What are Munich-based healthcare startups doing in the fight against COVID-19? How have they adapted their business models in the time of coronavirus? We explore this in our overview. This is also a topic in our very first Munich Startup podcast.
The Corona crisis continues to hold us in its grip. What is a major challenge for many, is also an opportunity for the digital health industry. According to a current study by PWC a higher frequency of use. The number of digital health and fitness app users reached a new high of 20.4 million.
Fact check: Munich health startups
Before we give specific startup examples, a general check of the numbers on the Munich health sector: Our Data & Insights Dashboard shows that Munich, with around 100 health startups – excluding pharmaceuticals and biotech – is very strong in this sector. This is also demonstrated by the almost 40 million euros Amount of funding that healthcare startups have raised this year alone.
The scene benefits from around 150 investors who, according to our Insight Tool, invest in the healthcare industry. In addition, the young companies are supported locally by special accelerators such as Startup Creasphere, EIT Health, and the two biotech hubs BioM and IZB.
Telemedicine startups in times of Corona
While the coronavirus crisis is extremely challenging for many Munich-based healthcare startups, it also presents a tremendous opportunity. Some of the recent financing rounds demonstrate that VCs continue to believe in startups in this sector. In our accompanying article, we'll share just a few examples. For the complete insight, we recommend listening to the Munich Startup podcast.
In the field of telemedicine, Iatros received seed financing of 2 million euros in March, including from business angels and the High-Tech Gründerfonds (HTGFFounded in 2019 by Munich-based physicians, the telemedicine solution offers a "virtual heart clinic." Specifically for the challenge of COVID-19, Iatros developed the "Corona Heart Aid" platform, which includes a risk test that helps better estimate the likelihood of a severe course of illness following a coronavirus infection.
Also the Telemedicine provider Teleclinic offers a current service during the Corona crisis: As early as March, people suspected of having been infected with the novel virus could receive free consultations via video chat from medical specialists at Teleclinic. As a result, the number of treatments increased by 250 percent between the end of January and the beginning of May, and the duration of consultations reached 1,000 hours, according to the startup. Founder Katharina Jünger announced.
And what is happening at Munich health startups that manufacture medical devices?
Founded in 2016, the startup Terraplasma Medical has developed a portable medical device for wound care using cold atmospheric plasma. The device is typically used for the treatment of acute and chronic wounds. as founder Jens Kirsch told us in an interview some time agoIn the fight against COVID-19, the company is now conducting preclinical studies to test the use of the technology in ventilated patients. The aim is to determine whether the device can inactivate viruses in the upper respiratory tract. In addition to reducing viral load, cold plasma can neutralize multidrug-resistant bacteria in the upper respiratory tract, thus helping to prevent bacterial pneumonia. A collaboration with the Pettenkofer Institute in Munich has yielded initial indications that Terraplasma Medical's solution also inactivates coronaviruses.
The Munich-based startup Scinthealth was founded in 2018 to develop a software-based curative therapy for a specific type of cancer. The company has now received a EIT Health grant of 50,000 eurosto help contain the COVID-19 pandemic. Scinthealth aims to minimize the spread of infectious diseases, for example, in hospitals, using intelligent ultraviolet systems. Their system is designed to reliably and quickly inactivate germs, including the coronavirus. With this idea, Scinthealth is also part of the Beyondcrisis initiative from Land der Ideen.
Reactive Robotics is also part of the Beyondcrisis initiative. Founded in 2015The Munich-based startup has already announced several financing rounds – including from HTGF and Bayern Kapital as well as Medtech Innovation Partner. The medtech startup builds robots that help patients recover from intensive care faster. And that's exactly what Reactive Robotics wants to achieve now: accelerate the complex rehabilitation processes for COVID-19 patients.
Cosinuss’ product also promises help in times of Corona. Wearable startup was founded in 2011 by Greta and Johannes KreuzerThe mobile health solution measures vital parameters such as temperature with its in-ear wearables. Originally developed for competitive sports and occupational safety, the startup is currently conducting a study to establish the basis for an early warning solution. This would allow low- and medium-risk patients to stay at home while simultaneously receiving remote medical monitoring. Early warning algorithms will also be used for this purpose. Cosinuss is currently in the Plug & Play Health Accelerator at the startup Creasphere. Anyone who is curious should visit Expoday.
How Munich-based digital health services are supporting the pandemic
We have already written about Digital Health Startups reported in detail some time agoBut what are selected startups in this sector doing in times of Corona? Smart Reporting For example, Smart Reporting aims to make digital reports easier for medical staff in radiology and pathology with its software. Smart Reporting has now introduced a free software template that guides radiologists in the assessment of cases suspected of infection with the novel coronavirus SARS-CoV-2. The decision tree was developed in collaboration with experts and provides access to reference images and relevant clinical literature.
Another example is Climedo HealthFounded in 2017 by Veronika Schweighart and Sascha Ritz, the cloud-based software platform typically supports medical device manufacturers and pharmaceutical companies in conducting clinical trials faster and more efficiently. EIT Health is now granting Climedo €50,000 in funding because its electronic quarantine "diary" can consolidate data from COVID-19 patients. This, in turn, offers researchers a holistic, secure, and affordable way to collect and monitor COVID-19-related clinical data.
Also exciting was how quickly Loewi adapted its business model (we reportedThe Munich startup, founded in 2017, actually supports athletes who Optimize performance Loewi uses blood tests, among other things, to do this. Due to the coronavirus pandemic, the startup now offers an IgG antibody test that—comparable to a simple diabetes test—determines whether people have been infected with COVID-19 and are likely to have developed immunity. Loewi aims to help individuals and companies support decisions regarding office presence or business travel.
What else the innovative Munich healthcare industry is working on
In addition to the funding already mentioned, the EU funding program EIT Health is supporting another 14 projects in the fight against COVID-19, which are seeking effective solutions to combat the pandemic with a "Rapid Response Initiative." These projects mostly come from research, but we don't want to withhold them from you. Two projects from Munich are among them, both led by the Technical University.
Firstly, 'FastRAI' is developing a teleradiology and artificial intelligence-based solution that enables the identification of COVID-19 for clinical triage. The project aims to reduce the time and resources associated with COVID-19 triage in hospitals. Secondly, the 'CoViproteHCt' project is being funded. This project aims to develop and validate a test that can identify individuals with protective immune responses. This makes it easier to determine who already has COVID-19 antibodies.
Curious to hear more? Then listen to our podcast
If you're curious and want to learn a little more, you should definitely listen to our podcast premiere. In addition to the latest developments at Munich's health startups, we also discuss other topics. You can find us on Spotify, Deezer, Google Podcasts, Pocket Casts, Radio Public, breakers and Anchor. More channels to follow.
