Located in Barcelona, IOMED, a startup that employs artificial intelligence (AI) to extract healthcare data from hospital data sources, announced on Wednesday that it has obtained €10 million in capital as part of a Series A fundraising round.
IOMED has also revamped its brand image to reflect the firm’s maturity, an approach driven by innovation, and a continual commitment to excelling in the healthcare field.
Philips Ventures and XTX Ventures, the venture capital arm of the algorithmic trading startup XTX Markets, were the primary contributors to this round of funding.
Other participants in the round were Fondo Bolsa Social, Redseed, Adara Ventures, and EASO Ventures.
In addition, IOMED was awarded a grant from Red.es for one million euros to fund AI research and development in healthcare data analysis.
Utilization of Capital: IOMED asserts that it will put the funds to use in worldwide expansion, improvement of its market position, and the creation of growth-oriented, sustainable business models within the healthcare technology industry.
Gabriel Maeztu, co-founder, Chief Technology Officer, and Chairman of the Board of IOMED, states, “The lack of structured and standardized data in the healthcare sector has been a significant obstacle in its development for many decades.” The most recent advancements in artificial intelligence will be the reason why medicine has reached a turning point in its history.
In addition, Javier de Oca, co-founder and Chief Executive Officer of IOMED, states, “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 has strengthened its leadership team by adding experts such as Pedro Cladera (Chief Corporate Officer) and Montserrat Roura (Chief Sales Officer), who bring experience from KPMG, Vueling, and Novartis.
This strategic move will help IOMED’s growth ambitions as the company advances in the healthcare technology industry and extends its footprint in the market.
A Concise Overview of IOMED In 2016, Alvaro Abella, Gabriel de Maeztu, and Javier Oca laid the groundwork for what would become IOMED.
The business creates AI-powered technology for activating healthcare data, which uses Natural Language Processing to extract useful information from structured and unstructured sources, including human records.
Following this step, the data is transformed into the OMOP Common Data Model before being saved using the Federated Data Model within the systems of the hospitals. This enables full healthcare data interpretation and stimulates collaboration among various healthcare stakeholders, providing current, high-quality, real-world data for various applications in the healthcare industry.
The company’s mission statement is as follows: “Our aspiration is to become catalysts for change and achieve more individualized and effective healthcare.” In this approach, we work incredibly hard to make medical information accessible and helpful to the community.
