Flinn.ai
Flinn.ai, a provider of software solutions for the automation and optimisation of compliance processes for MedTech companies, has raised 10 million EUR of investment in 18 months. Cherry Ventures led the latest financing round.
With the investment, Flinn.ai says it aims to offer even more AI-based solutions to improve the quality of medical products.
In addition to Cherry Ventures, existing investors such as Speedinvest and SquareOne as well as a number of well-known business angels, including Matthias Weber (former President at Leica Biosystems) and Michael Reitermann (former CEO of Siemens Diagnostics), participated in the latest investment round. Flinn.ai says that the 10 million EUR that it has raised in less than 18 months emphasises the potential of the market it serves.
With this investment, Flinn.ai says it plans to accelerate its market and product expansion and, in particular, to further develop its AI-driven modules for quality management and regulatory compliance.
"Our AI solutions offer huge potential to significantly improve the quality of existing medical devices. With the support of Cherry Ventures and our other investors, we can further accelerate our vision of making high-quality healthcare products accessible to everyone," said Bastian Krapinger-Rüther, co- founder and CEO of Flinn.ai.
Flinn.ai says its Software-as-a-Service (SaaS) solutions enable MedTech manufacturers to make their compliance processes ten times more efficient by integrating AI-powered automation into data processing, evaluation and reporting.
Filip Dames, Partner at Cherry Ventures said: "We invested in Flinn.ai because we believe the company's innovative approach is uniquely positioned to capitalise on the evolving MedTech landscape. As regulations become more restrictive, Flinn.ai's differentiated product offering is poised to make its mark in an underserved market. We at Cherry are thrilled to be working with a team that combines deep industry expertise and cutting-edge technology, making Flinn.ai the ideal disruptor in this new era of MedTech."
Flinn.ai says that with the introduction of the EU Medical Device Regulation (MDR), there has been a 'significant' increase in compliance costs, forcing companies to abandon less profitable niche products or withdraw from less profitable markets. The company says this development jeopardises the global availability of important medical products, such as defibrillators for babies, and raises the barriers to entering the market for new innovators.
"Flinn.ai's product development has impressed us across the board! Right from the start, they listened carefully and precisely identified which solutions would not only improve our processes but also simplify them. A good example is the introduction of the software for safety database monitoring, which has helped us to automate and speed up these repetitive and monotonous tasks. This has not only enabled us to reduce personnel costs, but above all to increase the satisfaction of our employees. They can now devote themselves to more exciting and value-adding tasks instead of spending their time on copy-paste activities," added Helmut Scherer, Chief Technology Officer at Erbe Elektromedizin GmbH.
