Vienna-based medical technology expansion company XUND announced on Tuesday that it has secured €2 million in an extended seed funding round, bringing its total funding to €8 million.
New investor Thieme Group participated in the funding round alongside existing investors including MMC Ventures and MassMutual Ventures.
However, the Austrian company has been working with Thieme Group since 2020 to improve patient communication by strengthening health knowledge and patient confidence.
The funding will help the Austrian company develop a Medical Large Language Model (MedLLM) to dynamically deliver personalized medical content.
“The use of artificial intelligence will usher in a new era in healthcare and take the way individual patient data is personalized and linked to trusted information to unprecedented levels,” said Tamás Petrovics, co-founder and CEO of XUND. We would like to express our sincere gratitude to our investors who trusted and supported us even in a difficult market environment. “This not only strengthens our position as an innovation leader, but is also an important signal to continue our growth trajectory.”
XUND
Thieme Group is a professional medical information provider and digital healthcare service provider.
XUND and Thieme are collaborating to create MedLLM (Medical Large Language Model). The model uses Thieme’s medical content and XUND’s NLP technology to dynamically provide personalized medical content. The first joint prototype will be presented at DMEA, Europe’s leading digital health event.
“XUND’s young team has translated innovative ideas into user-friendly applications,” said Katrin Siems, Senior Vice President of Marketing and Sales at Thieme. “With this investment, we will further benefit from the dynamic and outstanding technical expertise that will feature this expansion.”
XUND: Digitizing the patient journey
Founded in 2018, XUND helps healthcare companies digitize the patient journey and transform unstructured data into actionable insights.
The company has developed four medical modules to cover the entire patient life cycle and enable digital interaction from prevention to diagnosis and monitoring.
Its flagship product is an AI-based health assistant that provides symptom and risk assessment capabilities to help guide patients to the best point of care.
The database utilizes proprietary NLP models to analyze millions of medical publications. This technology is considered an industry-leading IIa medical device under the European Medical Device Regulation (MDR) and is used by major insurance, pharmaceutical and large technology companies.
Scaleup’s B2B customers include health insurance companies, healthcare providers, pharmaceuticals, pharmacies and digital health companies.
investor
MMC is a leading European venture capital firm focused on early-stage, innovative technology companies leveraging AI and data science across sectors including enterprise AI, fintech, data-driven health, cloud and data infrastructure.
“We are excited to continue our support of the XUND team,” said Charlotte Barttelot, Principal at MMC Ventures. APIs remain unique in this space, and everything we’ve seen so far shows a superior use of AI than anything else on the market. This new investment from Thieme will give the team access to one of the largest proprietary datasets in Europe to further develop our leading products.”
MassMutual Ventures (MMV) is a multi-stage global venture capital firm investing in financial technology, enterprise SaaS, healthcare technology, climate technology, and cybersecurity companies. MMV manages more than $1 billion of invested capital globally through teams based in London, Singapore and Boston.
“XUND is a market leader in the development of AI tools for healthcare, and this new partnership provides access to unique and valuable datasets to continue the development of healthcare LLMs,” said Ryan Collins, Managing Partner at MassMutual Ventures. He added: “We are excited to continue supporting XUND through its next phase of growth.”