Health tech start-up XUND has raised €6 million for its AI-powdered API – the first in its field to be certified as a medical device.
The financing will enable the Vienna-based company to drive growth and further establish itself in Europe.
XUND delivers evidence-based solutions to help patients and healthcare professionals prevent, manage and treat diseases.
The company harnesses AI to automatically analyse and process millions of medical publications, creating a baseline for their solutions.
XUND’s algorithms combine symptoms, personal risk factors and demographic data to identify cause of the condition.
Tamás Petrovics, Co-Founder & CEO of XUND, said:
“We’re thrilled that we managed to convince some of the most successful Health and MedTech investors from Europe and the US to join us on our mission to build the data-driven healthcare system of tomorrow.
“Our ambition is to eventually cover the entire patient lifecycle from prevention over diagnosis to treatment and monitoring, allowing XUND to become the central infrastructure provider for digital patient interactions across insurance, pharma, digital and in-person healthcare.”
The move to a preventative approach to disease management could benefit multiple parts of the healthcare ecosystem, from patients themselves to insurers and healthcare providers, the company said.
With the only API approved as a Class IIa medical device, XUND has accumulated a number of high-profile clients, including Wiener Städtische Versicherung (Vienna Insurance Group) and Generali.
Alongside advancing its expansion in Europe, XENU is planning an entry in the US, with preparations for its FDA submission already underway.
The new funding will also support the expansion of product features along the patient journey.
Charlotte Barttelot, Investor at MMC Ventures who co-led the round, said:
“With the rise of digitalised workflows in every aspect of healthcare, there is a huge opportunity for XUND’s certified API, enabling stakeholders of the healthcare ecosystem to build their own native symptom assessment and patient navigation solutions, without the regulatory burden of having to become medical device manufacturers themselves.
“We look forward to supporting Tamás and his team as they set out to improve the healthcare system.”
Ryan Collins, Managing Director at MassMutual Ventures who co-led the round, said:
“XUND has positioned itself as a market leader with its best-in-class product and differentiated business model in a field that has tremendous growth potential.
“We’re excited to partner with XUND’s stellar and complementary team as they transform the future of healthcare.”
