Smart Reporting, a technology startup founded by a radiologist, has recently secured nearly $25 million in new funding, according to leaders who made the announcement on Monday. The Series C financing round was led by TVM Capital Life Science, based in Munich, Germany, with additional contributions from Bayern Kapital and existing investors.
Smart Reporting aims to tackle the challenge of medical documentation, which currently consumes around 40% of a physician’s day, by automating and streamlining workflows, focusing on imaging. The company plans to use the funding to expand its product development efforts and form international partnerships, with a goal of increasing its presence in the U.S., Canada, Australia, and New Zealand.
In an announcement on April 22, Dr. Hubert Birner, MBA, managing partner at TVM Capital Life Science, emphasized the significance of new technologies such as AI and machine learning in driving innovation within the healthcare industry. He highlighted Smart Reporting as a pioneering company with groundbreaking technology that is already being utilized by thousands of doctors worldwide.
Founded in 2014 by Wieland Sommer, MD, a professor of radiology at the University of Munich, Smart Reporting now has a team of 80 professionals including doctors, data scientists, and software engineers. Its software, used by over 16,000 physicians in 90 countries, offers voice-controlled documentation through its technology, SmartReports, which not only streamlines workflows but also provides valuable data insights for healthcare providers.