Healthtech startup Infermedica has raised $10.25m in Series A funding to expand the capabilities and availability of its artificial intelligence (AI) based platform to triage patients and provide preliminary diagnoses.
The funding round was led by the European Bank for Reconstruction and Development (EBRD) and Heal Capital, with additional investment in Infermedica coming from existing investors Inovo Venture partners, Karma Ventures and Dreamit Ventures.
Founded in Wroclaw, Poland, Infermedica is designed to support overburdened healthcare providers by providing symptom triage and instructions to patients.
Developed using machine learning and AI algorithms with the input of doctors, it is multi-lingual, and is designed to be used by telemedicine companies, healthcare systems and insurance providers.
It is currently available in three interfaces – a call centre triage, a white-label symptom checker and an API that can be used to integrate the platform’s features into existing websites, systems and apps.
So far, Infermedica has provided checks to over 6 million patients, and has around 60 healthcare clients across 30 countries. Among those are Microsoft, which uses the platform in its Healthcare bot, as well as insurance provider Allianz and German healthcare provider Sana Kliniken.
Infermedica funding to expand rollout as Covid-19 increases demand
The funding round will enable Infermedica to increase its research and development efforts, while increasing the rollout of the platform.
It comes as the Covid-19 pandemic has increased demand for technologies that can reduce the burden on healthcare staff, while increasing the capabilities of remote healthcare.
“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,” said Piotr Orzechowski, CEO at Infermedica.
“This additional funding will enable us to continue developing cutting-edge AI-triage technology and expand our commercial operations in the US and Germany.”
This increased demand is also likely to have increased interest from investors.
“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,” said Maria Barsuk, of the Venture Capital Investment Programme at EBRD.
“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.”