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Philips invests in €10M funding round of Spanish medtech startup advancing AI in medicine

IOMED team
Picture credits: IOMED

Up to 80% of data in hospitals is unstructured and cannot be used for medical research purposes, meaning countless hours are spent manually structuring data to perform studies at scale. Spanish healthtech AI startup IOMED is helping to eliminate these narrow data samples and highly inefficient processes.

IOMED has just closed €10 million in Series A funding. The round was led by Philips Ventures, which backed CVAid, and XTX Ventures, which invested in WealthKernel and BlueSkeye AI, the venture capital arm of leading algorithmic trading company XTX Markets. Fondo Bolsa Social and Redseed also participated in the round alongside existing investors Adara Ventures and EASO Ventures. 

In addition to this, the company also received a grant of nearly €1 million from to support a research and development project in artificial intelligence.

This funding will enable IOMED to expand internationally, consolidate its position in the current market, and develop new business models based on the company’s sustainable growth. 

With this investment round and focus on international expansion, IOMED solidifies its position as a reference in the field of artificial intelligence and innovation, positioning itself as a key ally in transforming the healthcare ecosystem.

Gabriel Maeztu, IOMED’s Co-Founder, CTO, and Chairman of the Board, said, “The lack of structured and standardised data in the healthcare sector has been a significant obstacle in its development for many decades. Thanks to the latest advances in artificial intelligence, we are at a turning point that will change the history of medicine.”

Javier de Oca, Co-Founder, and CEO of IOMED, added, “At IOMED, our mission is to be the catalyst that drives a better future for the healthcare ecosystem through the application of Artificial Intelligence.”

AI to analyse data from medical records 

In 2016, Gabriel de Maetzu identified a crucial need while researching. He needed to improve efficiency in data collection and patient recruitment. Apparently, he founded IOMED with Javier de Oca in 2017 to develop an AI technology to cover this gap in healthcare ecosystem.

Its AI-powered technology for healthcare data activation unlocks valuable data from hospitals’ data sources. It activates data from both structured and unstructured sources, as human-written records using its Natural Language Processing System. This data is stored in-house hospitals’ systems, enabling a comprehensive understanding of healthcare information. 

With this AI technology, hospital centres can collaborate with institutions, researchers, medical professionals, and the industry in general. This provides them with updated and high-quality real-world data, ready to be used for various purposes. 

IOMED has recently consolidated a strategic team in business and technological development areas to help lead the company during this next stage of growth. The recent hires include Pedro Cladera and Montserrat Roura.

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