Munich's Smart Reporting secures €23M Series C for AI-supported medical software

Smart Reporting offers a digital health solution for structured medical reporting in sectors such as radiology and pathology.
Munich's Smart Reporting secures €23M Series C for AI-supported medical software

Munich healthtech company Smart Reporting has successfully completed a financing round of €23 million, bringing its funding to over €60 million. 

Smart Reporting was founded in 2014 as a spin-off from Ludwig-Maximilians-Universität (LMU).

An ever-decreasing number of radiologists means efficient medical reporting is becoming increasingly important. 

Smart Reporting has developed manufacturer-agnostic medical software in fields such as radiology and pathology. The "SmartReports" software offers a fully voice-controlled and data-driven documentation solution for doctors that forms the basis for workflow automation and machine-readable data. It automates routine tasks while guaranteeing consistency. 

The recent dynamic development of generative AI has catalysed new opportunities for reporting efficiency in radiology and pathology. This reduces work overload and supports doctors with effective assistance systems. 

Smart Reporting's software is distributed internationally via major healthcare IT partnerships (including Siemens Healthineers, GE Healthcare, and Canon). In 2023, it partnered with Solventum (formerly 3M Health Information Systems), one of the market leaders in radiological reporting in North America, to further strengthen its presence in international markets.

Professor Dr Wieland Sommer, founder and co-CEO of Smart Reporting, shared: 

"We are very pleased about the successful financing round. With the additional capital, we can consistently pursue our international growth strategy, which we recently launched with our market entry in the USA. 

Our focus in the coming months will be on penetrating key global healthcare IT markets and productising AI-based solutions."

TVM Capital Life Science leads the investment, which welcomes Bayern Kapital, and all existing investors are also participating in the financing round.

"New technologies such as artificial intelligence and machine learning are one of the drivers of innovation in the healthcare industry and offer great potential for growth."

"TVM sees Smart Reporting as a future international market leader in the fields of radiology and pathology. Smart Reporting's focus on industry partnerships in sales was also convincing," explains Dr Hubert Birner, Managing Partner at TVM Capital Life Science in Germany. 

"As an international life science venture capitalist, TVM finances medical technologies, innovative healthtech, and traditional drug research. The focus here is on differentiated business models of companies that are already commercialised and create a direct benefit for patients with their technology. Smart Reporting fits perfectly into this investment strategy," says Stefan Fischer, Managing Partner at TVM Capital Life Science in Germany. 

The capital raised will primarily be used to expand product development and international partnerships to strengthen the company's presence in the US, Canadian, Australian and New Zealand markets. The company's management was also expanded as part of the international growth strategy. 

In the coming months, Smart Reporting will expand its international expansion and expand its product portfolio to include further LLM services.

Lead image: Smart Reporting. Photo: uncredited. 

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