Vienna-based XUND, a health tech scale-up, announced on Tuesday that it has secured €2M in an extended Seed funding round, bringing the total funding raised to €8M.
New investor Thieme Group participated in the funding round, along with existing investors, including MMC Ventures and MassMutual Ventures.
However, the Austrian company has been collaborating with Thieme Group since 2020 to improve patient communication by strengthening health literacy and patient confidence.
The fund will help the Austrian company develop Medical Large Language Models (MedLLMs) to provide personalised medical content dynamically.
Tamás Petrovics, Co-Founder & CEO of XUND says, “The use of artificial intelligence will usher in a new era in healthcare and take how individual patient data is linked to personalised and trustworthy information to an unprecedented level. We are very grateful to our investors for their trust and support in a challenging market environment. This not only strengthens our position as an innovation leader but is also an important signal for continuing our growth trajectory.”
XUND x Thieme
Thieme Group is a provider of specialist medical information and digital healthcare services provider.
XUND and Thieme are working together to create Medical Large Language Models (MedLLMs). The models will use Thieme’s medical content and XUND’s NLP technology to provide personalized medical content dynamically. The initial joint prototype will be showcased at DMEA, Europe’s leading digital health event.
“The young team at XUND has turned innovative ideas into a user-friendly application,” says Katrin Siems, Senior Executive Vice President of Marketing and Sales at Thieme. “With this investment, we will benefit even more from the dynamic and outstanding technological expertise that characterises this scale-up.”
XUND: Digitising patient’s journey
Founded in 2018, XUND enables healthcare companies to digitise the patient journey and translate unstructured data into actionable insights.
The company has developed four medical modules to cover the entire lifecycle of a patient and enable digital interactions from prevention to diagnosis and monitoring.
Its flagship product is an AI-powered health assistant that provides symptom and risk assessment capabilities to help navigate patients to the best point of care.
The database utilizes proprietary NLP models to analyze millions of medical publications. This technology is considered the industry’s first-class IIa medical device under the European Medical Device Regulation (MDR) and is used by leading insurance, pharmaceutical, and big tech companies.
The scale-up’s B2B customers include health insurance companies, healthcare providers, pharmaceuticals, pharmacies, and digital health companies.
The investor
MMC is a leading European venture capital firm with a focus on early-stage transformative technology companies that utilise AI and data science across sectors including enterprise AI, fintech, data-driven health, and cloud & data infrastructure.
Charlotte Barttelot, Principal at MMC Ventures, says “We’re excited to be continuing our support for the XUND team. Its API is still unique in this space and everything we’ve seen to date demonstrates its superior use of AI versus anything else in the market. This new investment from Thieme will give the team access to one of the largest proprietary data sets in Europe to further develop its leading product.”
MassMutual Ventures (MMV) is a multistage global venture capital firm investing in financial technology, enterprise SaaS, healthtech, climate technology, and cybersecurity companies. With teams based in London, Singapore, and Boston, MMV manages over $1 billion in investment capital across the globe.
“XUND is a market leader in developing AI tools for healthcare, and this new partnership provides access to a unique and valuable dataset to continue their development of Medical LLMs,” adds Ryan Collins, Managing Partner at MassMutual Ventures. “We’re delighted to continue supporting XUND through the next stage of growth.”
Read the orginal article: https://siliconcanals.com/news/startups/xund-extends-seed-round-to-8m/
