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IOMED raises €10M: AI for healthcare data activation
September 13, 2023
Digital Health

IOMED raises €10M: AI for healthcare data activation

We are excited to share the news that IOMED, a leader in AI-powered technology for healthcare data activation, has closed €10 million in a Series A investment round led by Philips Ventures, the venture capital group of health technology leader Philips, and XTX Ventures, the venture capital arm of leading algorithmic trading company XTX Markets.     

Adara Ventures also participated in the round, alongside Fondo Bolsa Social, Redseed, and EASO Ventures.

Additionally, the company received a grant of nearly €1 million from red.es to support a new Research and Development project in AI.

This milestone confirms IOMED’s position as a leading player in the healthcare data sector and is a strong testament to its unique value proposition. 

Empowering 50+ healthcare partners

IOMED was founded in 2016 in Barcelona, Spain, after identifying a critical need to improve data for clinical research. Gabriel Maeztu, co-founder of IOMED and a medical doctor, faced the daunting task of manually collecting data for a clinical research project in a hospital. The time-consuming process convinced him that healthcare data management processes needed a significant upgrade. 

Together with Javier de Oca and Álvaro Abella, the team worked on developing a technology-based solution to structure and activate medical data. This project led to the creation of IOMED, which launched a year later.

IOMED was first used in hospitals around Barcelona. However, its quick success drove expansion throughout Spain. In 2020, we invested in IOMED’s Seed round, and the company has grown rapidly every year since. Starting with just five people, the team has grown to over 50 people in less than six years

Today, more than 50 strategic partners in the healthcare sector are using IOMED's technology. The company helps activate data from both structured and unstructured sources, including human-written records, thanks to its Natural Language Processing (NLP) system. Data is then standardized into the Observational Medical Outcomes Partnership (OMOP) Common Data Model, and can be stored on hospitals' in-house systems, enabling a comprehensive understanding of healthcare information while maintaining data security and complete GDPR compliance. 

As a result, healthcare professionals and organizations can make more informed and precise decisions based on real-world data, paving the way for more collaborative and evidence-based medicine.

IOMED has also joined the Observational Health Data Sciences and Informatics (OHDSI) network, an open-source collaborative that strives to bring out the value of health data through large-scale analytics. IOMED is actively working to structure all medical data into the OMOP CDM, contributing to significant advancements in healthcare research. The company has processed data from 21 million medical records into the OMOP CDM to date.

Building a healthcare ecosystem driven by real-world data

IOMED will use the funding to continue expanding into new markets, establishing itself as a leader in AI and an important partner in transforming the healthcare industry. We are proud to continue supporting IOMED’s mission to drive more personalized and effective healthcare based on accessible, real-world data.

Learn more about IOMED: https://iomed.health