[Funding alert] Munich-based Smart Reporting Secures €23 Million in Series C Round Funding

In addition to the current investors, TVM Capital Life Science (the lead investor) and Bayern Kapital have just joined the Series C fundraising.

The primary purpose of the raised funds is to enhance the company's worldwide collaborations and product development, with the aim of consolidating its market position in the US, Canada, Australia, and New Zealand. The expansion of the company's management was also a component of the worldwide growth plan.

In the specialised fields of radiology and pathology, in particular, Smart Reporting is a pioneer and a market leader in medical reporting. Workflow automation and machine-readable data are based on a completely voice-controlled and data-driven documentation solution for physicians provided by the manufacturer-independent "SmartReports" software.

Thus, Smart Reporting offers a vital component for the digitalization of the healthcare industry. Established in 2014 as a spin-off from Ludwig-Maximilians-Universität (LMU), the software is delivered globally through significant healthcare IT partnerships, such as Siemens Healthineers, GE Healthcare, and Canon.

Prof. Dr. Wieland Sommer, founder and co-CEO of Smart Reporting said, “We are very pleased about the successful financing round. With the additional capital, we will be able to consistently pursue our international growth strategy, which we recently launched with our market entry in the USA. Our focus in the coming months will be on penetrating key global healthcare IT markets and productising AI-based solutions,”.

To further bolster its position in global markets, Smart Reporting announced at the end of November 2023 an extensive agreement with Solventum (formerly 3M Health Information Systems), one of the industry leaders in the field of radiological reporting in North America.

Through the partnership, clients—both present and potential—will have access to even more state-of-the-art innovations and technologies that will accelerate the speed and data-drivenness of radiological reporting. With the money currently obtained, the business plans to further develop its approach of use industry relationships to make its own technology available to as many consumers as possible.

Dr. Hubert Birner, Managing Partner at TVM Capital Life Science in Germany said, “New technologies such as artificial intelligence and machine learning are one of the drivers of innovation in the healthcare industry and offer great potential for growth. TVM sees Smart Reporting as a future international market leader in the fields of radiology and pathology. Smart Reporting’s focus on industry partnerships in sales was also convincing,”

Stefan Fischer, Managing Partner at TVM Capital Life Science in Germany said, “As an international life science venture capitalist, TVM finances medical technologies and innovative healthtech in addition to traditional drug research. The focus here is on differentiated business models of companies that are already commercialised and create a direct benefit for patients with their technology. Smart Reporting fits perfectly into this investment strategy,”.

In addition to expanding internationally, Smart Reporting will add more LLM services to its list of offerings. These goals are reflected in the management team's strengthening, which includes the appointment of Christian Matzen as Chief Financial Officer and Chief Operating Officer of Smart Reporting. Christian is a seasoned B2B software industry veteran with a strong track record in both scale-up and mid-cap environments.

As the new Chief Product Officer, Dr. Sigrid Auweter, a longtime member of the executive team, will be playing a bigger role. The management level of Smart Reporting is completed by CTO (Chief Technology Officer) Christian Odaker and Co-CEOs Wieland Sommer and Peter Vanovertveld.

About Smart Reporting

Munich-based Smart Reporting is a startup in digital health. Prof. Dr. Wieland Sommer started it as a spin-off business from Munich's Ludwig-Maximilians University in 2015.

A digital health solution for organised medical reporting is provided by Smart Reporting. At the moment, free-text makes up more than 99% of medical reports. This presents serious challenges to the healthcare system's efficiency, quality, and repeatability. Smart Reporting provides doctors with sophisticated software that boosts productivity and quality.