Barcelona-based startup IOMED that applies AI to structure clinical data bags €2M

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Founded by Alvaro Abella, Gabriel de Maeztu, and Javier Oca, IOMED is a Spanish startup committed to accelerating clinical research, including clinical trials and observational studies. The company’s focus lies on developing software solutions to structure clinical data.

Raised €2M 

In the latest development, the Barcelona-based company raised €2 million funding led by the venture capital fund Adara Ventures. Existing investors including EASO Ventures (Spain) and Speedinvest (Austria) also participated in the round. The operation has had the legal support of the law firms Rossaud Costas Duran (DWF-RCD) and Pérez Llorca.

The company intends to use the funding to continue the firm’s expansion in different Spanish hospitals and to finance its international growth in markets such as Germany and the United Kingdom.

“This round’s goal is to strongly expand our team and our capacities, with the idea also to continue the expansion in Spanish hospitals as well as to undertake more activities abroad with a particular focus on Germany and the United Kingdom”, explains Javier de Oca, co-founder and CEO of IOMED.

Aimed at structuring clinical data

The company’s technology is based on Artificial Intelligence and Natural Language Processing, which allows hospitals to transform information from medical records (written in free text format) into coded and structured data. This allows hospitals to significantly accelerate their clinical research and maximize research results.

Works with 27 Spanish centres

Right now, the Spanish company works with hospitals throughout the country, running projects in 27 Spanish centres, including hospitals such as the Vall d’Hebron Hospital and the Hospital del Mar, in Barcelona, and the Cruces-Biocruces Bizkaia University Hospital in the Basque Country, among others.

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Rocío Pillado, the partner at Adara Ventures, points out that “with its technology, Iomed is changing the rules of the game in clinical research, contributing an enormous value through the streamlining of long processes of data collection that usually impose barriers on a high percentage of clinical studies”.

Among the most recent projects carried out by IOMED is a study on COVID-19 that is currently being carried out in hospitals within several Autonomous Communities.

Main image credits: Gorodenkoff/Shutterstock

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The editorial team of Silicon Canals brings you technology news from the European startup ecosystem. 

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