After raising €28.5 million funding in March last year, Munich-based data-driven healthcare provider Avi Medical has now wrapped up €50 million in a Series B funding.
The round was led by Balderton Capital and saw the participation of existing investors, including Berlin-based healthcare fund Heal Capital and New York-based Addition, alongside Picus Capital, Vorwerk Ventures, Eurazeo and 3VC. UiPath founder Daniel Dines and Forward founder Adrian Auon also participated in the round.
The company plans to use the funds to expand its business reach from eight to at least 100 clinics across Germany by 2024. Avi will also expand its services across Germany and more widely into Europe, particularly in rural areas often left behind by technological advances.
The new round brings the total raised by Avi Medical to over €80 million.
Founded in 2020 by Vlad Lata and Julian Kley, the startup is leveraging technology to transform the €1.3 trillion primary care industry in Europe. Avi aims to solve two of its main problems, a deficit in digitisation and a predicted massive decline in doctor numbers across Europe.
The platform offers medical practices that deliver a personalised and holistic digital patient experience. Its integration of multiple channels of interactions, patient records and data points, as well as 24/7 access, is designed to put evidence-based diagnoses and preventative health care at the centre of its way of delivering primary care. It enables anyone to get an appointment, regardless of their insurance status and past medical history.
Vlad Lata, co-founder, Avi Medical said: “The next 12 months will see us continue to streamline and improve the experience for all those who interact with the platform and we’re delighted that some of the world’s most notable investors want to join us on our journey.”
James Wise, partner, Balderton Capital, added: “Avi Medical is not only drastically improving the experience of patients and doctors today, but it is also forging the primary healthcare system of the future, where patients each have personal healthcare plans based on their medical history and needs. Ultimately this will help put preventative healthcare at the center of effective primary care, with better outcomes for everyone but particularly those who are chronically ill with manageable conditions like diabetes.”
Avi Medical currently serves 20,000 patients, across four different German cities.