Munich-based health-tech start-up Smart Reporting has announced it has be granted a €15 million venture debt loan from European Investment Bank (EIB) to develop its voice-controlled, AI-supported diagnostic clinic software and bring it to the US and Canada.
The financing is backed by the InvestEU Programme, which provides investment partners with EU budget guarantees to increase their risk capacity and mobilise public and private investment.
“Smart Reporting develops effective solutions to accelerate standard procedures and diagnostics in doctors’ offices and hospitals, integrating the latest medical information and guidelines. The technology has strategic importance for the digitalisation of healthcare, and makes the data collected usable for future diagnostics and medical research. We are pleased to be working with Smart Reporting to drive this medical innovation," says Ambroise Fayolle, EIB Vice-President.
The software is used in realtime by radiologists and pathologists and is currently being integrated with Siemens devices. The funding will allow for new market growth and a further scaling of the software and data business.
“The future of medicine is data-driven. It will take high-quality, standardised data to automate clinical workflows in depth, enable evidence-based decision-making, and ensure efficient, quality medical care in the future. In recent years, we have built up global market access through a growing number of partnerships with leading international tech companies," says Smart Reporting founder and Co-CEO Wieland Sommer.
"In the EIB, we are delighted to have found a strong, long-term partner to help us significantly accelerate our expansion into new markets like the US and Canada, as well as other fields of application, such as documentation for surgical procedures," he adds.