15 million for innovative AI-supported medical documentation technology

The European Investment Bank (EIB) has granted a venture debt loan of €15 million to support health-tech start-up Smart Reporting during its growth phase. The Munich-based company has developed medical documentation technology based on artificial intelligence (AI) that makes it possible to efficiently collect, structure and process clinical data, says Smart Reporting in a press release.

The voice-controlled, AI-supported diagnostic software for radiology, pathology and other clinical areas can make a decisive contribution to the digitalisation of healthcare. With this fresh capital, Smart Reporting plans to expand its leading tech position, tap into new markets and further scale up its software and data business.

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Whether it involves passports, invoices or other kinds of documents, putting their documents in order and making these processes “future-proof” can be a daunting task.

The technology

Smart Reporting’s technology can be used to produce fully evaluable and machine-readable results that, in radiology and pathology, are already reducing time to diagnosis, improving diagnostic quality, automating manual processes and easing communication with referring physicians, thereby helping to optimise patient care.

Previously, doctors spent up to 40 percent of their working hours on documentation. Only 3 percent of the data collected in hospitals can be evaluated later for other purposes, for example for medical research. The Smart Reporting technology is already being integrated by major medical device manufacturers like Siemens.

Its centrepiece is a language-controlled, guideline-based documentation tool that is integrated into the medical workflow. It supports radiologists and pathologists in real time during medical examinations, with AI, automated image analysis and high-quality machine-readable data.