Poland-based MedTech startup Infermedica has raised US$ 10M in a Series A round of funding held in August 2020, led by the European Bank for Reconstruction and Development (EBRD) and digital health fund Heal Capital. Previous investors Karma Ventures, Inovo Venture Partners and Dreamit Ventures also participated in the round.
Capital raised will be used to enhance R&D and its patient triage, symptom-analyzing features and clinical decision support analysis. Along with that, they are also planning to expand footprint in Germany and the U.S. The startup has raised US$ 15M in total funding to date including the latest round.
Piotr Orzechowski, Irving Loh and Roberto Sicconi founded Infermedica in 2012. The startup offers an AI-driven, personalized, multi-language platform that helps in patient care and healthcare service delivery. They have a symptom checker; a call center triage feature (meaning they help determine the priority of patients’ treatments by the severity of their condition or likelihood of survival with and without treatment) and an API. Their basic aim is to connect patients with appropriate medical services.
Infermedica runs on a B2B (Business-to-Business) model, coordinating with insurance companies, telemedicine companies and health-related organizations that want to offer digitally delivered symptom-checks. The startup claims itself to be unique and different from various other competitors in the market as they are “API-first”. Algorithms as well as their team of physicians work relentlessly to verify every piece of information that is added to the medical database to ensure that patients get safe and reliable recommendations. To date, physicians involved in the project have spent over 30,000 hours on analyses.
CEO Orzechowski said, “According to studies, the majority of internet users search online when they’re feeling unwell, but it’s hard to find accurate and personalized answers about our own health. To help everyone evaluate their symptoms in a quick and reliable way, we’ve developed a carefully curated AI platform that asks diagnostic questions and computes likelihoods of primary care conditions.”
Infermedica has a roster of clients such as Allianz, Global Excel, Medis, Everyday Health, Microsoft and PZU Zdrowie, companies where digital triage claims to help augment healthcare costs. The startup also offers services to hospital systems, including Sana Kliniken, and is used to identify the urgency of a patient’s case and to collect information prior to a hospital visit. In addition, its API is used by technology companies, such as Microsoft’s integration of the platform into its health bot.
The startup had previously raised US$ 3.7M in a seed round held in June 2019 from Karma Ventures. It had also secured US$ 1.1M in a seed round held in January 2019 from undisclosed investors.
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