PatchAi, an Italian digital health startup that aims to improve clinical research thanks to the focus on patient engagement, has closed a 1.7 million euro round divided into two tranches led respectively by Uv Cap and Sfem Italia, with the Healthware Ventures follow-on.
The round brings the Padua-based startup accelerated in Silicon Valley from Plug and Play to 3 closed rounds, for a total of € 2.56 million raised in two years from its establishment. A noteworthy result if we consider that in Italy, according to a recent report by Dealroom, only four other Italian startups active in the health tech sector have raised a total investment of 5.2 million euros. The capital raised will allow PatchAi to expand its business to other therapeutic areas and scale internationally.
PatchAi has developed an empathic virtual assistant that uses artificial intelligence to personalize the dialogue with the patient and collect Conversational patient reported outcomes. By adopting a patient-oriented approach, PatchAi is able to improve self-management of users’ health, adherence to protocol and therapy while supporting teams of healthcare professionals thanks to the availability of real-time data.
Preliminary data on patients using PatchAi show protocol adherence up to 95%, significantly higher than other applications on the market today and up to 9 times higher than paper solutions. The journey began in the hospital wards where the four founders worked in clinical research and health care with different roles, experiencing first-hand the needs of patients and health professionals.
“This year we have grown in triple digits; now the team is made up of 25 “superstars”. We plan to grow with the same speed also in 2021. This success would not have been possible without the concrete support of the Team, which is committed every day to transform our vision into reality. We want everyone to feel actively involved, directly involved and cooperatively responsible for our growth path ”says Alessandro Monterosso, CEO and co-founder, PatchAi.
“We are happy to have identified an interesting initiative launched in our territory and we have decided to invest convinced both by the business model that PatchAi is proposing and by the enthusiasm and skills of the team” says Marco Stevanato, managing director of Sfem Italia.
“UV Cap believed in and was involved in the PatchAi project from the very beginning. The motivation back then is the same as today, namely to be an active part in financing and participating in the definition of the digital health landscape in Europe. We have been and still are very impressed with the team, the product and the patient benefits that the PatchAi project has demonstrated so far, ”adds Nicholas Vetter, UV Cap Investment Manager.