- Series B has a volume of 15 million euros
- Capital is to be invested in technology and market expansion
- Munich startup with industry leading structured reporting solution in radiology
Smart Reporting, a Digital Health Startup from Munich, has closed its Series B financing round led by yabeo. The early-stage financier is lead investor in 15 million capital increase, other investors include the entrepreneurs Ann-Kristin Achleitner, Wolfgang Reitzle and Rolf Dienst.
“With Smart Reporting, the leading software solution in radiology has already been on the market for several years and is close to becoming industry standard in terms of speed, quality and productivity of structured reporting. We are very pleased to accompany one of the leading digital health start-ups from Germany on its growth path,” says Matthias Sohler, founder and Managing Director of yabeo.
In addition to the FinTech, InsurTech and Impact sectors, the Munich-based venture capitalist is increasingly focusing on HealthTec and Digital Care. In addition to the investment in Smart Reporting, an investment was recently made in Cera Care, the largest digital care start-up in the UK. In the area of elderly care, yabeo is also currently building a platform through the combination and synergies of the portfolio companies Pflegebox, Prosenio and the digital home emergency call provider Libify.
More than 10 000 radiologists worldwide are using the Smart Reporting technology
Smart Reporting GmbH is a German company based in Munich and was selected as ‘Best New Radiology Vendor 2020’ by AuntMinnie Europe. The company offers leading software solutions for medical documentation and clinical guidance in diagnostics that help customers become more productive, improve quality and streamline communication. Whereas current medical documentation is mainly based on free-text, Smart Reporting ensures that all data are accessible to analytics and interoperable with other systems. This technology is a cornerstone for precision medicine. Smart Reporting started implementing this technology in radiology three years ago and meanwhile has over 10 000 radiologists worldwide using this technology. In 2019, Smart Reporting additionally started to offer the reporting solution for the field of diagnostic pathology.
Prof. Dr. med. Wieland Sommer, founder and CEO of Smart Reporting states: “There has been a discussion about big data in medicine for the last 10 years, but medical documentation is often still done with pen and paper. The Coronavirus pandemic is an important example, that shows how long it takes to get reliable data on a new disease and how difficult it still is to compare data between hospitals, regions or countries. There is a huge need for better data in medicine, which needs to be standardized already when the physician documents findings in his clinical workflow. This makes physicians more efficient, ensures comparability between institutions and enables real-time analytics. I am convinced that the medicine and healthcare of the future is grounded in data science. Our ability to get reliable data from every patient at a large scale will be the foundation to provide better and more personalized care to the ever increasing patient population.”
Special COVID-19 Template free of charge was recently launched
Smart Reporting offers clinical guidance with the goal to make expert knowledge available to physicians globally. One example being the recently launched COVID-19 template. The template is essentially a decision tree that guides radiologists in assessing cases with a suspected COVID-19 infection. The decision tree was developed together with leading experts in the field and is based on the most recent guidelines from international societies (e.g. RSNA / Radiological Society of North America), provides access to reference images and relevant clinical literature. In the past few weeks over 2,000 radiologists have registered and to access this template which is accessible free of charge.
Smart Reporting also provides first use-cases for fully integrated AI-enhanced image analysis and reporting in diagnostic medicine. It has been proven in multiple publications that structure and standardization of medical documentation optimize patients’ treatments as well as outcomes. The current investment round, which was supported by Wessel Management, will be used to further develop the technology as well as to scale into different disciplines of medicine, including surgery, oncology and cardiology.
About Smart Reporting
Smart Reporting was founded in 2014 by Wieland Sommer, Professor of Radiology and Master in Public Health (Harvard, US) with the vision to leverage the value of data in medicine for better decision making and better treatment. Today, the company brings together a large interdisciplinary team of physicians and software engineers to develop software that is rooted in a deep understanding of clinical workflows. Its multilingual, cloud-based software for structured reporting in radiology and pathology is used by more than 10,000 physicians in more than 90 countries. Further information is available at www.smart-reporting.com
yabeo is a venture investment and advisory firm that invests in the early stages of technology companies and develops them sustainably. yabeo’s success lies in growing companies, scaling organizations and rolling out new technologies. yabeo currently manages assets under management of more than EUR 100 million across all investment platforms. The wealth of experience from previous investments, growth experience and know-how, including from the existing impact portfolio, is now to be transferred significantly to yabeo Impact Investing. The aim is to invest in early-stage technology-driven companies that drive change in their segment by redefining the rules of the game using new technology and innovative business models, thereby creating both a financial return and a social or environmental impact. Further information is available at www.yabeo.de
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