Telemedicine startup Avi Medical lands €50M in Series B round

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German healthtech startup Avi Medical has raised €50 million in Series B funding for its telemedicine platform.

The round was led by Balderton Capital with participation from Heal Capital, Addition, Picus Capital, Vorwerk Ventures, Eurazeo and 3VC.

UiPath founder Daniel Dines and Forward Health Founder Adrian Auon also participated in the round. The latest funding brings the total raised by Avi Medical to more than €80 million.

WHAT IT DOES

Avi Medical provides a patient-facing app that allows people to monitor their health using individual health recommendations.

The app integrates physical interactions, blood work, digital therapeutics and nutrition plans, among other interventions. It also gives the patient the ability to share their medical data and receive in-home or on-site medical care.

Patients can access a detailed booking system that aims to identify the reason a patient is looking for medical attention, informed by machine learning technology.

Each patient has an individual health custodian, a doctor employed by Avi Medical, who is equipped with a consolidated dashboard.

WHAT IT’S FOR

Avi Medical will use the funding to build new care paths and integrate digital assistants to improve patient care. For patients, this means making the primary care process more convenient through one-click prescribing and at-home testing. For doctors, Avi Medical will increase decision support by making recommendations, informed by machine learning, ahead of a patient meeting.

The funding will also enable Avi to expand its services across Germany and more widely into Europe, particularly in rural areas often left behind by technological advances. It aims to grow the business from eight to 100 clinics across Germany by 2024.

MARKET SNAPSHOT

In the European telehealth space, French provider Doctolib recently announced a raise of €500 million in equity and debt funding, taking it to a valuation of €5.8 billion.

Meanwhile Polish startup HigoSense announced the completion of a €5 million Series A funding round in January for its telemedicine solution.

ON THE RECORD

Vlad Lata, Avi Medical cofounder said: “The next 12 months will see us continue to streamline and improve the experience for all those who interact with the platform and we’re delighted that some of the world’s most notable investors want to join us on our journey.”

James Wise, partner at Balderton Capital, said: “Avi Medical is not only drastically improving the experience of patients and doctors today, but it is also forging the primary healthcare system of the future, where patients each have personal healthcare plans based on their medical history and needs.”

Daniel Dines, UiPath founder said: “With its clear benefits, it’s difficult to understand why AI and software design hasn’t been more widely embraced by the primary care industry in the same way it has in so many other walks of life. Avi Medical is pioneering innovation in this space, streamlining processes, uncovering efficiencies and providing valuable insights for doctors and patients.”

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