Healthtech innovator Autoscriber has closed a seed round totaling 1.2 million euros from LUMO Fund II Seed Capital and the Brabant Development Agency (BOM).
Autoscriber is a Dutch healthtech startup based at the High Tech Campus in Eindhoven. The company capitalizes on recent breakthroughs in natural language processing to automate medical note taking. “Our goal is to bring the human-centric element of medical consultations back to the forefront and to make tedious administrative tasks a thing of the past,” says Jacqueline Kazmaier, co-founder of Autoscriber.
This investment round comes at a time when a declining number of medical professionals is putting increasing pressure on healthcare systems. Together with aging populations and the need to digitize processes and recordkeeping, this puts an enormous load on doctors, nurses and other healthcare workers all over the world.
To take the pressure off the system, there is enormous potential in making healthcare more data-driven. The challenge is that data-driven approaches to patient care (e.g. diagnostic support, analytics, precision medicine) require a lot of data on the patient and thus very complete patient files or Electronic Health Records (EHRs).
“However, in practice we see that medical practitioners don’t have the time to fill out EHRs the way they are designed. Many valuable insights to improve healthcare get lost because data is captured in a suboptimal format or not captured at all,” says Koen Bonenkamp, co-Founder of Autoscriber.
The Autoscriber “Flow” product allows medical practitioners to record the conversation using their mobile phone and to receive real-time suggestions to fill out the EHR. The solution saves time, captures more data and improves the consultation experience for doctor and patient, as there is more room for human connection.
Autoscriber has been a LUMO Labs portfolio company since 2021. “LUMO Labs has helped us get a lot of visibility,” Bonenkamp said. Since entering the two-year LUMO Labs Venture Builder Program, Autoscriber has received several accolades, including the Gerard & Anton award (Top 10 Brainport startups), were selected as finalists in the Extreme Tech Challenge Netherlands and Belgium regional finals and the EU Startup Summit and featured in the European AI Startups landscape.
“Through our Venture Builder Program, we continuously challenge our founders in many different ways,” said Sven Bakkes, LUMO Labs Founding Partner. “Jacqueline and Koen have brought together an exceptional team capable of turning a big vision into action. We look forward to our continued collaboration with them and their expanding team.”
“Autoscriber’s ever-increasing traction in healthcare clearly shows the market potential of their proposition,” said Andy Lürling, LUMO Labs Founding Partner. “The additional funding will be used to speed up the roll-out and further development of the software and so increase its impact.”
“We are thrilled to support this talented team in building an AI-first product to fundamentally improve healthcare workflows,” said Robin Hendrickx, BOM Investment Manager. “By leveraging data and AI, Autoscriber can meaningfully reduce doctors’ admin workload and, as a result, improve doctor satisfaction and patient outcomes.”
“Our pre-seed phase was our ‘build & learn phase’; this investment will fund our ‘validate & optimize phase’ and in the following round we will focus on scale,” Kazmaier said.
“We have reached the point where we have proven that the problem is real and that what we are building can offer a solution. There is clearly a huge need in the market and a willingness to make radical change – we struggle to keep up with requests for collaborations.”
“To meet this demand, Autoscriber will use the new capital to grow the team. Our home base at the High Tech Campus and our development office in Cape Town give us access to a global talent pool. We’ll not only add more technical brainpower, but we’ve also made some exceptional operations and commercial hires in order to be ready for this exciting next phase,” Bonenkamp concluded.
About LUMO Labs
LUMO Labs creates opportunities for impact-driven software and smart hardware startups. The current LUMO Fund II is an impact-driven multi-stage capital fund (pre-seed up to and including series A). It includes a two-year venture builder program to support its portfolio companies in gaining financial success as well as social traction and impact.
LUMO Labs funds startups that align with at least one of the three United Nations Sustainable Development Goals: Sustainable Cities & Communities, Good Health & Well-Being and Quality Education. Its investment focus includes Artificial Intelligence/Data, Blockchain, Internet of Things, Robotics and Drones and Virtual Reality/Augmented Reality.
LUMO Labs advocates self-determination and traceable ownership of data and transparency and traceability of technologies.
TTT.ai is a knowledge and investment consortium consisting of Dutch universities and LUMO Labs. Formed in 2020, the consortium’s aim is to advance the availability and relevance of artificial intelligence innovations within society. The consortium was awarded a subsidy of 8 million euros for pre-seed funding and knowledge transfer to startups. This is a subsidy from the Netherlands Enterprise Agency’s (RVO) Technology Transfer (TTT) scheme. The investment in Autoscriber was the first investment under the TTT.ai scheme.
The Brabant Development Agency (BOM) helps startups that are working towards critical technologies, healthy futures, climate-neutral energy and sustainable food supplies get the assistance and finance they need. It also helps them take off and develop into scale-ups as well as those companies that aspire to go global. BOM collaborates with dozens of businesses each year to this effect. The firm is an executive arm of the Ministry of Economic Affairs and Climate Policy and the Province of Brabant.