Helsinki, Finland-based Kaiku Health, which offers digital patient monitoring and patient-reported outcome services designed for several medical specialties, has announced $5.4 million (4.4 million euros) in Series A financing. The round was led by Debiopharm Innovation Fund SA and Tesi, with additional participation from new investor Prodeko Ventures and returning supporters Reaktor Ventures, Metsola Ventures, and Athensmed.
“We have seen the significant positive impact our patient monitoring platform can have on people’s health,” Kaiku Health CEO and cofounder Lauri Sippola said in a statement. “This funding allows us to provide our platform to a growing number of healthcare providers and
patients internationally. It is important that our investors also bring an extraordinary understanding of healthcare, life sciences, and digitalization.”
Along with with the international expansion, Kaiku Health’s new funding will support continued development of its digital therapeutic pipeline by launching and conducting several new clinical trials, according to a statement from the company.
Kaiku’s patient monitoring system is browser-based, allowing it to be pulled up on a computer, tablet, or smartphone by patients and care teams. The platform allows patients to report their symptoms at any time, or ask for guidance regarding the intake of medicines or other treatment-related questions. A dashboard for care teams enables easier patient monitoring, and according to the company has reduced patient phone calls by 75 percent.
Currently, the company markets its platform for use in fertility care, preventive care, cancer care, and clinical research.
“We are excited about the impact digital technologies will have on the patient journey and are particularly enthusiastic to help take the digital therapeutic approach in oncology out of the lab and onto the market where the benefits of this high frequency monitoring can be expected to bring real outcomes improvement,” Tanja Dowe, CEO at Debiopharm Innovation Fund, said in a statement.
With the closure of this round, Kaiku’s total funding exceeds $7.39 million (6 million euros), according to the company. The platform is being used in routine care by more than 30 clinics located in Switzerland, Germany, Italy, Sweden, and Finland, and as of March, has been used by more than 64,000 patients.
“We have studied the Finnish digital health sector thoroughly and found it extremely interesting from an investor’s point of view,” Joni Karsikas, investment manager at Tesi, said in a statement. “The Kaiku Health team impressed us with its strong technological know-how, for instance in the use of artificial intelligence. Kaiku Health has strong international customer references and a broad user-base for a young health tech company.”