You only have a minute? Here are 3 takeaways from this article:
• Health tech startup founded in Greece LANGaware raises 2 million euros in new financing
• The round is led by Eleven Ventures, an early-stage venture capital firm in Southeast Europe, in collaboration with existing investor Metavallon VC.
• LANGaware uses AI to predict and monitor cognitive and mental health conditions (such as mild cognitive decline, Alzheimer’s disease, and depression).
Founded by Greek researcher Dr. Vassiliki Rentoumi, LANGaware’s technology brings innovation to healthcare by analyzing language, voice and speech using digital biomarkers. The Company’s platform has been rigorously tested and proven effective in clinical and virtual care settings in the United States and Greece.
LANGaware’s customers are health systems, providers and pharmaceutical companies seeking to reduce healthcare costs and improve patient outcomes by ensuring accurate diagnoses and minimizing unnecessary treatments.
The new funding will now be used to strengthen LANGaware’s technology and product teams, as well as expand the business development team and the company’s presence across virtual care platforms and health systems in the United States.
“We plan to use the funding to enhance LANGaware’s technology and product teams, strengthening our AI capabilities. Our strategy includes carrying out existing and new research projects in collaboration with Harvard Medical School, evolving our software stack to version 2.0, adopting new technologies, expanding the capabilities of our platform to address new diseases and features such as anxiety detection and optimizing product performance in data acquisition. “, the company told The Recursive in a statement.
Additionally, LANGaware plans to expand its engineering team with new members to support these initiatives.
Transforming Lives with AI-Driven Disease Detection
As the company further highlights, it has a vision to transform lives through AI-based disease detection and create a “future in which cognitive and mental health issues are detected in their earliest stages.” .
“This funding brings us closer to a future where early detection and personalized care are the norm, reducing healthcare burden and improving overall well-being,” the company added.
With experience at the intersection of computational linguistics, natural language processing and machine learning, Vassiliki founded LANGaware in 2019 as a spin-off of the Greek National Scientific Research Center “Demokritos” and St. George’s University Hospital, London. The company is also part of the Endeavor Greece scale-up program.
For Eleven Ventures, supporting LANGaware also means tackling some of the most pressing issues in healthcare today.
“‘Problem’ is a light word to describe the domino effect of late-stage diagnoses in neurodegenerative diseases. For example, Dementia Medicare beneficiaries receive nearly 3 times more payments than other beneficiaries, but early diagnosis can save payers up to $14,000 per year, or a third of the total cost. Through its speech-based early detection system, LANGaware is an example of how even the most pressing problems in healthcare can be solved through the power of science and technology,” comments Valeri Petrov, partner at Eleven Ventures.