This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Spectral AI develops and commercializes medical diagnostic devices, specifically its DeepView System for burn wound assessment. The company’s product development and regulatory submission process relies on animal testing. In a public report, Spectral AI explicitly stated that its device “was also used in animal studies,” confirming the exploitation of animals as a step in bringing its technology to market.
The evidence provided by Cruelty Free Investors indicates animal testing is part of Spectral AI’s operations, but specific details on the scale, species involved, or frequency of these tests are not disclosed in the available excerpts. The company’s SEC filings focus on regulatory compliance risks but do not address its animal testing practices or any policies to reduce or replace animal use.
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The Naughty List
A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.