AI medtech start-up MediNav receives EUR 80,000 investment from Growceanu

Business angel platform Growceanu recently invested EUR 80,000 in MedTech start-up MediNav. The investment is part of a financing round worth EUR 250,000 led by Overkill VC.

MediNav was founded in 2020 by Wanda Fiat and Adrian Cuzman. So far, the start-up has attracted EUR 350,000 from Cleverage VC, Overkill VC, and angel investors. The funds raised will be used for product development as well as sales and marketing.

MediNav streamlines the time doctors spend writing patient reports and assessment charts by using AI. The medical professional dictates the results of the medical exams and MediNav extracts the relevant data and inserts it structured into the report. In the case of an ultrasound scan or a consultation with several separate fields, MediNav extracts and separates the information and marks it where it should appear.

At the end of this process, the doctor verifies, corrects, and saves the results before sending them to the hospital or clinic’s medical system. The MediNav digital assistant learns from mistakes and performs better over time.

Radiologists using MediNav save at least 40% of the time it takes to write a result, while for emergencies MediNav cuts back on the time it takes to complete an ambulance form threefold. The AI assistant can be used on laptops, tablets, or smartphones without needing a dedicated microphone.

“In the context of the shortage of medical staff and the overload of doctors in the system, the MediNav solution is welcomed not only in Romania but also in many other more developed countries in Europe and beyond,” said Growceanu founder and investor Ciprian Man.

“Another argument as to why we chose to invest in this start-up is the team, people who are very well trained in technology, business, and sales,” he added.

For 2023, MediNav plans to adapt the product to at least one more language and to extend the commercial expansion to Germany and/or Latin America. The company is also looking to further develop into more complex specialties, such as cardiology and emergencies, where the patient undergoes several different investigations in a single medical exam.

(Photo source: Medinav & Growceanu)