Romanian MedTech startup MediNav receives €250,000
27 December, 2022, 10:20
The Timisoara-based MediNav which provides AI-powered medical assistance has received €80,000 from Growceanu as a part of €250,000 financing round led by Overkill VC.
- Founded in 2020 by Wanda Fiat and Adrian Cuzman MediNav develops an AI-powered software solution for medical assistance that works based on a complex algorithm that remembers, extracts medical information, and learns continuously. It will help to cut down time both doctors and medical clerks waste on data management, and to serve more patients.
- MediNav claims that radiologists using its platform save at least 40% of the time for completing the forms, while for emergencies, MediNav cuts back on the time threefold. The AI assistant can be used on laptops, tablets, or smartphones without needing a dedicated microphone.
- The fresh investment was provided by the Romanian business angel platform Growceanu which provides end-to-end support for business products, business services, fintech, medtech, edtech startups. To date, recently Growceanu participated in a €1 million late seed round for the Romanian management app ecosystem Licenseware.
- The leading investor in this round was the Riga-based angel fund that focuses on pre-seed B2B tech startups across CEE and Nordics Overkill Ventures. AIN.Capital recognized it as one of the most active Baltic VC funds in 2022.
“In the context of the shortage of medical staff and the overload of doctors in the system, the MediNav solution is welcomed not only in Romania but also in many other more developed countries in Europe and beyond. Another argument as to why we chose to invest in this start-up is the team, people who are very well-trained in technology, business, and sales,”said Ciprian Manhe, founder and investor of Growceanu.
- MediNav will spend the funds to adapt the product to at least one more language, extend the commercial expansion to Germany and Latin America, and develop it into more complex specialties, such as cardiology and emergencies, where the patient undergoes several different investigations in a single medical exam.