AI for medical documentation is a rapidly growing future market
Smart Reporting successfully closes financing round for 23 million euros
Smart Reporting has successfully completed a financing round of 23 million euros. TVM Capital Life Science (lead investor) and Bayern Kapital are newly on board in the Series C funding, while the existing investors are also participating in the financing round. 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. As part of the international growth strategy, the company's management was also expanded.
Smart Reporting is a pioneer and market leader in the field of medical reporting, particularly in the specialisms of radiology and pathology. The manufacturer-independent "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. Smart Reporting thus provides a crucial module for digitalisation in the healthcare sector. The software from the company, which was founded in 2014 as a spin-off from Ludwig-Maximilians-Universität (LMU), is distributed internationally via major healthcare IT partnerships (including Siemens Healthineers, GE Healthcare and Canon).
"We are very pleased about the successful financing round. With the additional capital, we will be able to 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," says Prof. Dr. Wieland Sommer, founder and co-CEO of Smart Reporting.
Groundbreaking partnership paves the way for market entry in the USA
At the end of November 2023, Smart Reporting announced an in-depth partnership with Solventum (formerly 3M Health Information Systems), one of the market leaders in the field of radiological reporting in North America, to further strengthen its presence in international markets. The collaboration gives current and future customers access to additional cutting-edge technologies and innovations that will make radiological reporting even more time-efficient and data-driven. The strategy of making the company's own technology available to as many users as possible through industry partnerships is to be further expanded with the capital now raised.
AI for medical documentation is a rapidly growing future market
Against the backdrop of the global trend of an ever-growing number of findings being handled by an ever-decreasing number of radiologists, efficient medical reporting is becoming increasingly important. The recent dynamic development of generative AI, and in particular large language models (LLMs), has catalyzed new opportunities for reporting efficiency in radiology and pathology. The use of LLMs in diagnostic procedures is ideally suited to counteracting overload and supporting doctors with effective assistance systems.
"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 and innovative healthtech in addition to 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.
Smart Reporting gears up for growth phase and expands management team
In the coming months, Smart Reporting will grow its product portfolio to include further LLM services in addition to its international expansion. The strengthening of the management team reflects these plans: with Christian Matzen, a proven expert in the B2B software sector with a long track record in both the scale-up and mid-cap environment, is joining Smart Reporting as CFO (Chief Financial Officer) and COO (Chief Operating Officer). Dr. Sigrid Auweter, a long-standing member of the management team, has an expanded role as the new CPO (Chief Product Officer). The two Co-CEOs Wieland Sommer and Peter Vanovertveld and CTO (Chief Technology Officer) Christian Odaker complete the management level at Smart Reporting.
Other news from the department business & finance
Get the life science industry in your inbox
From now on, don't miss a thing: Our newsletter for biotechnology, pharma and life sciences brings you up to date every Tuesday and Thursday. The latest industry news, product highlights and innovations - compact and easy to understand in your inbox. Researched by us so you don't have to.
Most read news
More news from our other portals
Something is happening in the life science industry ...
This is what true pioneering spirit looks like: Plenty of innovative start-ups are bringing fresh ideas, lifeblood and entrepreneurial spirit to change tomorrow's world for the better. Immerse yourself in the world of these young companies and take the opportunity to get in touch with the founders.
