The health tech startup uses artificial intelligence to uncover the causes of symptoms, reducing the cost of care and improving patient outcomes.
Infermedica, the healthcare IT company that uses artificial intelligence to help healthcare systems and insurance companies to pre-diagnose and triage patients, has raised $3.65 million in seed funding. Infermedica will use the new capital to expand its presence in the United States and Europe and accelerate the development of its technology.
Karma Ventures, an Estonia-based fund that invests in European startups, led the round with participation from Dreamit Ventures (USA), Inovo Venture Partners (Poland) and German media company Müller Medien.
Founded in 2012 by a team of engineers, data scientists, and physicians, Infermedica has built a suite of apps to assist patients and physicians in preliminary medical diagnosis and triage. With Infermedica, patients can describe their symptoms and receive a list of possible diagnoses, along with recommendations for what to do next.
To date, more than 3.5 million people from around the world have used our tools.
Research from The National Academy of Medicine has shown that the cost of wasted care could be as high as $765 billion, representing approximately a quarter of all the money spent on healthcare each year in the United States. Unnecessary care contributes $210 billion to this wasteful spending, while inefficiently delivered services and missed prevention opportunities add another $185 billion. Infermedica is helping its clients to reduce these costs by guiding patients to the right care, speeding up the diagnostic process, and freeing up the time of healthcare professionals.
Infermedica works in a B2B model and provides its services to insurance companies, hospitals, and health systems. The company has more than 30 clients worldwide, including European-based insurance giant Allianz. Since customers started using Infermedica’s products, they have increased efficiency, improved patient flow, and reduced costs.
“Our goal is to help patients make the best decisions regarding their symptoms,” says Piotr Orzechowski, co-founder and CEO of Infermedica. “To date, more than 3.5 million people from around the world have used our tools, and we’ve signed partnerships with leading healthcare organizations like Allianz, Taipei Medical University Hospital, and Everyday Health. We assist patients in resolving their health issues quickly, and we provide physicians with earlier health information and decision support. As a result, we increase the performance of the entire diagnostic process.”
Infermedica uses machine learning algorithms, which allow the product to get smarter over time. Besides, physicians on Infermedica’s team and medical advisory board have spent more than 17,000 hours curating the product’s medical knowledge base. “This work has been crucial to ensure we provide the highest quality information to our users,” adds Orzechowski.
In the past year, Infermedica has grown its staff to more than 60 people and translated its products to 13 languages, making them available in countries such as China and the United Arab Emirates.
“We’ve followed Infermedica’s progress for some time, and we’ve been impressed with their dedication to building outstanding products, as well as their ability to create a profitable business,” said Margus Uudam, the Founding Partner at Karma Ventures. “Infermedica has a unique technology angle and business approach over the competition that allows them to become a winning solution in this massive market.”