Infermedica, the AI-based platform for preliminary diagnosis and triage, announced it has raised $10.25 million in Series A funding.
The round was led by the European Bank for Reconstruction and Development (EBRD) and digital health fund Heal Capital, with participation from existing investors Karma Ventures, Inovo Venture Partners, and Dreamit Ventures.
The investment will be used for platform R&D to further enhance patient triage and symptom checking features as well as clinical decision support analysis – including intake collection, differential diagnostics and lab test interpretation – and to expand operations in Germany and the US, where Infermedica currently has one office.
The new capital places total funding to date at $15 million.
Founded in 2012 in Wrocław, Poland, by Piotr Orzechowski (CEO), Infermedica is an AI-driven, customisable, multi-language platform that aids patient care and healthcare service delivery. Based on the expertise of doctors and mixed with the AI and machine learning algorithms, the solution delivers rapid symptom triage and instructions so patients can receive required healthcare quickly.
The company operates in B2B model and helps insurance, telemedicine companies, and health systems increase efficiency through fast, digital symptom-checks. According to New England Healthcare Institute, 25% of cases can be self-treated or treated through teleconsultation and $38 billion can be saved per year when patients are led to proper care (in the US only).
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Infermedica currently employs more than 100 specialists – including doctors, data scientists, and engineers, and doubled their team size in the last year.
Commenting on the news, Piotr Orzechowski, CEO at Infermedica, said: “We’re thrilled to welcome EBRD and Heal Capital as new investors on board of our venture. Our mission is to improve quality and access to primary care with the use of AI-powered, constantly improving technology.
“This additional funding will enable us to continue developing cutting-edge AI-triage technology and expand our commercial operations in the US and Germany.”
Maria Barsuk, Venture Capital Investment Program at EBRD added: “Healthcare is vital, but there are limitations around availability and cost, which often result in patients worldwide not receiving the treatment they require. Now the world, facing the COVID-19 pandemic, is in greater need for remote healthcare than ever before.
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“Therefore, adoption of digital healthcare solutions will only accelerate and become mainstream, as industry players look for new ways to deliver first-class service. We’re glad to invest in Infermedica’s team and support its future progress.”
Dr. Christian Weiss, Managing Partner at Heal Capital, commented: “Technology has the capability to transform healthcare, but there needs to be real harmony between innovation and human expertise – Infermedica has found it. The platform is streamlining healthcare delivery for doctors and patients, and its continuous high accuracy, alongside the company’s dedication to innovative technology is very impressive.
“We’re delighted to be onboard as Infermedica embarks on the next stage of its journey.”