Padua-based digital well being startup, PatchAi has closed a €1.7 million spherical led by UV Cap and SFEM Italia, joined by a follow-on funding from Healthware Ventures.
This is the third spherical closed by the startup accelerated in Silicon Valley by Plug and Play, for a complete of €2.56 million raised in two years because the founding date.
The funds raised will enable PatchAi to develop its enterprise to different therapeutic areas and scale internationally.
WHY IT MATTERS
PatchAi has developed an empathetic digital companion that makes use of AI to personalise the dialogue with sufferers and accumulate Conversational Patient Reported Outcomes (Co-PRO®).
By adopting a patient-oriented strategy, PatchAi is ready to enhance sufferers’ self-management of their well being situations, protocol and remedy adherence whereas offering medical choice assist for clinicians with actual time knowledge.
Preliminary knowledge on sufferers utilizing PatchAi exhibits a protocol adherence as much as 95%, which is as much as 9 instances greater than paper-based options.
THE LARGER CONTEXT
According to a current report by Dealroom (Dealroom, 2020), solely 4 different Italian startups within the well being tech trade raised €5.2 million in funding collectively.
Other funding tales this week consists of UK biotech firm, Theolytics raising £5 million in Series A funding for its oncolytic viral remedy platform.
A recent Silicon Valley Bank (SVB) report stated that funding in European healthcare-focused enterprise exercise sky-rocketed in 2020.
ON THE RECORD
Alessandro Monterosso, CEO and co-founder, PatchAi stated: “We skilled a threefold development this 12 months and now the crew consists of 25 ‘superstars.’ We plan to develop on the identical price in 2021. This success wouldn’t have been potential with out the hands-on assist of the crew that’s dedicated day by day to turning our imaginative and prescient into actuality. We need everybody to really feel energetic, straight concerned and cooperatively liable for our development path.
“We are additionally deeply grateful to our clients who’ve trusted us and allowed us to point out the worth of PatchAi, to companions, consultants and traders who’ve contributed considerably to the achievement of our milestones. The 2020 milestones are simply a place to begin for the subsequent challenges. The outcomes of the 12 months that has simply began might be essential to additional exhibit the added worth and effectiveness of our resolution.”