Image Source: Infermedica.com
Infermedica, a digital health company founded in Poland that provides AI-powered solutions for symptom analysis and patient triage, has raised $30 million in Series B funding. One Peak led the round, which also included previous investors Karma Ventures, European Bank for Reconstruction and Development, Heal Capital, and Inovo Venture Partners. The new funding brings the startup’s total funding to $45 million.
It was founded in 2012, aims to make it easier for doctors to pre-diagnose, triage, and refer patients to appropriate medical services. By introducing automation into healthcare, the company’s mission is to make primary care more accessible and affordable. Infermedica has developed a business-to-business platform for health systems, payers, and providers that automates patient triage, the intake process, and post-visit follow-up. Since its inception, Infermedica has been used in over 30 countries and 19 languages, with over 10 million health checks completed.
The company provides a symptom checker for preliminary diagnosis, AI-driven software that assists call operators in making timely triage recommendations, and an application programming interface that allows users to build customized diagnostic solutions from the ground up. Infermedica, like a slew of competitors such as Ada Health and Babylon, combines physician expertise with its own algorithms to provide symptom triage and patient advice.
Infermedica CEO Piotr Orzechowski told TechCrunch in an email that the new funding will be used to expand the company’s Medical Guidance Platform and add new modules to cover the entire primary care journey. Infermedica’s team expanded by 80 percent last year to 180 specialists, including physicians, data scientists, and engineers. According to Orzechowski, Infermedica has an ambitious plan to nearly double its team in the next year.
Image Source: The Alike
In terms of the future, Orzechowski believes that in 5-10 years, fully automated self-care bots will be available 24/7 to assist providers in finding solutions to low-acuity health concerns such as a cold or UTI.
According to WHO, there may be a global shortage of nearly 10 million doctors, nurses, and midwives by 2030,” Orzechowski said. “While there are some limitations to how quickly we can train healthcare professionals, our long-term plan assumes that AI will become a core component of every modern healthcare system by navigating patients and automating mundane tasks, saving clinical staff valuable time and supporting them with clinically accurate technology.
Infermedica’s Series B round comes on the heels of its $10 million Series A investment, which was announced in August 2020. The European Bank for Reconstruction and Development (EBRD) and digital health fund Heal Capital led the round. Existing investors Karma Ventures, Inovo Venture Partners, and Dreamit Ventures joined the round as well.