Danish software company pioneers new category of AI and Machine Learning to improve patient consultations. The funding will help expand the company's patient base from 15 to 100 million consultations a year.
Corti.ai, one of the leading SaaS companies in the fast-growing category of Artificial Intelligence for healthcare, announces a $27 Million Series A round.
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Andreas Cleve, Co-founder CEO Lars Marcher, Chairman of the Board Lars Maaløe, Co-founder CTO (Photo: Business Wire)
The investment was led by Vaekstfonden -The Danish Growth Fund and Chr. Augustinus Fabrik, who joins existing investors Hearcore, Id Invest, and byFounders. The company was founded by Lars Maaløe and Andreas Cleve in 2016.
Unlike the majority of Artificial Intelligence startups that are pursuing image recognition use cases, Corti has focused on improving the workflow around patient consultations. Corti's machine learning platform can listen in during patient consultations and help to document, code, and quality assure the interaction in real-time, saving time and reducing risk. Corti started working within emergency medicine, supporting emergency calls focused on cardiac arrest and COVID-19 cases but has since then moved into supporting medical staff conducting consultations across healthcare.
Andreas Cleve CEO:
"Healthcare professionals only have a few minutes with each patient, and these encounters are compromised by keyboards and screens, hated by patients and doctors alike. What we've been able to prove at Corti is that machine learning can be a life-saving tool by offering a new kind of "deep listening" that will not only improve patient outcomes but also save time and money"
The company's patented technology automatically listens in during patient consultations on phone or video. Here it uses machine learning models to transcribe and analyze thousands of variables within each consultation.
Lars Maaløe CTO:
"Not only is our technology able to document consultations, it automatically compares each patient's symptom description to millions of other patients to offer real-time decision support during the engagement, like nothing else available in the market today."
Since its inception several studies have validated the efficacy of Corti's human-computer partnership and found that Corti can help medical professionals deliver best-in-class results. Research from Copenhagen Emergency Services found that Corti could help reduce the amount of undetected out-of-hospital cardiac arrest cases by more than 40%, with almost no training of the personnel needed.
The new funding comes on top of the $5m seed round raised in 2019, and the company plans to use the money to fuel its expansion into primary care in the US. We will use this $27m raise to accelerate Corti's growth plans further in the coming years, new products will be launched, and we have plans to enter primary care and win the US market for consultations intelligence.
"We are very proud of our work in the field of emergency medicine, but already today we are analyzing roughly 250.000 low acuity consultations per month, proving that the technology can be a massive value-add for both telehealth companies, clinical call-centers, and GPs around the world", Lars Maaløe explains.
The company has won several accolades for its innovations within applied artificial intelligence, including VentureBeat's "Best Global AI Innovation 2018" and the "Future Unicorn Award 2020" award by the European Commission for being the most likely next unicorn from the European continent.
"Although we are humbled by the overwhelming feedback we have received, we have a dauntingly ambitious roadmap ahead, and as long as there are patients who need Corti to listen in to get the help they need, we have work to do', CEO Andreas Cleve explains.
Several investors commented about their decision to back Corti.ai and its consultation intelligence platform:
"The global healthcare system has been tested over the last 18 months, and it has shown some fundamental challenges around availability and access to expertise that needs to be addressed. Robust and ethical technology can help solve some of these critical problems, and we believe Corti is a shining example of a revolutionary technology that can help define the market for artificial intelligence in healthcare.
- Rolf Kjærsgaard, CEO Vaekstfonden
"We have been following the company for a long time, and we are pleased to contribute to the continued rapid growth. To be able to build a category-defining product with world-class technology that can save human lives is not only commendable, it's also a fantastic opportunity that we are proud to back".
- Claus Gregersen, CEO Chr. Augustinus Fabrikker:
About Corti
Corti is a Danish health-tech company that has developed a software platform leveraging artificial intelligence to help healthcare personnel during patient consultations. As the consultation progresses, Corti's artificial intelligence is listening in to write notes, search databases, and compare symptom descriptions with millions of historical cases to ensure each patient gets the optimal treatment. The company is among the global leaders in applied artificial intelligence and has been recognized with several awards.
About Chr. Augustinus Fabrikker
Chr. Augustinus Fabrikker is a more than 270-year-old company that has positioned itself as a long-term and professional owner of Danish companies. This is done with great respect for the fact that ownership and day-to-day management are different disciplines. Chr. Augustinus Fabrikker's philosophy is that of being a committed and loyal owner with a focus on dialogue, trust, and long-term value creation in companies with an international outlook. The ownerships include Tivoli, Gyldendal, Jeudan, Royal Unibrew, Fritz Hansen and Podimo. Chr. Augustinus Fabrikker is a subsidiary of the Augustinus Foundation, which is one of Denmark's major cultural foundations. With a balance of more than DKK40 billion Chr. Augustinus Fabrikker's investments make it possible to reinvest actively in the Danish business community in parallel with contributing to the Augustinus Foundation's philanthropic activities. See more at: www.augustinusfabrikker.dk
About Vaekstfonden
Vaeksfonden is the Danish state's investment fund. Working in close collaboration with banks and domestic and international investors, Vaekstfonden discovers and develops the companies that Denmark cannot afford to miss out on. The power of innovation, yield to society and responsibility are the three signposts that guide Vaekstfonden in finding and choosing new projects. Since 1992, Vaekstfonden has contributed more than DKK 38 billion to help develop and grow more than 10.000 companies. See more on: https://vf.dk/.
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Contacts:
Andreas Cleve, CEO
ac@corti.ai +45 40 61 22 22
