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, customizable, 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).
Infermedica currently employs more than 100 specialists – including doctors, data scientists, and engineers, and doubled their team size in the last year.
The platform’s available interfaces include:
- Symptom Checker – a white-label, customizable application that provides fast digital symptom checking and analysis, suggesting a list of the most likely conditions. Symptom Checker is available as a chatbot and voice assistant.
- Call Centre Triage – a solution that aids telemedicine personnel to pre-diagnose patients and understand condition severity so they can provide relevant healthcare instructions. Call Center Triage prevents unnecessary urgent care visits, and detects urgent cases quickly.
- Infermedica API – direct access to the engine through a fully-customizable API that can be integrated directly onto clients’ websites, apps or telehealth systems.
The company has nearly 60 B2B clients in the healthcare space, spanning 30 countries and has completed more than 6 million patient health checks. Notable partners and clients include Microsoft – which uses the Infermedica platform within its Healthcare bot – insurance giant Allianz, medical cost containment firm Global Excel, and leading German and Portuguese healthcare providers Sana Kliniken and Médis.
Infermedica also engages in non-profit projects – during the pandemic, the company quickly established a ‘COVID-19 Risk Assessment’ protocol in three weeks to aid with SARS-CoV-2 symptom checking. The tool has been used by more than 500K patients and has been implemented by 300 organizations, including two national governments.
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. As we all know, the COVID-19 pandemic has placed great pressure on health systems globally and it’s our obligation to help healthcare providers deliver safe and timely care. 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. 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.”
Infermedica, Inc. is a leading digital health company specialized in AI-powered solutions for preliminary diagnosis and patient triage. Its pioneering technology is used by industry leaders including Microsoft, Allianz, Global Excel, Sana Kliniken and Unipol, and has performed over 6 million health checks globally.
European Bank for Reconstruction and Development is a multilateral bank that promotes the development of the private sector and entrepreneurial initiative in 38 economies across three continents. The Bank is owned by 69 countries as well as the EU and the EIB. EBRD investments are aimed at making the economies in its regions competitive, inclusive, well-governed, green, resilient and integrated. Through its Venture Capital Investment Program, the Bank invests in early and growth stage innovative companies operating in technology sectors.
About Heal Capital
Heal Capital is a leading European venture capital fund with a target volume of 100 million euros. The fund invests in technology-enabled healthcare champions at series A stage, that are actively driving the innovation of healthcare. Heal Capital provides capital, know-how, and market access through leading private healthcare insurers as fund investors. Additionally, Heartbeat Labs and Flying Health are invested as anchor investors, complementing the Heal Capital team with expertise in building and scaling digital health companies.
The fund has been launched under the umbrella of the Association of the German private healthcare insurers in 2019 and is led by Eckhard Weber and Dr. Christian Weiß as managing partners.