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September 15, 2023

Unlocking Healthcare Data with AI Precision, Philips invests in €10M funding round

Spanish healthtech pioneer IOMED secures €10 Million in Series A funding to revolutionize healthcare data

In today's healthcare landscape, data is the lifeblood of medical research and advancements. However, up to 80% of data in hospitals remains unstructured, presenting a significant hurdle in harnessing its full potential for medical studies and research. Enter IOMED, a pioneering healthtech AI startup from Spain, poised to transform this challenge into an opportunity for the healthcare industry.

Fresh from its success, IOMED has secured a substantial €10 million in Series A funding, led by notable investors Philips Ventures, known for backing CVAid, and XTX Ventures, recognized for investments in WealthKernel and BlueSkeye AI. Joining them in this landmark round are Fondo Bolsa Social and Redseed, alongside existing supporters Adara Ventures and EASO Ventures. Notably, the company has also received a grant of nearly €1 million from red.es to bolster its research and development efforts in artificial intelligence.

This infusion of capital positions IOMED to expand its global footprint, strengthen its presence in the current market, and forge innovative business models to facilitate sustainable growth. With this strategic investment and a keen eye on international expansion, IOMED cements its status as a leader in artificial intelligence and innovation, emerging as a vital ally in the ongoing transformation of the healthcare ecosystem.

Gabriel Maeztu, IOMED's Co-Founder, CTO, and Chairman of the Board, highlighted the pivotal role of artificial intelligence in reshaping healthcare, stating, "The lack of structured and standardized data in the healthcare sector has been a significant obstacle in its development for many decades. Thanks to the latest advances in artificial intelligence, we are at a turning point that will change the history of medicine."

Javier de Oca, Co-Founder and CEO of IOMED, echoed this sentiment, emphasizing the company's mission: "At IOMED, our mission is to be the catalyst that drives a better future for the healthcare ecosystem through the application of Artificial Intelligence."

IOMED's journey began in 2016 when Gabriel de Maetzu recognized a crucial need for improved efficiency in data collection and patient recruitment during his research endeavors. In response, he co-founded IOMED with Javier de Oca in 2017, with a vision to bridge the data gap in the healthcare ecosystem.

IOMED's revolutionary AI technology for healthcare data activation serves as the linchpin in unlocking valuable insights from hospitals' data sources. It achieves this feat by activating data from both structured and unstructured sources, including human-written records, through its Natural Language Processing System. This wealth of data is seamlessly integrated into hospitals' systems, providing a holistic understanding of healthcare information.

This AI technology empowers healthcare centers to collaborate with institutions, researchers, medical professionals, and the industry at large. It equips them with updated, high-quality real-world data that can be harnessed for a multitude of purposes, propelling medical research and innovation to new heights.

As IOMED embarks on its next phase of growth, the company has assembled a strategic team comprising luminaries in business and technological development, including recent hires Pedro Cladera and Montserrat Roura. These additions underscore IOMED's commitment to delivering transformative solutions and reshaping the future of healthcare data analysis.

Neil Hodgson Coyle
Neil Hodgson-Coyle
Editorial chief at TechNews180
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