Barcelona startup IOMED Medical Solutions, which applies artificial intelligence on clinical data to generate predictive algorithms, has closed a financing round of 500,000€.
The new fund managed by venture capital firm Inveready Technology Investment Group, EASO Ventures, led the round, in which the Austrian venture capital fund Pioneers Ventures and other business angels also participated. This new capital increase will allow the company to expand its structure and expand the implementation of its technology in new areas.
The startup, which is currently under the umbrella of IQS Tech Factory, the first accelerator of industrial startups in the country, launched Medical Language API (MEL) software to the market last year 2017. It is a technology able to understand in real time, based on natural language processing, the information that the doctor enters in the clinical record of each patient, related to diagnoses, symptoms, signs, findings or procedures. MEL extracts the clinically relevant concepts and stores them in a structured way in a database.
The subsequent application of Big Data analysis techniques on the extracted data allows the creation of models that predict certain clinical events that will affect patients, such as future hospital readmissions. In this way the hospital can advance to these events and improve their treatment of the patient, while generating operational efficiencies in their management. The massive reuse of data in the healthcare sector can mean an important advance in the management of health cost overruns, which can represent savings of up to 8% per year, as pointed out in the report presented by McKinsey Global Institute in 2011.