Warsaw-based medtech startup Saventic Health, which develops AI algorithms to assist doctors in diagnosing rare diseases, has raised $2.1 million in funding to expand into Europe, South America, and Canada. The investors include 4growth VC, NCBR Investment Fund, and TNI Fund, as Vestbee was informed.
- Founded in 2019 by Szymon Piątkowski and Professor Grzegorz Basak, Saventic Health develops AI algorithms to help doctors diagnose rare diseases early using patient medical records, including lab results, radiology, and other data.
- These algorithms are based on extensive medical knowledge and provide faster, more efficient, and cost-effective solutions compared to traditional methods.
- Saventic Health employs a team of 40 and operates in Poland, Germany, France, Brazil, and Canada, with 50 AI algorithms designed to identify common rare diseases.
- According to the startup, it collaborates with over 30 clinics and hospitals and partners with 11 of the world’s top 30 pharmaceutical companies. In Canada, it works with a hospital operator managing multiple centers connected through a centralized electronic health record system.
Details of the deal
- The funding round was led by 4growth VC, a Warsaw-based investment management firm specializing in tech startups, along with the NCBR Investment Fund, a Warsaw-based fund that supports startups during their growth and expansion phases with investments ranging from PLN 3 million to EUR 15 million. The round also included participation from the American TNI Fund.
"We are pleased to witness the company’s dynamic development, which reassures us about the quality of this investment. Saventic Health’s current expansion and the ambitious plans of its founders have convinced us to increase our capital commitment," CEO of NCBR Investment Fund, Ksenia Wójcik-Karasiewicz, commented in a press release.
- The startup plans to use the capital raised to expand into new European and South American markets, including Austria, Sweden, Spain, Italy, Colombia, and Peru, while strengthening its presence in Canada.
"Our plan for next year includes further geographic diversification and revenue growth, which is already significant. We also plan to launch a much larger Series A funding round, reflecting our potential, market position, and valuation," co-founder and CEO of Saventic Health, Szymon Piątkowski, Explains in a statement.
