Spectral AI Raises Up to $5 Million Financing Strengthening Financial Position for FDA Pathway

Spectral AI, Inc.  an artificial intelligence (AI) company focused on revolutionizing medical diagnostics to enable faster, more accurate treatment decisions in wound care, today announced the successful completion of an approximate $5.0 million equity financing in an at-the-market transaction. The closing is to be completed in two tranches. Part of the proceeds will be used for the retirement of its outstanding obligations with Yorkville Advisors. This transaction supports Spectral AI’s growth trajectory and progress toward a submission to the U.S. Food and Drug Administration (“FDA”) for approval of its DeepView AI-Burn system, a crucial milestone targeted for the first half of 2025.

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The equity financing was made possible through a strategic financing arrangement with institutional investors, a testament to Spectral AI’s ability to attract significant financial support. This arrangement, which included an at-the-market offering of equity and pre-funded warrants, strengthens Spectral AI’s balance sheet and enhances its operational flexibility as it pursues FDA approval.

“By completing the strategic financing arrangement and retiring the outstanding note obligations, we are reinforcing Spectral AI’s financial strength, technology development and growth trajectory,” said J. Michael DiMaio, MD, Chairman of the Board of Directors of Spectral AI. “With additional support from non-dilutive U.S. Government funding, we remain committed to advancing AI-driven diagnostic solutions that will transform wound care.”

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