Swedish startup AlgoDx, which focuses on supporting disease detection and prediction with machine learning algorithms, has closed a €600K seed round. The round was led by Nascent Invest, with participation from angel investors Fredrik Sjödin and Tomas Mora-Morrison, co-founder of Cambio Healthcare Systems.
Founded in 2018, uses artificial intelligence and machine learning to increase efficiency and save time for healthcare professionals. Today, many healthcare processes require manual input and analyses, which is time consuming, expensive and leaving room for human errors. For example, in sepsis treatment, time factor is critical, as the cornerstones of intervention are early and appropriate antibiotics together with source control and fluid administration. Current detection methods for sepsis are incapable of early prediction. That’s where AlgoDx comes in.
AlgoDx’s first product, ExPRESS, has been developed to autonomously predict sepsis in hospitalized patients using data from electronic healthcare records. Reliable early prediction can mean the difference between life and death for patients that develop sepsis.
“We invested in AlgoDx because we believe that the team has a strong competitive edge within machine learning and a profound understanding of the clinical validation required to bring products to market in areas with unmet medical need”, says Erik Gozzi, CEO at Nascent Invest.
The fresh funds will be used to further develop its first product ExPRESS, specifically by further scaling clinical validation and showing the benefits of autonomous sepsis risk monitoring in patients being treated at Intensive Care Units.
“This seed round will allow us to continue the clinical validation of our sepsis prediction algorithm as planned. We are very proud to be supported by investors with a commercial outlook and a long-term investment horizon”, says David Becedas, CEO at AlgoDx.
“We are at the commencement of a new age where machine learning approaches will enable earlier and more accurate detection and prediction of disease. The founding team at AlgoDx understands that clinical rigor is essential in order to bring machine learning solutions to market with integrations into electronic healthcare record systems”, says Tomas Mora-Morrison, who will also chair the company’s new Board.
