Advertisement
Document › Details
1BillionLives GmbH (d/b/a Flinn). (9/30/24). "Press Release: Flinn.ai Secures 10 Million Euros in Less than 18 Months".
The Vienna-based company will use this capital to revolutionize quality management in the medtech sector through AI software.
> Cherry Ventures leads the current investment round
> Flinn.ai was able to raise EUR 10 million in less than 18 months
> Purpose of the investment: Expanding the AI product portfolio for the medical technology sector
Vienna, 30th September 2024 – Flinn.ai, the leading provider of software solutions for the automation and optimization of compliance processes for medtech companies, raises €10 million in investment in just 18 months. The current financing round was led by Cherry Ventures, one of Europe's most selective venture capital firms. With this capital, Flinn.ai plans to offer even more AI-based solutions to improve the quality of medical products.
Alongside Cherry Ventures, existing investors such as Speedinvest and SquareOne, as well as prominent business angels including Matthias Weber (former President at Leica Biosystems) and Michael Reitermann (former CEO of Siemens Diagnostics), participated in Flinn.ai's investment round. The impressive €10 million raised in less than 18 months underscores not only the company's significance but also the immense potential of the market it addresses.
With this investment, Flinn.ai intends to accelerate its market and product expansion, focusing on further developing its AI-driven modules for quality management and regulatory compliance. "Our AI solutions have enormous potential to significantly enhance the quality of existing medical devices. With the support of Cherry Ventures and our other investors, we can further advance our vision of making high-quality healthcare products accessible to everyone," explains Bastian Krapinger-Rüther, co-founder and CEO of Flinn.ai. Investment in the future of MedTech compliance
Flinn.ai's Software-as-a-Service (SaaS) solutions empower MedTech manufacturers to increase the efficiency of their compliance processes tenfold by integrating AI-powered automation into data processing, evaluation, and reporting. Filip Dames, Partner at Cherry Ventures, highlights the significance of their investment: "We invested in Flinn.ai because we believe the company's innovative approach is uniquely positioned to capitalize on the evolving MedTech landscape. As regulations become more restrictive, Flinn.ai's differentiated product offering is poised to make its mark in an underserved market. At Cherry, we are thrilled to collaborate with a team that combines deep industry expertise with cutting-edge technology, making Flinn.ai the ideal disruptor in this new era of MedTech."
Growing Market, Increasing Challenges
With the escalating complexity of regulatory requirements, especially following the introduction of the EU Medical Device Regulation (MDR), MedTech manufacturers are encountering significant challenges. The new regulations have substantially increased compliance costs, compelling many companies to discontinue less profitable niche products or exit less lucrative markets. This development threatens the global availability of essential medical products, such as pacemakers for babies, and raises entry barriers for new innovators. Consequently, companies like Erbe Elektromedizin GmbH are turning to Flinn.ai.
"Flinn.ai's product development has thoroughly impressed us! From the outset, they listened attentively and precisely identified solutions that would not only enhance but also simplify our processes. A prime example is the introduction of their software for safety database monitoring, which has helped us automate and expedite these repetitive and monotonous tasks. This has not only allowed us to reduce personnel costs but, more importantly, has increased employee satisfaction. Our team can now focus on more exciting and value-adding activities instead of spending time on copy-paste tasks," comments Helmut Scherer, Chief Technology Officer at Erbe Elektromedizin GmbH.
About Flinn.ai
Flinn.ai was founded by Bastian Krapinger-Rüther, Markus Müller, and Hasib Samad. The company is dedicated to supporting the development and operation of MedTech products through highly efficient compliance processes. Flinn.ai's solutions are already utilized by leading companies in the industry and have proven essential in enhancing process quality and conserving resources.
Press contact
Bastian Krapinger-Rüther
Co-Founder and CEO
bastian@flinncomply.com
+43 69912243046
About Cherry Ventures
Founded by ex-entrepreneurs and operators, Cherry Ventures is the leading European early-stage firm investing in the most ambitious founders across industries and sectors. Cherry Ventures' portfolio counts more than 100 companies and includes some of the most successful start-ups in Europe.
[ additional info in this LinkedIn post by Flinn.ai: https://www.linkedin.com/posts/flinn-ai_medtech-funding-saas-activity-7246443705123913729-cZsT/ ]
Record changed: 2024-11-03 |
Advertisement
More documents for 1BillionLives GmbH (d/b/a Flinn)
- [1] 1BillionLives GmbH (d/b/a Flinn). (7/23). "News: Europe-based Startup Flinn Receives €2 Million Grant from FFG to Enhance AI Capabilities for Streamlined Regulatory Compliance in the Medical & Pharmaceutical Industry"....
- [2] 1BillionLives GmbH (d/b/a Flinn). (12/22). "News: Three Early N26 Employees Raise 1.8m Pre-seed Round to Automate Compliance Management for Medical Device Manufacturers and Pharma"....
To subscribe to our free, monthly newsletter for the European life sciences, please send an e-mail to info@iito.de and simply fill the subject line with the word »LSE Newsletter«
Find more infos about advertising at [iito] web portals in our media flyer [iito] in a Nutshell [PDF file]
Advertisement
» top