There was more good news for the Polish healthtech scene this week with the news that Infermedica has raised 8.4 million euros in a Series A round led by the European Bank for Reconstruction and Development (EBRD) and Head Capital.
Infermedica offers an AI-driven multi-language platform for medical triage and instructions to speed up patient care. With the new cash infusion the company plans to invest in the research and development (R&D) of patient triage and symptom checking features. Intake collection, differential diagnostics and lab test interpretation are among the innovations that the company plans to further develop. Operations in the US and Germany are also set to expand.
With this newest investment, the total funding for the company is now 12.6 million euros.
Founded in 2012 in the Polish city of Wrocław by Piotr Orzechowski, Infermedica is an AI-driven platform that aids patient care and medical service delivery. It uses the expertise of actual doctors, mixed in with AI and machine learning generated insights. In this way, the platform can offer rapid symptom triage and instructions so that the patients can receive treatment quickly. Operating on a B2B model, Infermedica helps insurance companies, telemedicine providers, and health system increase efficiency.
Right now, the company employs more than 100 specialists, including doctors and data scientists — double the employees from last year. So far, the start-up has nearly 60 business clients in 30 countries. Its systems have been used to complete more than six million patient health checks.
Infermedica’s clients include big names such as Microsoft, which uses the technology within its healthcare bot, and insurance giant Allianz.
According to the New England Healthcare Institute, 25 per cent of medical cases can be self-treated or treated though telemedicine. In the United States only, 39 billion euros can be saved yearly when patients are quickly led to proper care.
“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,” says Maria Barsuk of the EBRD.
Indeed, the era of Covid-19, with many hospitals reaching their limits, has seen heightened interest in telemedicine, AI, machine learning and what these technologies can do to help hospitals not become overwhelmed while still serving the needs of their patients.
“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,” says Piotr Orzechowski, Infermedica’s CEO.
During the pandemic, the company set up a Covid-19 assessment protocol to aid with symptom checking. This tool has been used by 500,000 patients and has been implemented by 300 different organisations, including two national governments.
Dr Christian Weiss, managing partner at Head Capital believes that Infermedica has found the right harmony between innovation and human expertise.
“The platform is streamlining healthcare delivery for doctors and patients, and its continuous high accuracy, alongside the company’s dedication to innovative technology is very impressive. We’re delighted to be onboard as Infermedica embarks on the next stage of its journey,” he says.
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