposure from the DxPx conference opened doors to new partnerships, collaborations, and potential customers, helping us establish credibility in the market. The support from 42plus1 and DxPx has been crucial in our growth trajectory.
Interviewer: What are the next steps for DoMore Diagnostics, and how do you see your technology evolving?
DoMore Diagnostics: Our main focus is to bring our lead product in colorectal cancer into clinical use and change clinical decision making. It is already CE-marked but we also want to obtain regulatory approvals in other markets. We’re also working on expanding our AI platform to cover a broader range of indications and diseases. We have several strategic partnerships with healthcare providers and research institutions to further validate and enhance our technology. We envision our technology becoming a standard tool in clinical decision making by significantly improving diagnostic accuracy and patient outcomes.
Interviewer: That sounds like a promising future. Any final thoughts on your journey with 42plus1 and advice for other startups?
DoMore Diagnostics: Our journey with 42plus1 has been incredibly rewarding. We’re grateful for the support and opportunities it has provided. For other startups, we highly recommend participating in this competitions. They offer valuable exposure, networking opportunities, and a chance to refine your business through rigorous evaluation. Be prepared, be passionate about your solution, and be open to feedback. These experiences can be pivotal to your success.
Interviewer: Thank you for your time and insights. We’re excited to see the continued success of DoMore Diagnostics.
DoMore Diagnostics: Thank you! We’re excited about the future and grateful for the support from 42plus1 and the DxPx conference. We hope to see many promising startups at the next competition in Munich January 2025.
