Spectral AI, Inc. (NASDAQ:MDAI) (“Spectral AI” or the “Company”), an artificial intelligence (AI) company focused on medical diagnostics for faster and more accurate treatment decisions in clinical wound care, today announced the appointment of Erich Spangenberg to the Board of Directors (“Board”). Mr. Spangenberg will serve as Chairman of the Company’s Executive Committee as well as the Nominating and Corporate Governance Committee.
“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,” said Wensheng Fan, CEO of Spectral AI. “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.”
Mr. Spangenberg was Spectral AI’s initial outside investor in 2011 and is currently the Company’s largest shareholder. He served as a member of the Company’s Board from 2012 through October 2022. Erich brings to the Board nearly 40 years of experience as an entrepreneur, investor, investment banker, and attorney. He is the Founder and Managing Director at Sauvegarder Investment Management, a multi-strategy investment firm dedicated to IP-related financings. Erich is recognized as one of the world’s top 50 IP strategists and leader in patent monetization.
“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 US Government, along with our well-defined near and long-term prospects,” said Mr. Spangenberg. “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.”
“We are enthusiastic about Erich’s new role as Chairman of the Executive Committee of the Board of Directors, foreseeing his significant impact in advancing our mission to delivering improved care through our AI-driven predictive healing assessment technology,” said Richard Cotton, Non-Executive Chairman of the Board.
Mr. Spangenberg earned his J.D. at Case Western Reserve University School of Law. In addition, he holds a M.Sc. in Economics from The London School of Economics and Political Science (LSE) and an undergraduate degree in Economics from Skidmore College.
