Flinn.ai, a leading provider of software solutions for the automation and optimisation of compliance processes for medtech companies, has raised €10 million in investment in just 18 months. Cherry Ventures led the current financing round. With this investment, Flinn.ai plans to accelerate its market and product expansion and, in particular, to further develop its AI-driven modules for quality management and regulatory compliance.
In addition to Cherry Ventures, existing investors such as Speedinvest and SquareOne as well as a number of well-known business angels, including Matthias Weber (former President at Leica Biosystems) and Michael Reitermann (former CEO of Siemens Diagnostics), participated in Flinn.ai’s investment round.
“Our AI solutions offer huge potential to significantly improve the quality of existing medical devices. With the support of Cherry Ventures and our other investors, we can further accelerate our vision of making high-quality healthcare products accessible to everyone,“ explained Bastian Krapinger-Rüther, co-founder and CEO of Flinn.ai.
Flinn.ai’s Software-as-a-Service (SaaS) solutions enable MedTech manufacturers to make their compliance processes ten times more efficient by integrating AI-powered automation into data processing, evaluation and reporting.
Filip Dames, Partner at Cherry Ventures, emphasised the importance of investing in the company: “We invested in Flinn.ai because we believe the company’s innovative approach is uniquely positioned to capitalise on the evolving MedTech landscape. As regulations become more restrictive, Flinn.ai’s differentiated product offering is poised to make its mark in an underserved market. We at Cherry are thrilled to be working with a team that combines deep industry expertise and cutting-edge technology, making Flinn.ai the ideal disruptor in this new era of medtech.”
With the increasing complexity of regulatory requirements, particularly in the course of the introduction of the EU Medical Device Regulation (MDR), medtech manufacturers are facing enormous challenges. The new regulations have led to a significant increase in compliance costs, forcing many companies to abandon less profitable niche products or withdraw from less profitable markets. This development jeopardises the global availability of important medical products, such as defibrillators for bavbies, and raises the barriers to entering the market for new innovators. This is why companies like Erbe Elektromedizin GmbH rely on Flinn.ai.
“Flinn.ai’s product development has impressed us across the board! Right from the start, they listened carefully and precisely identified which solutions would not only improve our processes but also simplify them. A good example is the introduction of the software for safety database monitoring, which has helped us to automate and speed up these repetitive and monotonous tasks. This has not only enabled us to reduce personnel costs, but above all to increase the satisfaction of our employees. They can now devote themselves to more exciting and value-adding tasks instead of spending their time on copy-paste activities,” commented Helmut Scherer, Chief Technology Officer at Erbe Elektromedizin GmbH.
Read the orginal article: https://www.eu-startups.com/2024/09/vienna-based-flinn-ai-secures-e10-million-to-automate-quality-and-regulatory-medtech-compliance/
