Smart Reporting, a radiologist-founded technology startup, has raised nearly $25 million in new funding, leaders announced Monday.
Munich, Germany-based TVM Capital Life Science led the Series C financing round with additional contributions from Bayern Kapital and existing investors. Medical documentation currently occupies about 40% of a physician’s day, but Smart Reporting aims to address this by automating and streamlining workflows, with a focus on imaging.
The company plans to use the money to expand product development and international partnerships, broadening its presence across the U.S., Canada, Australia and New Zealand.
"New technologies such as AI and machine learning are key drivers of innovation in the healthcare industry and offer great potential for growth,” Dr. Hubert Birner, MBA, managing partner at TVM Capital Life Science, said in an April 22 announcement. “TVM sees Smart Reporting—with their groundbreaking technology, already used by thousands of doctors around the globe—as one of the future international market leaders in the areas of radiology and pathology.”
Wieland Sommer, MD, a professor of radiology at the University of Munich, founded the company in 2014 and serves as its co-CEO. Today, Smart Reporting employs a team of 80 doctors, data scientists and software engineers, with its software used by 16,000-plus physicians in 90 countries. Its medical documentation technology, SmartReports, offers voice-controlled documentation, automating workflows while providing data insights.
“Against the backdrop of the global trend of an ever-growing number of findings being handled by an ever-decreasing number of radiologists, efficient medical reporting is becoming increasingly important,” the company said in a separate announcement. “The recent dynamic development of generative AI, and in particular large language models, has catalyzed new opportunities for reporting efficiency in radiology and pathology.”
Smart Reporting is a spin-off from the university where Sommer teaches, and its technology is distributed via partnerships with Siemens Healthineers, GE HealthCare and Canon. The company also announced a partnership in November with Solventum (formerly 3M Health Information Systems), paving the way for its market entry in the U.S.
Marty Stempniak has covered healthcare since 2012, with his byline appearing in the American Hospital Association's member magazine, Modern Healthcare and McKnight's. Prior to that, he wrote about village government and local business for his hometown newspaper in Oak Park, Illinois. He won a Peter Lisagor and Gold EXCEL awards in 2017 for his coverage of the opioid epidemic.