Spectral AI Inc (NASDAQ:MDAI) announced that it has secured a contract with the Defense Health Agency (DHA) and the US Army Medical Material Development Activity (USAMMDA) to support the development of the handheld version of its DeepView Wound Imaging System, DeepView SnapShot M, which is targeting battlefield use.
The company said the contract was valued at more than $500,000 and brings the total awarded to advancing the DeepView SnapShot M to more than $6 million.
It said this contract aims to optimize the functionality and size of the device and to ensure its combat readiness.
“Spectral AI is proud to partner with DHA and the USAMMDA on this crucial initiative. This award further validates Spectral AI’s technology and the importance of a battlefield burn solution we are focusing on,” Spectral AI CEO Pete Carlson said in a statement.
“We firmly believe that this collaboration will make a profound impact, as the miniaturization of medical devices is essential for introducing innovative medical care to a wider range of clinical settings and patients. This development reaffirms Spectral AI's dedication to shaping the future of accessible medical care and solidifies its position as a trailblazer in AI-driven healthcare innovation.”
The company highlighted that it has previously received other significant financial support from the US government, totalling $250 million including $150 million in the last six months.
Shares of Spectral AI moved higher on the news, up 22.7% at $2.11 shortly before Tuesday’s opening bell.
Dallas, Texas-based Spectral AI is a predictive AI company focused on medical diagnostics for faster and more accurate treatment decisions in wound care, with initial applications involving patients with burns and diabetic foot ulcers.