Munich, 22. April 2024. Smart Reporting, one of the leading technology providers in the field of medical reporting, has successfully completed a financing round of 23 million euros. TVM Capital Life Science (lead investor) and Bayern Kapital are newly on board in the Series C funding, while the existing investors are also participating in the financing round. The capital raised will primarily be used to expand product development and international partnerships to strengthen the company's presence in the US, Canadian, Australian and New Zealand markets. As part of the international growth strategy, the company's management was also expanded.

Smart Reporting is a pioneer and market leader in the field of medical reporting, particularly in the specialisms of radiology and pathology. The manufacturer-independent "SmartReports" software offers a fully voice-controlled and data-driven documentation solution for doctors that forms the basis for workflow automation and machine-readable data. Smart Reporting thus provides a crucial module for digitalisation in the healthcare sector. The software from the company, which was founded in 2014 as a spin-off from Ludwig-Maximilians-Universität (LMU), is distributed internationally via major healthcare IT partnerships (including Siemens Healthineers, GE Healthcare and Canon).

Groundbreaking partnership paves the way for market entry in the USA
At the end of November 2023, Smart Reporting announced an in-depth partnership with Solventum (formerly 3M Health Information Systems), one of the market leaders in the field of radiological reporting in North America, to further strengthen its presence in international markets. The collaboration gives current and future customers access to additional cutting-edge technologies and innovations that will make radiological reporting even more time-efficient and data-driven. The strategy of making the company's own technology available to as many users as possible through industry partnerships is to be further expanded with the capital now raised.

AI for medical documentation is a rapidly growing future market
Against the backdrop of the global trend of an ever-growing number of findings being handled by an ever-decreasing number of radiologists, efficient medical reporting is becoming increasingly important. The recent dynamic development of generative AI, and in particular large language models (LLMs), has catalyzed new opportunities for reporting efficiency in radiology and pathology. The use of LLMs in diagnostic procedures is ideally suited to counteracting overload and supporting doctors with effective assistance systems.

Smart Reporting gears up for growth phase and expands management team
In the coming months, Smart Reporting will grow its product portfolio to include further LLM services in addition to its international expansion. The strengthening of the management team reflects these plans: with Christian Matzen, a proven expert in the B2B software sector with a long track record in both the scale-up and mid-cap environment, is joining Smart Reporting as CFO (Chief Financial Officer) and COO (Chief Operating Officer). Dr. Sigrid Auweter, a long-standing member of the management team, has an expanded role as the new CPO (Chief Product Officer). The two Co-CEOs Wieland Sommer and Peter Vanovertveld and CTO (Chief Technology Officer) Christian Odaker complete the management level at Smart Reporting.

About Smart Reporting
Smart Reporting, founded in 2014 by Wieland Sommer, Professor of Radiology and Master in Public Health from Harvard University, has established itself as a leading provider of documentation software in the medical field. The company is headquartered in Munich and has set itself the goal of simplifying manual and repetitive processes in medical documentation while improving quality and data standardisation. Smart Reporting focuses on the automation of routine tasks and at the same time guarantees consistency by combining medical expertise with leading technology. The medical documentation software developed by Smart Reporting is distributed worldwide by leading technology and device manufacturers and has established itself as the industry standard. Through strategic partnerships and the availability of the software in seven languages, Smart Reporting has gained market access in the core markets of healthcare IT. With an interdisciplinary team of 80 employees, consisting of physicians, experts in artificial intelligence, healthcare IT and the secure exchange of medical data, the company is continuously driving innovation to meet the increasing demands of the healthcare sector. For more information about Smart Reporting: www.smart-reporting.com

About TVM Capital Life Science
TVM is a leading international venture capital (VC) company that invests in innovations in the life science sector. TVM manages a total of around 900 million US dollars across several funds and is advised by an experienced transatlantic investment team. TVM's portfolio focuses on therapeutics and medical technologies from Europe and North America, differentiated first-in-class or best-in-class assets that have the potential to transform standard of care for patients.
TVM pursues a unique investment strategy with a dual focus: Innovative early-stage therapeutics the VC firm finances via companies with a single-asset approach ("Project-Focused Company", PFC) in strategic partnership with global pharmaceutical company Eli Lilly and Company. In addition, TVM invests in differentiated medical technologies and healthtech in the commercial stage as well as in therapeutics in later clinical development phases ("late-stage investments").
Through this innovative early-stage/late-stage approach, TVM has been successful for over a decade in generating attractive returns for investors while funding new therapies and technologies with one goal: to make a difference in patients' lives.