German HealthTech Platform Climedo Snags $5.7M in Funding

Munich-based HealthTech platform Climedo on Wednesday (Feb. 16) announced it has secured €5 million (almost $5.7 million) in funding for its decentralized clinical trials digital offering.

Climedo will use the fresh capital to expand across Europe and further develop its software solutions to make it more patient-centric and to enable end-to-end communication between study coordinators, physicians and patients. Climedo also plans to add telemedicine and wearables interfaces, among others.

“We have set ourselves the ambitious goal of becoming the market leader in Europe for patient-centric, electronic data capture by 2024,” Climedo co-founder and CEO Sascha Ritz said in the announcement.

The company was founded in 2017 by Ritz, Dragan Mileski and Veronika Schweighart. European venture capital firm Nauta Capital led Climedo’s fundraising effort, with contributions from new investor Westtech Ventures of Berlin and existing business angels including Dr. Christian Wallwiener (WMC Healthcare).

Climedo features a modular solution for electronic data capture (EDC), allowing pharmaceutical and medical device companies to validate their products and medical innovations in a way that’s focused on patients.

The platform digitally connects everyone involved in a clinical trial — including sponsors, physicians and patients — to simplify communication and data capture and improve outcomes. That allows for faster approvals of drugs and medical devices and helps with post-market surveillance of product safety and performance.

Climedo’s EDC system includes an electronic patient-reported outcomes (ePRO) feature that keeps an electronic patient diary that includes daily symptoms and other notes. Climedo can be used on any device that has internet access, without the need to install an app.

Last week, German digital health company Ada Health announced it had raised $30 million as part of an extension of its Series B round from last year, bringing the total funding to $120 million.

Related: Germany’s Ada Health Series B Ends at $120M

Ada said the new funding will let it accelerate its growth and strengthen its foothold in the U.S.

The company’s health assessment and care navigation platform combines medical knowledge with artificial intelligence (AI) to help users find the right care for their symptoms. Ada has handled more than 26 million assessments since its launch.