Smart Reporting automates and optimizes the workflow in medical documentation, thus relieving the burden on physicians and simultaneously generating valuable data. the Munich startup has developed a voice-controlled, AI-supported reporting software for radiology, pathology, and other clinical areas. This software produces fully analyzable and machine-readable reports. The Munich-based company is thus contributing to the digitalization of healthcare by automating previously manual processes. Furthermore, the data collected in hospitals is being made available for later analysis, for example, for medical research. For sales, the startup, founded in 2014 as a spin-off from LMU, relies on major international healthcare IT partnerships, including with Siemens Healthineers, GE Healthcare, and Canon.
Smart Reporting has now successfully raised €23 million, bringing the startup's total funding to over €50 million. The lead investor in the now completed Series C is TVM Capital Life Sciences from Canada. Bayern Kapital, with its Scaleup Fund Bavaria, and existing investors also supported the round. The new funds will primarily be used to expand international partnerships and product development. Another focus is on expanding market presence in the USA, Canada, Australia, and New Zealand. To strengthen its presence in international markets, Smart Reporting recently entered into a deeper partnership with Solventum (formerly 3M Health Information Systems). The company is considered one of the market leaders in the field of radiological reporting in North America.
Hubert Birner, Managing Partner at TVM Capital Life Science, explains:
"New technologies such as artificial intelligence and machine learning are one of the drivers of innovation in the healthcare industry and offer great growth potential. TVM sees Smart Reporting, whose leading technology is already used by thousands of physicians around the world, as a future international market leader in radiology and pathology. TVM's focus on industry partnerships in sales was also convincing."
“TVM sees Smart Reporting as a future international market leader”
Stefan Fischer, Managing Partner at TVM Capital Life Sciences, adds:
"As an international life science venture capitalist, TVM finances medical technologies and innovative healthtech projects in addition to traditional drug discovery. The focus here is on differentiated business models of companies that are already commercially viable and that create direct benefits for patients with their technology. Smart Reporting fits perfectly into this investment strategy."
And Wieland Sommer, Founder and CEO of Smart Reporting, adds:
"We are very pleased with the successful financing round and thank TVM and our other investors for their strong support. With this additional capital, we will be able to consistently continue our international growth strategy, which we recently launched with our US market entry. Our focus in the coming months will be on penetrating key global healthcare IT markets and further developing AI-based solutions."
Monika Steger, Managing Director of Bayern Kapital, points out the potential of Smart Reporting:
"Healthcare systems around the world face the same challenge: They want to ensure high-quality healthcare and physician availability while keeping costs as low as possible. Given demographic change and increasing global life expectancy, this is no easy task. We are convinced that technology-based, scalable solutions like SmartReports will be a crucial building block in meeting this challenge in the future. Therefore, we see great growth potential in Smart Reporting as a pioneer in digital medical reporting and are pleased to support the company in its expansion plans."
