LynxCare, the Leuven-based big data startup working in healthcare, has raised €1.8 million, led by btov Partners with support from existing investor, HERAN Partners. This round follows a €1.75 million raise last April, and will fuel European and US expansion.
As the healthcare industry undergoes digital transformation, massive amounts of data are piling up, unstructured and unused. By helping orient hospitals toward value-based and results-oriented care, McKinsey estimates that big data platforms could help unlock value in the industry — to the tune of $200 billion in Europe and $300 billion in the US.
Founded in 2015, the Belgian startup has developed the LynxCare AI platform, which automatically processes and displays hospital data, benefiting patients, physicians, care staff, and the hospital organisation as a whole. Compared to other similar products on the market, LynxCare claims its “tailored, context-specific” algorithms achieve higher accuracy in a scalable way.
Dr. Christian Schütz, partner at btov, explained the firm’s confidence in the scaleup: “We see a great combination of a highly experienced team in the field of machine learning/data mining with a strong medical background, good commercial traction and a clear market need for quality of care data analytics and management. The very accurate analysis of unstructured data in the clinical environment is what LynxCare can offer for physicians, hospitals, and medical research and what the company stands out for.”
In light of the recent funding, CEO Georges de Feu expressed his own confidence in the growth to come: “We have been active on the American market for a while and now this investment gives us the means to further conquer the European market. In under a year, we have raised almost 4 million and we have a very strong investor consortium, which offers prospects for further investments and new growth steps for LynxCare.”