Smart Reporting raised 23 million EUR to expand its medical reporting product
Smart Reporting raised €23 million to fund its global expansion, product development, and management team growth. Founded in 2014 as an LMU spin-off, their software enables automated, data-driven documentation for doctors. The company plans to grow by negotiating international partnerships.
Smart Reporting, a leading company in the field of medical reporting, recently secured 23 million euros in a Series C funding round. The investment was led by TVM Capital Life Science, and backed by Bayern Kapital, both new investors in the company, alongside existing investors. The investment will fund Smart Reporting's product development, and international expansion, strengthening the company's presence in the US, Canadian, Australian, and New Zealand markets. It will also support the company's management expansion.
Smart Report was founded in 2014 as a Ludwig-Maximilians-Universität (LMU) spin-off, and its product, the voice-controlled "SmartReports" software, is currently distributed via healthcare IT partnerships with companies, such as Siemens Healthineers, GE Healthcare, and Canon. In 2023, Smart Reporting struck a groundbreaking deal with North American radiology reporting leader Solventum (formerly 3M Health Information Systems). The partnership with Solventum will enable Smart Reporting to strengthen its international presence by giving present and future Solventum customers access to technologies and innovations that transform radiological reporting into a time-efficient and data-driven endeavor. Smart Reporting plans to replicate this partnership model globally as part of its growth strategy.
There is a current global trend, where a decreasing number of radiologists are handling ever-growing workloads. This is a trend for which generative AI is ideally suited since the capabilities at which LLMs excel seem to be exactly the ones that counteract overloading and provide the support required to support efficient workloads. Smart Reporting plans to augment its solution portfolio by including additional LLM services in parallel with its international expansion strategy to address this trend. Supporting these goals requires a well-thought-out management team expansion, driven by the appointment of Christian Matzen as CFO/COO, and Dr. Sigrid Auweter as CPO, who will join the existing co-CEOs and CTO to complete the management team.
