Floy

About Floy

Floy GmbH, a Munich-based health-tech firm established in 2021, develops artificial intelligence-driven software that functions as a second opinion for radiologists. The company was co-founded by CEO Benedikt Schneider and Chief Product Officer Leander Märkisch. The inspiration for Floy came from Schneider's personal experience with a delayed diagnosis of a meniscus tear, which prompted him to explore how AI could address the challenges in radiology. He and Märkisch, both alumni of WHU - Otto Beisheim School of Management, developed the initial concept and founded the company after Schneider completed his bachelor's degree.

Operating in the medical imaging market, Floy targets radiology practices and clinics. Its core business involves providing AI software that analyzes existing CT and MRI scans to detect incidental findings and hard-to-see abnormalities that might otherwise be overlooked during routine examinations. The software is designed to seamlessly integrate into existing radiology workflows, presenting its findings as an additional series within the original scan data, thus acting as a diagnostic assistant rather than a replacement for the radiologist. The product suite includes certified software solutions like FloySpine, FloyBrain, and FloyMammo, which screen for conditions such as malignant bone tumors, osteoporosis, brain aneurysms, multiple sclerosis, and signs of cardiovascular disease.

A distinctive element of Floy's strategy is its business model. Instead of selling the software directly to practices, Floy partners with them to offer the AI analysis as a voluntary, self-pay service for patients. The revenue generated from this service, which costs a regulated fee in Germany, is then shared between Floy and the participating radiology office. This approach circumvents the reliance on health insurance reimbursement and creates a direct financial incentive for radiologists to adopt the technology, fostering rapid market penetration. Since its inception, the company has secured a total of €8.8 million in funding through several seed rounds, with notable investors including HV Capital, All Iron Ventures, and 10x Founders. This capital is being used to develop new AI products and facilitate expansion into the broader EU and US markets.