Madrid-based healthtech startup Idoven raises €18.5m to develop its AI platform
Idoven, a Madrid-based healthtech startup, specialised in early detection and precision treatment of cardiovascular disease (CVD), raised €18.5 million, to continue developing its artificial intelligence (AI) platform to identify arrhythmias and cardiac anomalies.
The financing consisted of a €12 million round led by Insight Partners and Northzone. Wayra, the innovation hub of EIT Health partner Telefónica, also participated in the round, together with existing Idoven business angels. This round is complemented by €6.5 million in grants and equity from the European Innovation Council’s EIC Accelerator programme.
Today, CVD is the leading cause of death in the world and in Europe and represents an economic cost of €192 billion in the European Union as a whole. The technology developed by Idoven represents an advance and an opportunity to improve the management of CVD on a global scale. This platform represents a substantial improvement in the speed, consistency, accuracy, and prediction of the interpretation of electrocardiograms (ECGs).
The company continues to build its platform, which hosts one of the world’s largest ECG databases for AI development. This is thanks to the collaboration with world-class research institutions, such as the pan-European Maestria consortium, financed with €14 million of Horizon 2020 funds.
Idoven has continuously received support from EIT Health, through the Headstart (2020) and Bridgehead Europe (2021) programmes. Dr Manuel Marina Breysse, cardiologist co-founder and CEO of Idoven, also showcased their solution during the EIT Health Summit 2022, which took place in May, in Stockholm at the Karolinska Institutet.