IDOVEN the Madrid-based European HealthTech startup that seeks to prevent world cardiac diseases, heart attacks and sudden cardiac death, has just raised €2 million at a pre-money valuation of €10 million.
The cardiology platform, that enables anyone to learn how their heart works and helps doctors around the world, has announced that it has received €2 million in Seed Funding from Accel Partners; Wayra, Telefónica's open innovation hub; world-class Top-level Business Angels and ENISA, bringing the company’s total funding up to more than €3 million, joining previous investors such as Iker Casillas.
The company has also received a €500.000 research grant as partner of the top-level MAESTRIA Consortium (€14M total grant by Horizon 2020). Horizon 2020 is the biggest European Union Research and Innovation Programme ever with nearly €80 billions of funding available over 7 years. The aim of the European Commission is to fund breakthroughs, discoveries, and world-firsts by taking great ideas from the lab to the market.
"“We have created a SaaS platform powered by artificial intelligence in order to diagnose heart conditions, that is embedded in the clinical workflows of cardiologists and physicians” said the cardiologist, Manuel Marina Breysse, co-founder and CEO of IDOVEN. "By delivering reliable and cost-effective expert-level diagnostics using deep learning algorithms, IDOVEN is transforming a traditionally manually processed industry, benefiting both patients and healthcare providers. Today, we are one step closer towards our vision that one day sudden cardiac death and cardiac disease will no longer exist.”
The capital comes to drive growth, accelerate the recruitment of a world-class team and strengthen IDOVEN's internationalisation, while continuing to develop its cutting-edge AI-based software technology and cloud platform.
"We’re thrilled to invest in IDOVEN. The company is defining a completely new category in the intersection between e-commerce and e-health – that gives access to high-quality, affordable heart diagnosis to all patients, from infants to adults, from pro-athletes to high-risk individuals," adds Rika Christanto, Accel Starter Seed Investor. "IDOVEN’s passionate community of both users and scientific partners reinforces the uniqueness of what they’re doing, and in the same way Amazon redefined shopping, IDOVEN is redefining the way the world experiences medical care and diagnosis”.
In addition, "IDOVEN has a unique team, Paloma Castellano, Director of Wayra Madrid explains that "IDOVEN has a unique team because it combines extensive scientific experience, technical profiles in artificial intelligence, medical and business history, to which is added a great capacity for integration with any kind of hardware or hospital medical record system. The startup is part of our commitment to the health sector at Telefónica”.
Over the last 2 years, IDOVEN has achieved a step change in the accuracy and breadth of its AI model to diagnose cardiac conditions. Working with doctors, hospitals, and biotech companies, "we have analyzed over 9,000 patient electrocardiograms and expanded the number of cardiac patterns detected by its algorithms from 5 to 74, thus covering heart conditions that affect 90% of the global population," explains José María Lillo CastellanoTelecommunication engineer with a PhD in machine learning applied to cardiology, CTO and co-founder of IDOVEN.
With plans to expand into international markets like Germany, the United Kingdom, France, and Italy to meet growing demand, this investment will help position IDOVEN as the leader in a new category of AI-powered cardiac diagnostics, from any device to every patient, enabling the future of healthcare.
"The IDOVEN digital health solution has changed the way people and doctors experience contact with healthcare", explains Iñigo Juantegui, renowned entrepreneur and co-founder of IDOVEN. "This investment will help us respond to increasing national and international demand by accelerating hiring in a €11B market growing 12% a year where no leader is already defined."
"It's great to see the progress of IDOVEN. But it is even more rewarding to see and feel the support of so many people and institutions who really want to make it happen. Thank you for helping us to improve people's health and protect their lives," adds Iker Casillas, the iconic Real Madrid and Porto world cup winning goalkeeper who suffered a heart attack while in training 2 years ago.
IDOVEN joins the ranks of social impactful companies in the United Nations Development Programme (UNDP) and AI for Good projects from the International Telecommunication Union. They have received public recognition from Andrus Ansip - as Vice-President of the European Commission - supporting their movement #donateyourheartbeats to save lives.
In addition, IDOVEN has received public recognition from Andrus Ansip, as Vice-President of the European Commission, supporting the #donatuslatidos movement to save lives.
For more information about IDOVEN, Accel, Wayra and the European MAESTRIA Consortium, please read here:
Accel is an independent venture capital fund providing early-stage venture and growth-stage funding that aims to be the "first partner to exceptional teams everywhere". Since its inception in 1983, the company has invested more than $8.8 billion in technology companies such as Facebook, Slack, Dropbox, Flipkart, Spotify and others. It has offices in Palo Alto (California), New York, London, India and China. The investment in IDOVEN is the first made in Spain with its latest European fund of $575M (raised in May 2019). Accel's Scout Progamme in Europe is led by Luca Bocchio and Andrei Brsoveanu with the help of 21 scouts from Europe's most successful companies such as Rika Christanto.
Wayra is an entrepreneurship initiative that is part of Telefónica's Open Innovation program, which is the most global, technological, and connected program worldwide. There are seven Wayra Hubs distributed in nine countries in Latin America and Europe where they invest and supports various startups; Wayra X, a digital hub to invest in 100% digital startups; Wayra Builder, a corporate venture builder to create, together with other investors, innovative startups from technology projects within Telefónica; and Wayra Next Trend, a window to digital innovation about trends and applications. And thanks to the Wayra Activation Program, entrepreneurs are offered exclusive and free access to new technologies through Telefónica's own platforms.
More than 500 of the invested startups are part of Telefónica's Open Innovation program and more than 130 are doing business with the company
About the MAESTRIA Consortium:
MAESTRIA Consortium is creating the largest and most diverse database on atrial fibrillation to create multi-parametric digital tools based on a new generation of biomarkers that integrate artificial intelligence (AI) processing and big data from cutting edge imaging, electrocardiography, and omics technologies.
IDOVEN is one of the partners of the prestigious MAESTRIA Consortium, which has obtained a grant of 14 million euros in funding from the European Horizon 2020 funds. This project, which will undoubtedly mark the future of digital diagnosis of atrial fibrillation, is coordinated by the Sorbonne University in Paris (Principal Investigator: Stéphane Hatem), and involves 17 other European partners: University of Oxford (UK), University of Birmingham (UK), Kompetenznetz Vorhofflimmern ev (Germany), Essen University Hospital (Germany), Maastricht University (Netherlands), National and Kapodistrian University of Athens (Greece), Centro Nacional de Investigaciones Cardiovasculares CNIC (Spain), Centre de recherche du CHUS (Canada), Siemens Healthcare GMBH (Germany) Caristo diagnostics (UK), Owkin (France), Preventicus GMBH (Germany), Yourrhythmics (The Netherlands) and IDOVEN (Spain).