Belgian startup LynxCare, a big data market leader in healthcare, has announced this morning raising funds for the second time in twelve months. The investment of €1.8 million is made by the Venture Capital firm btov Partners in addition to existing investor HERAN Partners. Following an investment of €1.75 million in April 2019, the startup will use the funds to conquer the European market and expand to the US.
LynxCare, founded in 2015, is a Belgian scaleup aiming to use big data to make hospital healthcare more efficient. It is estimated that 90% of healthcare data is not being used, due to processing time. To assist hospitals and help them evolve towards value-based care and a quality-oriented healthcare system, the Lynxcare acts as a partner for hospitals in processing and making their data available in a structured and automatic manner. This is done by using the LynxCare AI platform that offers benefits to patients, physicians, care staff and the hospital as a whole.
The fresh capital was raised to continue LynxCare’s growth in Europe and the US. LynxCare is delighted to take this next step in their growth process. Georges De Feu, CEO of LynxCare says: “We have been active on the American market for a while and now this investment gives us the means to further conquer the European market. In under a year, we have raised almost €4 million and we have a very strong investor consortium, which offers prospects for further investments and new growth steps for LynxCare,” concludes De Feu.
Among the existing investors is the Belgian investment fund HERAN Partners, for which Katleen Vandersmissen, Managing Partner, succeeds Annie Vereecken as a member of LynxCare’s board of directors. Annie Vereecken: “We are happy with the expansion of the consortium and this new step in the growth of LynxCare. This clearly underlines our international ambitions. Furthermore, the transaction is in line with the strategy of the HERAN HealthTech Fund that was recently launched of which LynxCare is one of the 7 existing portfolio companies.”
Dr. Christian Schütz, partner at btov for healthcare says, “We see a great combination of a highly experienced team in the field of machine learning/data mining (NLP) with a strong medical background, good commercial traction and a clear market need for quality of care data analytics and management. The very accurate analysis of unstructured data in the clinical environment is what LynxCare can offer for physicians, hospitals and medical research and what the company stands out for.”