Growceanu, business angels platform, invests EUR 80,000 in MedTech start-up MediNav, in a round worth EUR 250,000. Lead investor is Overkill VC, with an investment of EUR 170,000.
So far, the start-up has attracted EUR 350,000 from Cleverage VC, Overkill VC and angel investors. The funds raised will be used for product development as well as sales and marketing.
The start-up MediNav was founded in 2020 by Wanda Fiat – CEO & AI – and Adrian Cuzman – CTO.
More efficiency during medical exams
Through the use of artificial intelligence, MediNav streamlines the time doctors spend writing patient reports and assessment charts. Using the AI solution, the medical professional dictates the results of the medical exams, and MediNav extracts the relevant data and inserts it structured into the report. In the case of an ultrasound or consultation with several separate fields, MediNav extracts and separates the information and marks it where it should appear. At the end of this process, the doctor verifies, corrects and saves the results before sending them to the hospital or clinic’s medical system, and the MediNav digital assistant learns from mistakes and becomes better.
Radiologists using MediNav save at least 40% of the time it takes to write a result, and, for emergencies, MediNav cuts back on the time it takes to complete an ambulance form by 3 times.
The MediNav Assistant can be used on laptops, tablets or smartphones without the need for a dedicated microphone.
“In the context of the shortage of medical staff and the overload of doctors in the system, the MediNav solution is welcomed not only in Romania but also in many other more developed countries in Europe and beyond. Another argument as to why we chose to invest in this start-up is the team, people who are very well trained in technology, business and sales”, says Ciprian Man, one of the investors and founders of Growceanu.
For 2023, MediNav plans to adapt the product to at least one more language and to extend the commercial expansion to Germany and/or Latin America. The company is also looking to further develop into more complex specialties, such as cardiology and emergencies, where the patient undergoes several different investigations in a single medical exam.
“We are very excited that we have accelerated MediNav’s growth and added a fantastic group of investors to our team,” says Wanda Fiat co-founder and CEO.