Healthtech startup Smart Reporting has just secured €15 million. The Munich-based team aims to enhance medical processes with better clinical data collection and analytics.
It’s reported that doctors spend up to 40% of their working hours on documentation – and doctor’s notes are famously hard to understand. Only 3% of the data collected in hospitals can be evaluated later for other purposes, such as medical research, meaning a whole lot of valuable information is lost.
Based in Munich, Smart Reporting aims to change that outlook. The startup has developed software to harness the value of medical data for better decision-making and treatment plans.
The company has just secured €15 million in a venture debt loan from the European Investment Bank to support its growth.
Founder and Co-CEO Wieland Sommer: “The future of medicine is data-driven. It will take high-quality, standardised data to automate clinical workflows in-depth, enable evidence-based decision-making, and ensure efficient, quality medical care in the future. In recent years, we have built up global market access through a growing number of partnerships with leading international tech companies. In the EIB, we are delighted to have found a strong, long-term partner to help us significantly accelerate our expansion into new markets like the US and Canada, as well as other fields of application, such as documentation for surgical procedures.”
Ambroise Fayolle, EIB Vice-President: “Smart Reporting develops effective solutions to accelerate standard procedures and diagnostics in doctors’ offices and hospitals, integrating the latest medical information and guidelines. The technology has strategic importance for the digitalisation of healthcare, and makes the data collected usable for future diagnostics and medical research. We are pleased to be working with Smart Reporting to drive this medical innovation.”
Smart Reporting’s tech is based on AI, making it possible to efficiently collect, structure and process clinical data.
The diagnostic software is voice controlled and tailored to digitise healthcare. It can be used to e fully evaluable and machine-readable results that, in radiology and pathology, are already reducing time to diagnosis, improving diagnostic quality, automating manual processes and easing communication with referring physicians. It’s, therefore, playing a major role in improving patient outcomes.
With this latest investment, the team plans to expand with sights set on market expansion and further development of the tech.
Co-CEO Peter Vanovertveld: “Our market positioning is ideal: Smart Reporting is the leading provider of tech-driven solutions that structure clinical data right as it is created. The virtually unique interoperability of our software and its seamless integration into the clinical workflow enable the systematic generation of complete, quality-controlled data. With this new capital, we are now taking the next step in the company’s development, with an even stronger focus on the use of data in the clinical environment and drug development. In these areas, as in the healthcare sector as a whole, data and data quality are the keys to success. We stand ready with the additional financial resources to contribute significantly to this development.”