Copenhagen-based startup WARD 24/7, known for its AI-based patient monitoring technology, recently achieved the CE marking and secured around €3.4 million (DKK 23 million) in funding from investors including Innovestor, Sagitta Ventures, and the Export and Investment Fund of Denmark (EIFO). EIFO’s contribution is close to €939K (DKK 7 million). This funding boost will support WARD 24/7’s efforts to expand and implement their AI technology in the healthcare sector. The company focuses on easing the workload for healthcare professionals and improving patient care. Their digital patient monitoring system aims to streamline tasks, reduce complications, and enhance overall healthcare efficiency, addressing vital needs in the industry.
WARD 24/7 specializes in AI-based patient monitoring technology. Their core focus is on developing innovative solutions that leverage artificial intelligence to monitor patients’ vital signs, such as heart and lung functions. The company’s recent achievement of obtaining the CE marking certifies that their AI technology meets the stringent standards required for medical equipment in the EU. WARD 24/7 aims to address challenges in the healthcare sector by streamlining the work of healthcare personnel, reducing complications, and ultimately improving patient care.
Large sections of the Danish health sector are in need of more skilled hands. New technology can now lend a helping hand to a healthcare personnel under pressure by improving both patient treatment and care while ensuring that nurses and others can focus on core services.
The CE marking (for medical equipment) means that the AI-technology has been thoroughly tested and approved for sale and use within the health sector in the EU. This is a significant step for AI to become an integrated part of patient care.
”Big kudos to our founders, the Innovation Fund, the employers of the scientists and the public-private cooperation which had established the groundwork for a company and a solution based on the right clinical insight, patient understanding and research tradition. The CE marking is an endorsement which keeps the doors wide open, taking treatment and patient observations to new heights,” says Betina Langemark, CEO of WARD 24/7.
”The global health system is struggling to meet an increasing demand for health care. WARD 24/7 ́s digital patient monitoring system can help to reduce this challenge by streamlining the work of nurses and by preventing complications. This helps to strengthen the supply and reduce the demand for care. WARD 24/7 has a very competent team who has now managed to obtain the CE marking that is so highly sought-after. We are therefore excited to become part of a strong consortium of Danish and international investors”, says Christian Anker-Ladefoged, Senior Investment Associate in EIFO.
The use of AI within the health sector has been long-awaited by both the Danish Patient Association and the Danish Nurses Association. And by The Danish Industry as well. Peder Søgaard-Pedersen, Director of DI Life Science, foresees great opportunities for improving patient care.
”There is a huge need to free up time and manpower among the medical staff. The CE marking is therefore a huge step in this important market”, says Peder Søgaard-Pedersen, Director for DI Life Science.
Patient monitoring is an important but also a time-consuming task for nurses. New AI-technology can, however, reduce both false alarms and enhance response time in case of deviations.
Combined with the nurse’ s general observations the technology can help to prevent complications and deterioration of the patient’s condition as this allows for prevention and a faster response to a possible deterioration in a patient’s condition.
Click to read more funding news.
Originally published on ArcticStartup : Original article