Smart Reporting, a market leader in medical reporting, particularly in radiology and pathology, has raised a €23 million Series C financing round led by TVM Capital Life Science and was supported by Bayern Kapital and existing investors. The company was founded by Prof. Dr. Wieland Sommer in 2015 as a spin-off company from the Ludwig-Maximilians University in Munich
This funding will be mainly used to expand international partnerships and product development and strengthen the company’s market presence in the US, Canada, Australia, and New Zealand. Dr. Hubert Birner, Managing Partner at TVM, will join the Smart Reporting Board of Directors, and Stefan Fischer, Managing Partner (Finance), will serve as a Board Observer.
Medical documentation comprises up to 40 percent of a physician’s daily workload. Previously, this was mostly a manual process.
Smart Reporting automates and streamlines this workflow and creates valuable data. This is especially important when the number of radiologists is decreasing. The company’s medical documentation technology, SmartReports, delivers high-quality data in real-time and at any scale. This manufacturer-independent software provides a fully voice-controlled and data-driven documentation solution for doctors, forming the basis for workflow automation and machine-readable data. Smart Reporting provides a crucial module for digitalization in the hospital sector.
Smart Reporting recently enhanced its partnership with Solventum (formerly 3M Health Information Systems), a market leader in North America’s radiology reporting, to strengthen its presence in international markets. This partnership provides customers access to additional cutting-edge technologies and innovation to make radiology reporting more time-efficient and data-driven. This software is distributed internationally via major healthcare IT partners, including Siemens Healthineers, GE Healthcare, and Canon.
KEY QUOTES:
“New technologies such as AI and machine learning are key drivers of innovation in the healthcare industry and offer great potential for growth. TVM sees Smart Reporting, with their groundbreaking technology, already used by thousands of doctors around the globe, as one of the future international market leaders in the areas of radiology and pathology. Also, the breadth of their partnerships with leading corporations in the radiology sector is impressive.”
- Dr. Hubert Birner, Managing Partner at TVM Capital Life Science
“As an international venture capitalist in the life sciences, TVM finances innovative health tech and medical technologies in addition to traditional therapeutic drug development. The focus here is on differentiated business models of companies that are already commercially viable and create a direct benefit for patients with their technology. Smart Reporting fits perfectly into this investment strategy.”
- Stefan Fischer, Managing Partner at TVM Capital Life Science
“We are very pleased about the successful financing round and are grateful to TVM and our other investors for their strong support. 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 further penetrating key global healthcare IT markets with our novel AI-based solutions.”
- Prof. Dr. Wieland Sommer, founder and Co-CEO of Smart Reporting
