Dallas-based predictive artificial intelligence company Spectral AI Inc. announced that Erich Spangenberg has been appointed to the company’s board of directors and named chairman of its executive committee.
Spectral AI focuses on medical diagnostics for faster and more accurate treatment decisions in clinical wound care.
“We are pleased to welcome the return of Erich to the board of directors, where his experience, insights and network will be an invaluable resource for our company,” Spectral AI CEO Wensheng Fan said in a statement. “Erich’s proven expertise is a cornerstone for our strategic growth, and we look forward to leveraging his invaluable contributions to guide the company’s future endeavors.”
Spangenberg will serve as chairman of the Spectral AI’s executive committee as well as the nominating and corporate governance committees.
Spangenberg was Spectral AI’s initial outside investor in 2011 and is currently the company’s largest shareholder. He was a member of the company’s board from 2012 through October 2022.
He brings nearly 40 years of experience as an entrepreneur, investor, investment banker, and attorney to his post on the board. Spangenberg is the founder and managing director at Sauvegarder Investment Management, a multi-strategy investment firm dedicated to IP-related financings.
Spangenberg is recognized as one of the world’s top 50 IP strategists and leader in patent monetization, Spectral AI said.
“My objective is to ensure that the company’s valuation accurately mirrors the noteworthy accomplishments of our team, particularly the validation evidenced by Spectral AI’s receipt of $251 million in non-dilutive funding from the U.S. Government, along with our well-defined near and long-term prospects,” Spangenberg said. “As a member of the board and chairman of the executive and nominating committees, as well as the largest shareholder of Spectral AI, I will work with the board and executive team to focus on the most impactful ways to maximize near and long-term shareholder value. In this role, my commitment involves identifying top-tier executives, crafting an intelligent financing plan, leading initiatives that further develop distribution, fostering impactful strategic partnerships, and articulating a clear and compelling vision, strategy, and value proposition for the Company; all with the ultimate goal of reflecting the intrinsic value of the MDAI stock.”
Spectral AI said it is working to revolutionize the management of wound care by “Seeing the Unknown” with its DeepView System, a predictive diagnostic device that offers clinicians an objective and immediate assessment of a wound’s healing potential prior to treatment or other medical intervention.
It’s been a busy fall for Spectral AI, as the company was listed on Nasdaq in September, when it also received a new contract valued at up to $149 million by the Biomedical Advanced Research and Development Authority (BARDA).
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Spectral AI has recently secured its largest contract to date from the U.S. government, an award exceeding $149 million, boosting its total U.S. government awards accrued since 2019 to more than $246 million, as it aims to revolutionize wound care. The company's DeepView SnapShot Wound Imaging System, has received UK Conformity Assessed (UKCA) marking for use in the United Kingdom and has been classified as a Class 1 medical device by U.S. FDA.
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In September, the firm began trading on Nasdaq and secured a BARDA Project BioShield contract worth up to $149 million.
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