The digital health company providing telemedicine services, Avi Medical has raised €50M in a Series B funding round, taking the total raised by Avi to over €80M. This funding comes after the startup experienced 8x growth in the first quarter of 2022.
The round was led by Balderton Capital and involved existing investors Berlin-based healthcare fund Heal Capital. The New York-based Addition also joined the round, alongside Picus Capital, Vorwerk Ventures, Eurazeo and 3VC. Forward Health Founder Adrian Aoun as well as UiPath founder Daniel Dines also participated in the round.
“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. Ultimately this will help put preventative healthcare at the centre of effective primary care, with better outcomes for everyone but particularly those who are chronically ill with manageable conditions like diabetes,” exclaimed James Wise, Partner at Balderton Capital.
What the funding will do
Avi Medical will use the funding to build new care paths and integrate digital assistants to improve patient care as well as the overall experience of both patients and doctors.
For patients, this means streamlining the entire primary care process through the advent of one-click prescribing and at-home testing. For doctors, the platform will increase decision support by making recommendations, informed by Machine learning (ML), ahead of patient meetings.
The funding will enable Avi to expand its services across Germany and even wider into Europe, particularly in rural areas often overlooked by technological advances. The company hopes to expand from 8 to at least 100 clinics across Germany by 2024.
Putting healthcare in the hands of everyone
Avi Medical’s platform has been revolutionary for patients and clinical professionals. By combining online forms, video consultations and in-person appointments with predictive tech, Avi makes its healthcare more bespoke to its patients. The intuitive patient-facing app means that people can monitor their own health at home using individual health recommendations. The app is also giving patients the ability to share their medical data at a button’s touch, with the option to access in-home or on-site medical care at their own convenience.
Avi’s patient app is the focal point of doctor-patient interactions, integrating physical interactions, blood work, digital therapeutics and nutrition plans among other interactions, into the platform.
Improving AI and ML is inspiring a future where individualised care paths for each patient become the norm. Appointments can be automatically scheduled, in-home or on-site depending on medical conditions or risk factors.
Avi’s integration of multiple channels of interactions, patient records and data points, as well as 24/7 access, is designed to place evidence-based diagnoses and preventative health care at the core of a new way of delivering primary care. Avi’s patients frequent medical service more regularly with 2.2 visits on average per year, compared to 1.7 for regular GP practices. Avi has achieved significant patient satisfaction levels, while Avi Medical doctors spend less time on administration, dedicating 20% more time on average to treating patients.
How Avi was founded
Avi Medical was founded in 2020 by Christoph Baumeister, Julian Kley, a trained doctor and consultant and Vlad Lata, co-founder of machine learning startup KONUX. The trio hoped to reshape primary care for people in Europe by providing easy access to evidence-based medicine.
Using their backgrounds in software engineering and healthcare, the Founders leveraged technology to transform the industry and help solve two of its main problems, a deficit in digitisation and a predicted decline in doctor numbers across Europe.
To date, Avi Medical has seen incredibly fast growth, serving 20,000 patients, across four different German cities in under a year.
“Avi Medical was born out of our belief that modern technology could be better leveraged to reimagine the patient/doctor relationship and to build the healthcare service that we all deserve. Since launch, we’ve seen an incredible appetite for this new approach, from both doctors and patients. 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.” said Vlad Lata, Avi Medical Co-Founder.