Spain-based IOMED secures €10M to expand its AI-driven healthcare data solutions

Barcelona-based IOMED, a company that uses Artificial Intelligence (AI) to unlock healthcare data from hospital data sources, announced on Wednesday that it has secured €10M in a Series A round of funding.

IOMED has also updated its brand image to reflect the company’s maturity, innovation-driven approach, and continuous commitment to excellence in the healthcare sector.

The round was led by Philips Ventures and XTX Ventures, the venture capital arm of algorithmic trading company XTX Markets.

The round also saw participation from Fondo Bolsa Social, Redseed, Adara Ventures, and EASO Ventures. 

Additionally, IOMED also received a €1M grant from Red.es for an AI research and development project in healthcare data analysis.

Capital utilisation

IOMED says it will use the money to expand internationally, strengthen its market position, and develop sustainable growth-oriented business models in the healthcare technology sector.

Gabriel Maeztu, IOMED’s co-founder, CTO and Chairman of the Board, says “The lack of structured and standardised data in the healthcare sector has been a significant obstacle in its development for many decades. Thanks to the latest advances in AI, we are at a turning point that will change the history of medicine.”

Javier de Oca, co-founder and CEO of IOMED, adds, “At IOMED, our mission is to be the catalyst that drives a better future for the healthcare ecosystem through the application of Artificial Intelligence.”

IOMED has strengthened its leadership team with experts like Pedro Cladera (Chief Corporate Officer) and Montserrat Roura (Chief Sales Officer), who bring experience from companies like KPMG, Vueling, and Novartis. 

This strategic move will support IOMED’s growth objectives as it expands its presence and advances in the healthcare technology sector.

Brief about IOMED

IOMED was founded in 2016 by Alvaro Abella, Gabriel de Maeztu and Javier Oca.

The company develops AI-powered technology for healthcare data activation, extracting valuable information from structured and unstructured sources, including human-written records, using Natural Language Processing.

This data is then converted into the OMOP Common Data Model and stored within hospitals’ systems through the Federated Data Model. This enables comprehensive healthcare data understanding and fosters collaboration among healthcare stakeholders, providing updated, high-quality real-world data for diverse healthcare applications.

The company says, “Our aspiration is to become catalysts for change and achieve more personalised and effective healthcare. In this way, we work tirelessly to make medical information more accessible and valuable to the community.”