Kelvin Health

What Kelvin Health does

Kelvin Health is a Bulgarian healthtech company founded in 2020 and headquartered in Sofia, building an AI-driven clinical decision support system based on thermography for non-invasive vascular diagnostics. The company's core product, Thermography AI, captures body heat using a mobile application integrated with FLIR One Pro thermal cameras, applies proprietary gamma segmentation algorithms, and uses trained AI models to detect vascular anomalies associated with peripheral arterial disease (PAD), chronic limb-threatening ischemia (CLTI), and carotid hypoperfusion. Supporting products include the Kelvin Data Collection Platform (a HIPAA- and GDPR-compliant cloud or on-premise platform for thermal imaging data, annotation, and clinical information management) and the Kelvin Mobile Application for iPhone. The company claims the world's largest cardiovascular disease thermal imaging dataset, with 8,400+ images from 1,100+ patients collected through hospital partners including Acibadem City Clinic, University Medical Center Maribor, and First Gynaecological Hospital St. Sofia.

The business model is primarily enterprise B2B SaaS (Software as a Medical Device), with quote-based subscription licensing to vascular specialists, hospitals, and healthcare providers, complemented by pharma clinical trial services and hardware-anchored deployments through FLIR camera integration. GTM is consultative and event-driven, with the executive team active at conferences such as AHA Scientific Sessions, MedTech World, TCT, and LSI USA, supplemented by accelerator participation (MedTech Innovator, KGAP+, EIT Health). Target customer segments are vascular specialists and healthcare providers (primary), pharmaceutical companies for clinical trial applications, and indirectly patients via B2B2C. The company is currently pre-commercial at scale, pursuing CE marking via Notified Body Scarlet, and has been primarily funded through non-dilutive grants rather than traditional equity rounds, including a $2.9M Bulgarian government grant signed in December 2025.

Name

Kelvin Health

Legal name

KELVIN HEALTH AD

Website

https://kelvin.health

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

11–50 employees

Short description

Kelvin Health is a Bulgarian healthtech company founded in 2020 that builds an AI-driven clinical decision support system using thermography and proprietary gamma segmentation to enable non-invasive screening and monitoring of peripheral arterial disease and other vascular conditions for hospitals, vascular specialists, and pharmaceutical clinical trials.

Ownership category

akta.pro rank

Product category

AI Vascular Diagnostics Software

NAICS

Electromedical and Electrotherapeutic Apparatus Manufacturing (334510)

SIC

Surgical & Medical Instruments & Apparatus (3841)

akta.pro primary industry

SaMD – Imaging & Signal Analysis (AI/ML) (HLACANAG)

akta.pro secondary industries

Software as a Medical Device (SaMD) – Clinical Decision & Diagnostic Software (HLACANAD), SaMD – Monitoring, Triage & Risk Stratification Software (HLACANAE), Cardiometabolic RPM & Chronic Disease Management (diabetes, hypertension, CHF, obesity) (HLALAFAA), SaMD – Digital Biomarkers & Algorithmic Endpoints (HLACANAF)

Keywords

• Vascular diagnostics software
• Thermography AI imaging
• Peripheral arterial disease screening
• Clinical decision support
• Medical thermal imaging

Headquarters

HQ city

Sofia

HQ country

Bulgaria

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Marketing or Sales, Operations, Infrastructure

Revenue model

1. Software as a Medical Device (SaMD): Kelvin Health generates revenue through licensing its AI-driven thermography software for medical diagnostics. The software is sold as a clinical decision support system to healthcare providers and vascular specialists. Revenue is derived from subscription or per-use licensing of the Kelvin Mobile Application and Data Collection Platform to hospitals and medical facilities.
2. Pharma Clinical Trial Services: Kelvin Health offers its Thermography AI technology to pharmaceutical companies for clinical trial applications, enabling wider access to relevant patients early in the patient journey for screening and monitoring purposes.
3. Hardware Integration: Revenue includes integration with FLIR thermal cameras (FLIR One Pro compatible with iPhone). The company provides the complete solution including hardware compatibility through their mobile application.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels14 records

Core offering

Kelvin Health develops and sells an AI-driven clinical decision support system (Thermography AI) that analyzes thermal images captured via portable cameras to detect vascular conditions including peripheral arterial disease (PAD) and chronic limb-threatening ischemia (CLTI). The offering is delivered through three components: the Thermography AI core software, the Kelvin Data Collection Platform for secure data management, and the Kelvin Mobile Application that works with FLIR One Pro thermal cameras. The product is sold as Software as a Medical Device (SaMD) to hospitals, vascular specialists, and pharmaceutical companies for clinical use and clinical trial applications.

Product overview

Kelvin Health offers an AI-driven diagnostic ecosystem based on thermography technology for vascular care. The portfolio consists of three main components: (1) Thermography AI - the core AI clinical decision support system that analyzes thermal images to detect vascular anomalies; (2) Kelvin Data Collection Platform - a secure data management system for collecting and annotating thermal imaging data, available in both cloud and on-premise versions; and (3) Kelvin Mobile Application - a mobile app that interfaces with FLIR One Pro thermal cameras to capture thermal images. These products work together to enable accessible, rapid, non-invasive vascular diagnostics for PAD/CLTI screening and monitoring.

Differentiator

Problem solved

Functional benefit

Products and services

• Thermography AI AI-driven clinical decision support system (CDSS) that analyzes thermal images from portable cameras to assess thermal patterns in the body for vascular diagnostics. Enables healthcare professionals to accurately detect anomalies related to vascular conditions including peripheral arterial disease (PAD), chronic limb-threatening ischemia (CLTI), and carotid hypoperfusion. Sold as Software as a Medical Device (SaMD) to healthcare providers and vascular specialists.
• Kelvin Data Collection Platform Secure cloud-based and on-premise platform for collecting patients' thermal imaging data and enabling annotation by specialists. Features secure hospital access, encrypted data transmission, data annotation modules, and patient clinical information management. HIPAA and GDPR compliant. Used by hospitals and medical facilities to gather thermal imaging datasets that power AI model training.
• Kelvin Mobile Application iPhone-compatible mobile application that works with FLIR One Pro thermal camera to capture human body temperature using proprietary gamma segmentation. Enables rapid non-invasive vascular triage that can be performed by specialists, GPs, or patients' partners. HIPAA and GDPR ready. Designed for ease of use across skill levels to democratize vascular screening.

Quantifiable outcome

• 230+ million people worldwide suffer from PAD, with 40%+ asymptomatic, creating massive need for accessible screening
• +2 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

AI capability2 records

Feature5 records

Partnerships

17 partnerships are on record, tiered strategic, core and minor.

• KGAP+ (Knowledge Generating Accelerator Program Plus)strategicStrategic or Co-development Partner · 15 May 2026Selected for KGAP+ Batch 15 as one of 20 deep-tech startups from 13 countries, pursuing collaboration with Japanese companies and expansion into Japanese market. KGAP+ Batch 14 had 87% of startups build partnerships with leading Japanese corporations. Managed by global partners.
• WIPO (World Intellectual Property Organization)strategicStrategic or Co-development Partner · 7 April 2026Selected for 2026 WIPO IP Management Clinic Program as one of 20 startups. Program organized by WIPO, Rubik Hub, Digital Innovation Zone EDIH, INNOVATE-EU, and IMAGO-MOL Cluster. Opportunity to strengthen IP strategy behind the technology being built.
• MedTech InnovatorcoreStrategic or Co-development Partner · 9 April 2025Selected for MedTech Innovator 2025 cohort out of 1,460 applicants. Graduated from US market access program (Jun-Nov 2025). Selected to pitch at East Coast Pitch Event April 9-10 in Maryland. Part of American Heart Association's track. MedTech Innovator provides market access, mentorship, and connection to MedTech ecosystem.
• Acibadem City CliniccoreStrategic or Co-development Partner · 26 September 2024Partnership with Acibadem City Clinic Cardiovascular Center to fight peripheral arterial disease (PAD). Prof. Ivo Petrov (Chief Medical Officer) and assoc. prof. Zoran Stankov (Chief Science Officer) are from Acibadem. Partnership announced September 26, 2024. The hospital serves as a key research and clinical validation partner.
• MedtronicstrategicStrategic or Co-development Partner · 10 May 2024Participation in MedLim '24 organized by Medtronic and ecosystem partners (LIOF, Brightlands Maastricht Health Campus BV, Rabobank, imec.istart) in the Limburg area. Three weeks of online workshops, one-on-one sessions, and interactions providing insight on running a medical device venture. Opens opportunities for collaboration.
• AccessMedicacoreStrategic or Co-development Partner · 26 February 2024Partnership with AccessMedica for US market development. AccessMedica is a team of international consultants who help healthcare innovators scale solutions by overcoming market limitations. They have worked with over 520k patients and managed digital health projects totaling more than $15 million in external funding. Partnership is crucial for US market penetration and regulatory understanding.
• American Heart Association - Center for Health Technology & InnovationcoreStrategic or Co-development Partner · 5 February 2024Kelvin Health joined the AHA CHTI Innovators' Network, a healthcare technology consortium connecting entrepreneurs, providers, researchers, and payers. Members access the Association's digital guidelines, recommendations, and best-in-class science. Collaboration includes building models for clinical outcome studies and connecting science to technology.
• Scarlet (Notified Body)coreImplementation/ SI/ Consulting Partner · 5 December 2023Partnership with Scarlet, a new digital Notified Body specializing in medical software & AI, for regulatory compliance. Scarlet offers continuous compliance support, helping products get certified in EU and UK in weeks rather than years. This is a key step toward applying for needed regulatory approvals (CE marking).
• University Medical Center MariborcoreStrategic or Co-development Partner · 10 August 2021Partnership for non-interventional trial of thermal AI screening and monitoring technology for breast carcinoma. Study enrolled 50 patients. UMC Maribor is one of the largest medical institutions in Slovenia, founded in 1799, with approximately 3,414 staff members. Data collected helps improve AI algorithms for sensitivity and specificity.
• First Gynaecological Hospital St. SofiacoreStrategic or Co-development Partner · 10 August 2021Partnership for thermal data collection process for breast cancer screening and monitoring. Thermal data collection process started two weeks before August 2021 announcement. Second hospital partner alongside University Medical Center Maribor for large-scale study and technology validation.
• MORE-Darzalas FoundationcoreStrategic or Co-development Partner · 1 July 2021Partnership with MORE-Darzalas Foundation as part of the Novartis Oncology Breaking Barriers HSS Challenge winning team for breast cancer early detection through AI analysis of thermal images.
• NovartiscoreStrategic or Co-development PartnerNovartis has been a key partner through multiple challenges: Oncology Global Innovation Challenge 2021 (won), CVD Global Innovation Challenge 2021 (won), and Breaking Barriers HSS Challenge (won in collaboration with Novartis Bulgaria and MORE-Darzalas Foundation). Ivaylo Petrov (Healthcare Advisor) is ECC Innovation & Transformation Lead at Novartis Oncology.
• RochecoreStrategic or Co-development PartnerRoche partnership through winning the HealthCare Lab Challenge '22 and Screening & Early Diagnostics Challenge 2022. Participation in Roche's HealthCare Lab Demo Day March 2022. Novartis Bulgaria and Kelvin Health are members of Digital Health and Innovation Cluster Bulgaria.
• Digital Health and Innovation Cluster BulgariaminorStrategic or Co-development PartnerKelvin Health is a member of Digital Health and Innovation Cluster Bulgaria alongside Novartis Bulgaria. Milena Stoycheva (Innovation Advisor) is Co-founder of Digital Health & Innovation Cluster Bulgaria and former Minister of Innovation & Growth of Bulgaria.
• MedTech WorldstrategicGTM or Marketing PartnerActive participation in MedTech World conference. Represented for second year in a row in 2023. CEO Georgi Kadrev was a speaker in 2023. Awarded 'Best Company to Work For' at Med-Tech World '23. MTI alumni event at MedTech World 2025 with showcase panel.
• DIGI4CARE ConsortiumminorStrategic or Co-development PartnerAwarded additional grant funding from the European Commission as part of the DIGI4CARE consortium which aims to popularize and democratize access to digital healthcare.
• Athens Medical GroupminorStrategic or Co-development PartnerListed as a hospital partner on the website, appearing alongside Novartis, Roche, and Acibadem as a partner organization.

Scale indicators9 records

Recent moves6 records

Expansion highlights7 records

Direct peers

• HeartFlow: HeartFlow provides AI-driven, non-invasive cardiac diagnostics from CT imaging, similar to Kelvin's AI analysis of thermal images for vascular diagnostics. Both companies use advanced software to replace or augment traditional invasive vascular/cardiac diagnostic workflows (e.g., FFR-CT vs. Kelvin's thermography). Target customers (cardiologists, vascular specialists) and business model (enterprise SaaS to hospitals) are closely aligned.
• Cleerly: Cleerly applies AI to coronary CT angiography for non-invasive cardiovascular disease diagnosis. Like Kelvin, it uses AI image analysis to detect vascular/arterial conditions and sells to hospitals and specialists as an enterprise SaaS clinical decision support tool, addressing the same shift away from invasive diagnostics.
• Butterfly Network: Butterfly Network makes portable, AI-enabled ultrasound hardware for non-specialists, similar to Kelvin's portable thermal camera + mobile AI approach. Both enable point-of-care imaging by non-radiologists and target similar use cases in vascular and primary care settings, with a hardware-plus-software SaaS model.
• Viz.ai: Viz.ai applies AI to imaging for early disease detection and care coordination in stroke and vascular emergencies. Like Kelvin, it operates as an FDA-cleared AI clinical decision support platform sold to hospitals, sharing a regulatory and commercial pathway for AI imaging SaaS in vascular care.
• RapidAI: RapidAI provides AI-powered imaging analysis for stroke and other neurovascular conditions, sold as enterprise SaaS to hospitals. Both companies use AI image analysis for vascular/neurovascular triage, share an enterprise B2B2C model, and pursue similar regulatory and reimbursement strategies.
• Elucid Bioimaging: Elucid offers AI-driven vascular imaging analysis (notably for atherosclerosis from CT angiography) sold to hospitals and physicians. Like Kelvin, it uses AI on imaging for vascular diagnosis and is positioned as a non-invasive alternative to traditional vascular assessments.
• Caption Health (GE HealthCare): Caption Health (acquired by GE HealthCare) provides AI guidance for ultrasound image capture by non-specialists, directly analogous to Kelvin's AI-assisted thermal image capture and interpretation. Both target democratization of advanced imaging at point of care.

Broad incumbents

• Aidoc: Aidoc is a broad AI imaging platform for radiology triage across multiple conditions. While Kelvin focuses narrowly on vascular thermography, both sell AI imaging SaaS to hospitals as clinical decision support, and Aidoc represents the broader category of AI imaging incumbents Kelvin competes for budget against.
• Tempus AI: Tempus AI is a broad AI-driven precision medicine company combining imaging, clinical, and molecular data for diagnostic and pharma research applications. Kelvin's thermography platform and pharma clinical trial services sit within the same AI-driven clinical decision support category at a much smaller scale.

Emerging players

• Nanox.AI: Nanox.AI develops AI software for medical imaging analysis to flag asymptomatic conditions across multiple modalities. Like Kelvin, it pursues population-level screening via AI imaging, with a hardware-plus-software commercialization strategy aimed at early detection markets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xtwitter.com/kelvin_health
• YouTubeyoutube.com/channel/UCW0ij5k7UXN7lD7sGpnuCcw
• Facebookfacebook.com/kelvinhealth
• LinkedInlinkedin.com/company/kelvin-health
• Instagraminstagram.com/kelvin.health

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Kelvin Health