Healthtech start-up XUND raises €6m – the one of the largest seed rounds to date in Austria
Vienna-based healthtech start-up XUND has raised EUR 6 million for its AI-powered API – the only one certified as a medical device in their field. The new funds will enable XUND to drive growth and increase its presence in Europe. The seed round, which is one of the largest ones in Austria to date, was co-led by MMC Ventures and MassMutual Ventures, which were joined by RoX Health (Roche), and LANA Ventures.
Founded in 2018, XUND wants to revolutionize tomorrow’s healthcare by delivering evidence-based solutions to patients and healthcare professionals to help them prevent, manage, and treat diseases. By leveraging AI, XUND can automatically analyze and process millions of medical publications to create the baseline for their solutions. Proven algorithms that combine symptoms, personal risk factors, and demographic data of the patient identify statistically and medically relevant causes for discomfort. The switch from reactive disease treatment to preventive care and efficient disease management benefits multiple parts of the healthcare ecosystem, including patients, insurers, healthcare providers, and pharma.
Having developed the only API certified as a medical device in their field (approved as class IIa), XUND has gained the trust of several prestigious clients, including Wiener Städtische Versicherung (Vienna Insurance Group) and Generali, enabling them to build their own digital ecosystem using XUND’s technology.
XUND will use the new funds to push growth and advance its expansion beyond the DACH region, including new markets across Europe. As a medium-term objective, XUND plans to expand into the US, with entry preparations already underway by a submission to the FDA.
The new funding will also allow XUND to expand the product features along the patient journey and integrate additional promising use cases, with its best-in-class medical device offering a solid foundation for further expansion.
Tamás Petrovics, Co-Founder & CEO of XUND said: “We’re thrilled that we managed to convince some of the most successful Health and MedTech investors from Europe and the US to join us on our mission to build the data-driven healthcare system of tomorrow. The investment will allow us to continue refining product-market fit, speed up growth, and further improve our operations. Our ambition is to eventually cover the entire patient lifecycle from prevention over diagnosis to treatment and monitoring, allowing XUND to become the central infrastructure provider for digital patient interactions across insurance, pharma, digital and in-person healthcare.”
Charlotte Barttelot, Investor at MMC Ventures said: “With the rise of digitalised workflows in every aspect of healthcare, there is a huge opportunity for XUND’s certified API, enabling stakeholders of the healthcare ecosystem to build their own native symptom assessment and patient navigation solutions, without the regulatory burden of having to become medical device manufacturers themselves. We look forward to supporting Tamás and his team as they set out to improve the healthcare system.”
Ryan Collins, Managing Director at MassMutual Ventures said: “XUND has positioned itself as a market leader with its best-in-class product and differentiated business model in a field that has tremendous growth potential. We’re excited to partner with XUND’s stellar and complementary team as they transform the future of healthcare.”
About XUND:
XUND enables healthcare organizations to build their own digital patient journey and translate unstructured data collected from patients into actionable insights. Founded in 2018, the Vienna-based company’s core product is an AI-powered technology that provides symptom and risk assessment to give patients a reliable initial assessment and guide them to the best place for treatment. The company already employs more than 35 people and has offices in Budapest and London in addition to its headquarters in Vienna. The technology behind XUND can be used as an API solution and in a licensing model by healthcare institutions. In addition, the iOS app is available for free to any user in the App Store, and the launch of the Android version is planned for Q3 2022. XUND's technology is certified as a class IIa medical device according to MDR and carries the CE mark.
About MMC Ventures:
MMC funds and helps scale technology companies that are transforming today’s markets. It has been backing transformative tech companies from the Seed and Series A stage since 2000. MMC commits to a deep understanding of each company’s underlying technology and business model to help make better decisions and be more effective partners.
Data-driven health companies MMC has backed to date include Current Health, Sano Genetics, C the Signs, Elder, Agamon, PocDoc, Habitual, Echo and Vira Health. Explore MMC’s research and other actionable insights at www.mmc.vc.
About MassMutual Ventures:
MassMutual Ventures (MMV) is a multistage global venture capital firm investing in digital health, financial technology, enterprise SaaS, and cybersecurity companies. We help accelerate the growth of the companies we partner with by providing capital, connections and advice. With our deep expertise and extensive Fortune 500 network, MMV helps entrepreneurs build compelling and scalable companies of value.
Digital health portfolio companies include Biofourmis, Qure.ai, See-Mode Technologies, Qritive, Clinikk and HelloBetter. For more information, visit www.massmutualventures.com.
Press contacts
XUND Solutions GmbH
Tina Schmid
+43 1 905 38 04 211
press@xund.ai