Firm behind wireless stethoscope concludes $2.5m funding round
StethoMe - a Poland-based company - has concluded a round of $2.5 million in financing which will be used to bring its solutions to the European market.
The company’s AI-based algorithms and StethoMe stethoscope are already available in France, Spain and Poland.
The StethoMe team has developed a system that features an electric stethoscope, specially designed application and AI-based algorithms. This solution allows for remote examination of the lungs and heart and also delivers an AI-based analysis which offers a diagnosis of irregularities in the respiratory system.
During the COVID-19 pandemic StethoMe has been used in isolation hospitals across Poland. Since April StethoMe has been supporting doctors at - among others - the Hospital of infectious disease in Poznan and Sant Joan de Déu Barcelona Children's Hospital.
As part of a project being conducted with “Siepomaga” - Poland’s largest for-charity website, StethoMe will donate several more of its devices to hospitals across Poland.
Another round of funding has just ended. Continuing their support for StethoMe will be Manta Ray - the UK fund which belongs to Sebastian Kulczyk - and the Polish-Israeli TDJ Pitango Ventures. Joining the list of entities financing StethoMe are RST Ventures For Earth and Movens VC as well as private investors from Hong Kong.
The entirety of the funding is set to go toward further expansion on the European market. Among the other investors from previous rounds, there is also the Polish SpeedUp Venture Capital Group.
Wojciech Radomski, CEO and co-founder of StethoMe said: “Our main area of focus at this point is bringing the product to market and selling it. Our device is already available in Spain and France where we are working with the MaQuestionMedicale and Home Doctor platforms. As for our activities in Poland we are currently conducting a pilot program at PZU Health Medical Centre in Warsaw. Our main objective for the coming months will be increasing the value of the agreements we have signed as well as our client base across Europe. The crisis caused by the COVID-19 pandemic, has shown a new-found urgency for the transformation and telemedicine and that’s where StethoMe comes in.”
Artur Banach, partner and co-founder, Movens VC, added: “StethoMe fit perfectly into our “diamond technology” model. It’s a company that matches the DNA of Movens VC: it has global potential, is developing a technology based on algorithms, machine learning and artificial intelligence, and has the ability to attract players from leading industries. On top of that - this sudden and significant increase in the importance of telemedicine is the beginning of a new chapter in the StethoMe story.”
The AI algorithms and stethoscope have passed clinical trials and have been certified as medical devices in the EU as CE 2274 class 2a compatible. StethoMe has been designed to monitor the conduct of auscultation tests. This means that it can be used by patients in the comfort of their own home. Add to that advanced technology that’s aided by artificial intelligence in delivering an accurate diagnosis - and you’ve got a solution that has also earned the trust of professionals.