A MetaOptima Case Study

MetaOptima has developed an AI-enabled medical technology that implements photographic capture and analysis of potentially cancerous moles using special optics, mobile phones, and AI detection.

Background Information

  • Skin cancer remains a major healthcare concern as rates of melanoma have been rising in Canada.
  • While early detection is paramount for individuals to find an effective cure, the current healthcare system requires the involvement of a skin cancer specialist to provide the appropriate diagnosis.
  • The dearth of skin cancer specialists has driven the need for an AI-powered diagnosis system.
  • The promise of AI is the early detection of skin cancer and reduction in its global morbidity rate.
  • In 2023, the average wait time from a GP referral to consulting with a dermatologist increased from 12.6 weeks in 2022 to 14.6 weeks in 2023. This wait time is 296% longer than in 1993, when it was 3.7 weeks.
  • Roughly 11,300 Canadians will be diagnosed with melanoma in 2024. Of those, 6,500 will be found in males and 4,800 in females. In 2024, 200,340 new cases are estimated in the United States.
  • Fatalities caused by melanoma are expected to reach 1,300, with 850 being males and 440 being females. Between 2023 and 2024, cases of melanoma have risen by roughly 17 per cent. Melanoma represents 5% of all new cancer cases diagnosed in the U.S.
  • In 2024, it is estimated that 8,290 people will die from melanoma in the United States. Of these deaths, 5,430 will be men and 2,860 will be women.
  • The 5-year survival rate is over 99% when melanoma is detected early, but falls to 74% when it reaches the lymph nodes and 35% when it metastasizes to distant organs.

The Solution

DermEngine

MetaOptima’s core product DermEngine, uses image-based AI to help dermatologists remotely zero in on potential cases of skin cancer such as melanoma.

Our Partnership

MetaOptima and Circle were among ten Vancouver-based organizations that in March 2023 received a cumulative $25.7 million investment from PacifiCan.

BC-based MetaOptima, a digital health company that is revolutionizing the dermatology and skin care industry with affordable, effective, and intelligent AI-driven solutions, has developed a SaaS technology that can be attached to Canadians’ smartphones allowing individuals to use a mobile app to capture and record photos of potentially cancerous moles. The images can then be shared with a dermatologist using cloud-based technology, eliminating months of wait time for a specialist visit, and receiving a near-instant diagnosis in the process.

Media Gallery

Demonstrating DermEngine to Minister Sajjan (Nov 2023)

Partnership Outcomes

In partnership with Circle Innovation, MetaOptima applied funding from the Healthtech SME Program to a) achieve FDA approval for DermEngine AI; b) reduce costs with Go-To-Market commercialization of their AI-powered products and c) outsource to third party consultants support to manage prospective clinical trials.

For this partnership, Circle Innovation assisted MetaOptima with the testing and optimization of its latest AI diagnostic platform, while also acting as the project and cost management center, ensuring successful completion of all project deliverables, while de-risking the project through its cost-sharing program.

Project Impact

Advancing DermEngine toward FDA approval places MetaOptima at the edge of rapid growth

4

HQP jobs created

$20M

Attracted in incremental private investment in USD

$1.7M

Increase in annual revenue

30

Workers upskilled in the process of the project

About Partner

MetaOptima is a fast-growing digital health company based in Vancouver, Canada that strives to empower people with advanced technologies to lead a healthier and happier life. Founded in 2012, CEO Maryam Sadeghi and CTO Majid Razmara established a company dedicated to revolutionizing the dermatology and skin care industry with advanced, effective, affordable and intelligent tools. MetaOptima not only takes pride in their bold vision to save lives and contribute to better healthcare outcomes, but also work hard to build a successful company, and create jobs and develop tools that make the world a better place for patients, doctors, and businesses.

Related Case Studies

Selected previous Circle Innovation industry projects

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