TVM Capital Life Science leads series C of €23 million

MUNICH, Germany and MONTREAL, April 22, 2024 (GLOBE NEWSWIRE) — TVM Capital Life Science (“TVM”), a leading global venture capital firm focused on investing in life sciences innovation, today announced the successful closing of a €23 million Series C financing round for Smart Reporting, a pioneer and market leader in medical reporting, particularly in radiology and pathology. TVM led the round, supported by Bayern Kapital and existing investors. Proceeds will be used primarily to expand international partnerships and product development and, in particular, to strengthen the company’s market presence in the US, Canada, Australia and New Zealand. Dr. Hubert Birner, Managing Partner at TVM, will join the Smart Reporting Board of Directors, and Stefan Fischer, Managing Partner (Finance), will serve as Board Observer.

Medical documentation accounts for up to 40% of a doctor’s daily workload. Previously, this was mainly a manual process. Smart Reporting automates and streamlines this workflow and creates valuable data in the process; this is especially important at a time when the number of radiologists is decreasing. The company’s groundbreaking medical documentation technology – “SmartReports” – delivers high-quality data in real time and at any scale. This vendor-independent software provides a fully voice-driven and data-driven documentation solution for physicians that provides the foundation for workflow automation and machine-readable data. Smart Reporting therefore offers a crucial module for digitalization in the hospital sector. In addition, Smart Reporting recently intensified its collaboration with Solventum (formerly 3M Health Information Systems), one of the market leaders in radiology reporting in North America, to further strengthen its presence in international markets. The partnership provides customers with access to additional cutting-edge technologies and innovation that will make radiology reporting even more time-efficient and data-driven. The software is distributed internationally through major healthcare IT partners including Siemens Healthineers, GE Healthcare and Canon.

Dr. Hubert Birner, Managing Partner at TVM Capital Life Science, said: “New technologies such as AI and machine learning are key drivers of innovation in healthcare and offer great growth potential. TVM sees Smart Reporting, with their groundbreaking technology, already used by thousands of doctors around the world, as one of the future international market leaders in the field of radiology and pathology. The extent of their partnerships with leading companies in the radiology sector is also impressive.

“As an international venture capitalist in the life sciences, TVM finances innovative health and medical technologies in addition to the traditional development of therapeutic medicines,” said Stefan Fischer, Managing Partner at TVM Capital Life Science. “The focus here is on differentiated business models of companies that are already commercially viable and create direct benefit for patients with their technology, which fit perfectly into this investment strategy.”

Prof. Dr. Wieland Sommer, Founder and Co-CEO of Smart Reporting, commented: “We are very pleased with the successful financing round and are grateful to TVM and our other investors for their strong support. With the additional capital we will be able to consistently pursue our international growth strategy, which we recently launched with our US market launch. Our focus in the coming months will be on further penetrating the key global healthcare IT markets with our new AI-based solutions.”

About smart reporting
Smart Reporting was founded in 2014 by Wieland Sommer, professor of radiology with a master’s degree in public health (Harvard, USA). The company was founded in Munich with the vision of harnessing the value of medical data for better decision-making and treatment. Today it has an interdisciplinary team of more than 80 physicians, data scientists and software engineers from Germany, Austria, Switzerland and Brazil who develop software based on their detailed knowledge of clinical workflows. The company’s multilingual software for structured diagnostics in radiology and pathology is used by more than 16,000 physicians in more than 90 countries. www.smart-reporting.com

About TVM Capital Life Science
TVM is a leading international venture capital firm focused on investing in life science innovations. The firm has a highly experienced transatlantic investment team and manages approximately $900 million. TVM’s portfolio focuses on therapies and medical technologies from North America and the EU that represent differentiated premier or best-in-class assets with the potential to transform the standard of care.

TVM pursues a unique two-pronged strategy, financing early-stage innovative therapies through a single-asset business approach (Project-Focused Company, PFC) that leverages the company’s strategic relationship with global pharmaceutical company Eli Lilly and Company . TVM also invests in differentiated commercial-stage medical technologies and late clinical-stage therapies.

The TVM investment team has been working together for more than a decade to effectively use this innovative approach to maximize returns for investors and fund new therapies and technologies to meaningfully improve patients’ lives.

For more information please visit www.tvm-capital.com. Follow TVM LinkedIn.