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BOM and LUMO Labs invest €1.2 million in Autoscriber
Healthtech innovator Autoscriber has raised €1.2 million in seed capital from the Brabantse Ontwikkelings Maatschappij (BOM) and LUMO Fund II Seed Capital.
Autoscriber is a Dutch startup within the healthtech sector, based at the High Tech Campus in Eindhoven. The company leverages recent breakthroughs in natural language processing (field within AI) to automate medical reporting. "Our goal is to bring the human element of medical consultations back to the forefront and eliminate tedious administrative tasks," says Jacqueline Kazmaier, co-founder of Autoscriber.
This round of investment comes at a time when the declining number of medical professionals is putting increasing pressure on our healthcare systems. Together with an aging population and the need to digitize processes and records, this means that doctors and nurses worldwide are experiencing an unsustainable workload.
Our goal is to bring the human element of medical consultations back to the forefront and eliminate tedious administrative tasks.
Jacqueline Kazmaier, cofounder of Autoscriber
"There is tremendous potential to make healthcare more data-driven and thus relieve pressure on the system," said Koen Bonenkamp, co-founder of Autoscriber. The challenge is that a data-driven approach to patient care (e.g. diagnostic support, analytics, precision medicine) requires a lot of patient data and thus very complete patient records or electronic medical records (EHRs). In practice, however, physicians do not have time to complete EHRs the way they are designed. Many valuable insights are lost because data is captured in a suboptimal format or not at all.
Autoscriber's product "Flow" lets physicians record conversations on their cell phones, automatically transcribe and summarize them, and receive real-time suggestions to populate medical records. The solution saves time, provides higher data quality and leads to a better experience for physician and patient because there is more time for human contact.
"There is tremendous potential to make healthcare more data-driven and thus relieve pressure on the system," said Koen Bonenkamp, co-founder of Autoscriber. The challenge is that a data-driven approach to patient care (e.g. diagnostic support, analytics, precision medicine) requires a lot of patient data and thus very complete patient records or electronic medical records (EHRs). In practice, however, physicians do not have time to complete EHRs the way they are designed. Many valuable insights are lost because data is captured in a suboptimal format or not at all.
Autoscriber's product "Flow" lets physicians record conversations on their cell phones, automatically transcribe and summarize them, and receive real-time suggestions to populate medical records. The solution saves time, provides higher data quality and leads to a better experience for physician and patient by allowing more time for human contact.
"We are excited to support this talented team in building an AI-first product to fundamentally improve healthcare workflows," said Robin Hendrickx, Investment Manager at BOM. "Autoscriber leverages data and AI to significantly reduce physicians' administrative workloads, allowing physicians to get back to providing care and better serve patients."
Autoscriber has been a portfolio company of LUMO Labs since 2021. Since participating in the two-year LUMO Labs Venture Builder Program, Autoscriber has won several awards, including the Gerard & Anton Award, finalist of the Extreme Tech Challenge Netherlands & Belgium and of the EU Startups Summit in Barcelona.
"In our Venture Builder Program, we constantly challenge our startups in many ways," said Sven Bakkes, Founding Partner of LUMO Labs. "Jacqueline and Koen have assembled an exceptional team capable of translating a grand vision into action. We look forward to our continued collaboration and growth of the team."
"Autoscriber's market potential is confirmed by the technology's growing traction within the healthcare industry," said Andy Lürling, Founding Partner of LUMO Labs. "The follow-on funding will be used to roll out and further develop the software faster. In doing so, we aim to increase the impact."
We are excited to support this talented team in building an AI-first product to fundamentally improve health care workflows.
Robin Hendrickx, Investment Manager BOM
"In the pre-seed phase, we built and learned. With this investment, we are funding our phase of validation and optimization. In the next round of investment, we will focus on scaling up," Kazmaier continued. "We have reached the point where we have proven that the problem exists and that we can provide a solution with our product. The need in the market is obvious as is the willingness to change radically - we are inundated with requests to work together."
To meet this demand, Autoscriber will use the new capital to expand the team. "Our home base at the High Tech Campus and a developer office in Cape Town give us access to a global pool of top talent in AI. In addition to adding more technical brainpower, we have also been able to secure some exceptional operational and commercial strengths. We are ready for this exciting next phase," concludes Bonenkamp.