TVM CAPITAL LIFE SCIENCE LEADS €23 MILLION SERIES C FINANCING ROUND FOR MEDICAL REPORTING TECHNOLOGY PIONEER, SMART REPORTING

Munich, Germany and Montreal, Quebec, Canada, April 22, 2024 – TVM Capital Life Science (“TVM”), a leading international venture capital firm focused on investments 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 the field of medical reporting, particularly in radiology and pathology. TVM led the round, supported by Bayern Kapital and existing investors. The 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 a Board Observer.

Medical documentation makes up to 40% of a physicians’ daily workload. Previously, this was mostly a manual process. Smart Reporting automates and streamlines this workflow and creates valuable data in the process; this is particularly 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 manufacturer-independent software offers a fully voice-controlled and data-driven documentation solution for doctors that forms the basis for workflow automation and machine-readable data. Smart Reporting thus provides a crucial module for digitalization in the hospital sector. In addition, Smart Reporting recently intensified its partnership with Solventum (formerly 3M Health Information Systems), one of the market leaders in the field of radiology reporting in North America, to further strengthen its presence in international markets. The collaboration provides customers 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 via 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 the healthcare industry and offer great potential for growth. TVM sees Smart Reporting, with their groundbreaking technology, already used by thousands of doctors around the globe, as one of the future international market leaders in the areas of radiology and pathology. Also, the breadth of their partnerships with leading corporations in the radiology sector is impressive."

"As an international venture capitalist in the life sciences, TVM finances innovative health tech and medical technologies in addition to traditional therapeutic drug development,” added 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 a direct benefit for patients with their technology. Smart Reporting fits perfectly into this investment strategy."

Prof. Dr. Wieland Sommer, founder and Co-CEO of Smart Reporting, noted: "We are very pleased about 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 market entry in the USA. Our focus in the coming months will be on further penetrating key global healthcare IT markets with our novel 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, US). The company was established 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 doctors, data scientists and software engineers from Germany, Austria, Switzerland and Brazil who develop software based on their detailed understanding of clinical workflows. The company's multilingual software for structured diagnostics in radiology and pathology is used by more than 16,000 physicians in over 90 countries. 

About TVM Capital Life Science

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

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

The TVM investment team has worked together for over a decade to effectively utilize this innovative approach to maximize returns for investors and finance new therapies and technologies to meaningfully improve patient lives.

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