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TVM Capital Life Science and Bayern Kapital are new investors in the Munich-based healthtech company
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Among other things, the capital will be used to further strengthen the company's presence in North America and Australia
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Technology leadership to be expanded with new, generative AI-supported products in the coming months
Munich, 22. April 2024. Smart Reporting, one of the leading technology providers in the field of medical reporting, has successfully completed a financing round of 23 million euros. TVM Capital Life Science (lead investor) and Bayern Kapital are newly on board in the Series C funding, while the existing investors are also participating in the financing round. The capital raised will primarily be used to expand product development and international partnerships to strengthen the company's presence in the US, Canadian, Australian and New Zealand markets. As part of the international growth strategy, the company's management was also expanded.
Smart Reporting is a pioneer and market leader in the field of medical reporting, particularly in the specialisms of radiology and pathology. The manufacturer-independent "SmartReports" software offers a fully voice-controlled and data-driven documentation solution for doctors that forms the basis for workflow automation and machine-readable data. Smart Reporting thus provides a crucial module for digitalisation in the healthcare sector. The software from the company, which was founded in 2014 as a spin-off from Ludwig-Maximilians-Universität (LMU), is distributed internationally via major healthcare IT partnerships (including Siemens Healthineers, GE Healthcare and Canon).
"We are very pleased about the successful financing round. With the additional capital, we will be able to consistently pursue our international growth strategy, which we recently launched with our market entry in the USA. Our focus in the coming months will be on penetrating key global healthcare IT markets and productising AI-based solutions," says Prof. Dr. Wieland Sommer, founder and co-CEO of Smart Reporting.
Groundbreaking partnership paves the way for market entry in the USA
At the end of November 2023, Smart Reporting announced an in-depth partnership with Solventum (formerly 3M Health Information Systems), one of the market leaders in the field of radiological reporting in North America, to further strengthen its presence in international markets. The collaboration gives current and future customers access to additional cutting-edge technologies and innovations that will make radiological reporting even more time-efficient and data-driven. The strategy of making the company's own technology available to as many users as possible through industry partnerships is to be further expanded with the capital now raised.
AI for medical documentation is a rapidly growing future market
Against the backdrop of the global trend of an ever-growing number of findings being handled by an ever-decreasing number of radiologists, efficient medical reporting is becoming increasingly important. The recent dynamic development of generative AI, and in particular large language models (LLMs), has catalyzed new opportunities for reporting efficiency in radiology and pathology. The use of LLMs in diagnostic procedures is ideally suited to counteracting overload and supporting doctors with effective assistance systems.
"New technologies such as artificial intelligence and machine learning are one of the drivers of innovation in the healthcare industry and offer great potential for growth. TVM sees Smart Reporting as a future international market leader in the fields of radiology and pathology. Smart Reporting’s focus on industry partnerships in sales was also convincing," explains Dr. Hubert Birner, Managing Partner at TVM Capital Life Science in Germany.
"As an international life science venture capitalist, TVM finances medical technologies and innovative healthtech in addition to traditional drug research. The focus here is on differentiated business models of companies that are already commercialised and create a direct benefit for patients with their technology. Smart Reporting fits perfectly into this investment strategy," says Stefan Fischer, Managing Partner at TVM Capital Life Science in Germany.
Smart Reporting gears up for growth phase and expands management team
In the coming months, Smart Reporting will grow its product portfolio to include further LLM services in addition to its international expansion. The strengthening of the management team reflects these plans: with Christian Matzen, a proven expert in the B2B software sector with a long track record in both the scale-up and mid-cap environment, is joining Smart Reporting as CFO (Chief Financial Officer) and COO (Chief Operating Officer). Dr. Sigrid Auweter, a long-standing member of the management team, has an expanded role as the new CPO (Chief Product Officer). The two Co-CEOs Wieland Sommer and Peter Vanovertveld and CTO (Chief Technology Officer) Christian Odaker complete the management level at Smart Reporting.
About Smart Reporting
Smart Reporting, founded in 2014 by Wieland Sommer, Professor of Radiology and Master in Public Health from Harvard University, has established itself as a leading provider of documentation software in the medical field. The company is headquartered in Munich and has set itself the goal of simplifying manual and repetitive processes in medical documentation while improving quality and data standardisation. Smart Reporting focuses on the automation of routine tasks and at the same time guarantees consistency by combining medical expertise with leading technology. The medical documentation software developed by Smart Reporting is distributed worldwide by leading technology and device manufacturers and has established itself as the industry standard. Through strategic partnerships and the availability of the software in seven languages, Smart Reporting has gained market access in the core markets of healthcare IT. With an interdisciplinary team of 80 employees, consisting of physicians, experts in artificial intelligence, healthcare IT and the secure exchange of medical data, the company is continuously driving innovation to meet the increasing demands of the healthcare sector. For more information about Smart Reporting: www.smart-reporting.com
About TVM Capital Life Science
TVM is a leading international venture capital (VC) company that invests in innovations in the life science sector. TVM manages a total of around 900 million US dollars across several funds and is advised by an experienced transatlantic investment team. TVM's portfolio focuses on therapeutics and medical technologies from Europe and North America, differentiated first-in-class or best-in-class assets that have the potential to transform standard of care for patients.
TVM pursues a unique investment strategy with a dual focus: Innovative early-stage therapeutics the VC firm finances via companies with a single-asset approach ("Project-Focused Company", PFC) in strategic partnership with global pharmaceutical company Eli Lilly and Company. In addition, TVM invests in differentiated medical technologies and healthtech in the commercial stage as well as in therapeutics in later clinical development phases ("late-stage investments").
Through this innovative early-stage/late-stage approach, TVM has been successful for over a decade in generating attractive returns for investors while funding new therapies and technologies with one goal: to make a difference in patients' lives.
For more information, please visit https://www.tvm-capital.com. Follow TVM on LinkedIn. Contact/Media Relations:
Smart Reporting
Thomas Doriath
Tel: +49 176 24 24 42 83
E-Mail: presse@smart-reporting.com
TVM Capital Life Science
Dr. Hubert Birner, Managing Partner
E-Mail: info@tvm-capital.com
Media contact:
MC Services AG
Europa: Anne Hennecke
Tel: +49 211 529 252 22
E-Mail: tvm@mc-services.eu