Health technology company, Buddy Healthcare has concluded a funding round of €2 million to develop its automated care coordination platform BuddyCare.
This latest funding round is led by UTU Invest Oy and Swedish investment company Nidoco AB, a subsidiary of Virala Oy Ab owned by Alexander and Albert Ehrnrooth. Former shareholders such as Spartamed Oy, led by physician investor Ali Omar, also took part in the funding round.
Buddy Healthcare will also receive funding from Business Finland, after having been selected as part of their Young Innovative Company (NIY) funding programme, an initiative that aims to accelerate the global growth of Finnish startups with promising potential.
WHY IT MATTERS
The BuddyCare platform automates the vital task of instructing and preparing patients for their treatment, a process that is usually completed via mail or phone.
By automating this system, the platform reduces time needed by healthcare professionals for their care coordination, freeing up time to deliver care where most needed. The platform also collects medical history from patients, further supporting healthcare professionals in making treatment recommendations.
The care pathway is visible on the BuddyCare App for the patient and features a timeline that contains all the information and prerequisites required. Based on their personal care schedule, the patient receives notifications for upcoming tasks and is able to send messages to the healthcare professional or book a video appointment through the app if needed.
Commenting on the company's plans to expand its footprint, Jussi Määttä, CEO of Buddy Healthcare, said: "The digitalisation of healthcare has made a great leap forward in Finland in the recent years.The demand for digital patient and care coordination systems has increased both in Finland and more widely in Europe. Our platform is very competitive in the European market. We are already operating in 12 hospitals in Finland and in three hospitals in Germany. Implementation processes are also in progress in three other EU countries.”
THE LARGER CONTEXT
Meanwhile, in another move to give patients the opportunity to be more involved in their care, Novartis UK and Cievert recently announced a digital innovation partnership to support patient care in rheumatology and dermatology by capturing patient-reported data.
ON THE RECORD
Määttä said: "The new capital is going to be used to accelerate sales, especially in Germany and the UK. The urgency for automation is more pressing than ever due to the COVID-19 crisis. For example, in Germany the government has already earmarked €4 billion to support the digitalisation of hospitals.”
Patrick Castrén, CEO of Nidoco AB said: "The reason for the investment is the trend of process optimisation enabled by healthcare digitalisation, which benefits patients, hospitals and other service providers alike. Buddy Healthcare offers a product that is highly competitive, even in the global market, as well as a team full of engaged and experienced professionals.”