SSE Riga students develop technology to improve speed and accuracy of MRI scans using AI and the cloud
One of the biggest dreams of students is to be fully independent and build their own company. This entrepreneurial spirit drives many of those studying at SSE Riga. However, some might fear that this is not the right time to start developing business ideas during studies and that they will quickly fail. But this story should prove them wrong.
The Magnalysis team consists of five students trying to change the world of radiology. Two of them are SSE Riga students - founder and CEO Nikita Stepanovs (Year 2) and COO Kārlis Ketners (Year 1). Their start-up was born thanks to the “Introduction to Entrepreneurship” course at SSE Riga.
Before studying at SSE Riga, Nikita was a medical university student. During those studies, he had noticed how complicated the situation in radiology was. The procedures were taking too long and their cost was also not so pleasing to the eye. After deciding to switch his focus to gaining business knowledge at SSE Riga, he teamed up with Kārlis to integrate technology with medicine. While both studying, they find it rewarding to implement the knowledge gained in courses straight in a start-up.
“Some might underestimate the material given during courses, thinking it might not be useful and that it is mostly just theory. However, most of the learning has been implemented straightaway. Calculating the costs and project ROI, calculating the value of the market and our own lifetime value, using balanced scorecards: at the end of the day, this stuff is actually useful,” says Kārlis.
Magnalysis developed cloud-based technology that improves the speed and accuracy of MRI scanning. Unlike the traditional method, where the scan is evaluated after an hour-long procedure, Magnalysis uses artificial intelligence methods to perform real-time image reconstruction and analysis. The system is intended for radiologists and surgeons who need to obtain fast and high-quality magnetic resonance imaging scans; however, it helps all patients.
Magnalysis is a medical image reconstruction, analysis and storage service. Unlike expensive imaging clusters in hospitals, Magnalysis uses state-of-the-art convolutional neural networks and provides hospitals with a central ledger for imaging data that is accessible from any computer with an Internet connection.
Nikita: “What drives our company is the fact that we want to make a world a more efficient and more convenient place to live in. We plan on having a busy first year. Around the end of June, we plan to finalise the first version of our online platform. Around that time, we are also going to present it to the first clients, and we plan a test launch in July. We hope that we can come to terms with our client that they will have full access to our platform, while providing constant feedback. Currently, we plan on having a subscription-based platform, so that doctors could use it whenever they need to. After the model is clear we plan on expandingfurther in the Baltics and by the end of the autumn presenting our idea to the Scandinavian market. After participation in the TechChill event we have gained several contacts there, which would help us promote the product. To promote our platform we will also be pitching the idea in September in front of the Latvian Society of Radiology. After that our goal would be to develop hardware, so at the beginning of January we will be searching for different hardware options”.
Kārlis: “We have gained valuable experience through different competitions such as Falling Walls Berlin, Techchill's 50 Founders battle, RSU ISC. Now Magnalysis has entered the Top58 teams in the Prototron competition and they need your help to move on. You can be the first to help us realize the full potential of the project.”
You can support the students here