Infermedica Secures $3.65M Seed Funding to Expand AI-Powered Triage Solutions for Healthcare Providers

VCBeat (WeChat ID: vcbeat) has learned that on June 5, 2019, medical technology company Infermedica announced the completion of a $3.65 million financing round. The round was led by Karma Ventures, with participation from Dreamit Ventures, Inovo Venture Partners, and Müller Medien. Recently, the company announced its entry into the U.S. market, and the funds will be used to expand its U.S. team and continue product development.

Infermedica was founded in Poland on June 1, 2012, and is dedicated to leveraging artificial intelligence (AI) technology to provide insurers, hospitals, and healthcare systems with an advanced suite of preliminary diagnosis and triage tools. Composed of a team of engineers, data analysts, and physicians, the company develops AI technologies that assess patient symptoms and guide patients toward appropriate care pathways. The technology also collects patient health information, offering treatment recommendations by enabling early detection of diseases and medical emergencies.

Infermedica’s platform uses artificial intelligence to generate a set of questions based on patients’ symptoms and recommends the optimal treatment plan according to their responses, guiding them to appropriate hospitals and medical departments. Infermedica’s product portfolio includes Symptom Checker, Call Center Triage, and Medical API. Currently, more than 30 companies and institutions worldwide are using the company’s products to improve operational efficiency, enhance patient satisfaction, and reduce costs. The company’s clients include European insurance giant Allianz, Taipei Medical University Hospital, and Everyday Health.

To train its AI, Infermedica has established various databases. The company employs a team of nearly 20 professionals who enrich the medical knowledge base by leveraging journals, textbooks, and applications. Meanwhile, the company has invested over 20,000 hours in researching and entering diverse medical literature, while further refining its databases through the collection of patient data.

At its inception, Infermedica’s products were directed at consumers; however, despite significant advancements in the company’s core technology, it struggled to achieve profitability. Consequently, the company pivoted to a B2B model, providing symptom checking and specialized services to insurance companies, hospital systems, and health IT firms.

Piotr Orzechowski, Co-founder and CEO of Infermedica, stated, “Part of this funding will be used to expand our U.S. team; we are currently hiring a Head of Sales and a Head of Marketing for the U.S. region.”

Karma Ventures, established in Estonia in February 2016, is an early-stage venture capital firm dedicated to providing funding support to European technology companies. The firm focuses on participating in Seed and Series A financing rounds for startups.

Dreamit Ventures, established in New York, USA, in 2007, is a venture capital firm focusing on healthcare, real estate, and security. Since its inception, the firm has cumulatively invested in nearly 300 startups.

Inovo Venture Partners, established in Poland in 2012, is a venture capital fund focusing on investments in Poland, Eastern Europe, and Central Europe. The firm manages €7.69 million in assets and is dedicated to investing in small and medium-sized enterprises with high growth potential.

Müller Medien, founded on April 1, 1998, is a publishing company headquartered in Bavaria, Germany, with offices in Europe, the United States, and Asia.

(Compiled by Jiao Yanli)