Saventic Health, a Warsaw-based startup advancing the diagnosis of rare diseases using AI, has secured €1.9 million in bridge funding from international investors.
This investment was led by 4growth VC in co-investment with Poland’s NCBR Investment Fund and the U.S.-based TNI Fund. The funds will support the company’s continued expansion into new markets, including Europe, South America, and Canada, while setting the stage for a larger Series A funding round in the near future.
“Our international presence confirms that our algorithms are effective and well-received by our clients and partners,” said Szymon Piątkowski, Co-founder and CEO of Saventic Health. “The healthcare, biotechnology, and innovation sectors are currently building a completely new market from scratch, fueled by the AI revolution. Our startup culture and highly skilled team enable us to be one of the key players in this field.”
Founded in 2019 by Szymon Piątkowski and Professor Grzegorz Basak, Saventic Health develops AI algorithms designed to assist in diagnosing rare diseases more effectively and efficiently than traditional methods. With 50 algorithms currently in use, the company has already diagnosed over 200 individuals with rare conditions in the past year.
Its solutions are deployed globally, with projects running in partnership with 11 of the 30 largest pharmaceutical companies and over 30 clinics and hospitals across Poland, Germany, France, Brazil, and Canada.
The 40-member team at Saventic Health is made up of doctors, data scientists, and data engineers focused on leveraging AI for healthcare innovation.
The company’s AI-driven technology analyses medical records to identify potential rare disease diagnoses that affect 450 million people worldwide, providing suggestions for further action to physicians. According to Saventic Health, this approach achieves far greater efficiency compared to traditional diagnostic methods, which often require 7-12 years for an accurate diagnosis and succeed only 2-4% of the time.
“We are now focusing on entering the Austrian, Swedish, Spanish, and Italian markets, leveraging the fact that our algorithms are registered as medical devices across the European Union. We are also expanding our presence in South America, where our solutions are similarly certified as medical products. In addition to Brazil, where we already have ongoing projects, we are beginning operations in Colombia, Peru, and other digitally advanced countries in the region,” Piątkowski added.
The company’s growth strategy includes targeting new markets and increasing geographic diversification, with plans to expand operations into countries such as Colombia and Peru. Saventic Health also plans to enter the U.S. market following the completion of its upcoming Series A funding round.
The new funding marks the first investment from TNI Fund, part of the Kluz Ventures group, which focuses on transformative technologies in healthcare. “Our fund focuses on breakthrough technologies in healthcare and their practical applications to solve global problems. Saventic Health provides innovative patient diagnostic solutions, which we believe represent the future of healthcare,” said Artur Kluz, General Partner at TNI Fund.
4growth VC, which initially invested €2 million in Saventic Health in 2022, also increased its stake in this round. “The inclusion of a U.S. fund among its investors confirms Saventic Health’s global potential,” said Tomasz Biłous, Managing Partner at 4growth VC. “The company is already active on three continents and has global agreements with the largest pharmaceutical players. Thanks to fully digitalized processes, Saventic Health can execute projects for its clients and assist in diagnosing patients wherever needed, enabling dynamic international growth.”
“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. This highlights the importance of public-private capital collaboration, which jointly provides innovative Polish companies with greater opportunities to build global potential,” said Ksenia Wójcik Karasiewicz, CEO of NCBR Investment Fund.
Read the orginal article: https://www.eu-startups.com/2024/12/just-what-the-doctor-ordered-saventic-health-raises-e1-9-million-to-diagnose-rare-diseases-with-ai/
