Spotify Founder’s HealthTech Startup Neko Scores $260 Million

Daniel Ek, the founder of the music streaming platform Spotify, has branched out into artificial intelligence (AI)-powered preventative healthcare as co-founder of the startup Neko Health.

The Stockholm-based company announced Thursday (Jan. 23) in a press release that it has secured $260 million in Series B funding to expand its operations into the U.S. The company currently operates in Sweden and the U.K.

The funding round, led by Lightspeed Venture Partners, values the company at approximately $1.8 billion. This latest funding follows a $65 million Series A round in July 2023.

According to the release, the investment partnership will involve Lightspeed Venture Partners’ Bejul Somaia joining the Neko Health board of directors.

“After meeting [Neko Health co-founder Hjalmar Nilsonne], Daniel and their team, it was clear Neko Health wasn’t just building another healthcare company — they were fundamentally rethinking how we approach prevention,” Somaia said in the release. “Neko combines breakthrough technology with meticulous attention to detail in everything from their scanning technology to the patient experience. With a … clear path to international expansion, we believe comprehensive preventive care can be both accessible and scalable,” he said in the release.

Other participants in the Series B funding round include General Catalyst, O.G. Venture Partners, Rosello, Lakestar, and Atomico.

Neko Health’s comprehensive full-body scanning service checks for skin cancer, cardiovascular risks and other health issues, according to Bloomberg. The press release said that the company has completed 10,000 scans across its clinics in Stockholm and London and has a waiting list with more than 100,000 names.

TechFundingNews.com described the procedure as non-invasive health data collection that leverages more than 70 sensors to collect 50 million data points, which are then analyzed using AI to provide insights into the person’s overall health status.

In the press release Nilsonne said, “We’re at the beginning of a big shift of the healthcare market, from reactive to proactive, driven both by technological advancements and growing consumer demand. This round of financing accelerates Neko’s global expansion of locations to include the U.S., as well as investments in breakthrough R&D. In the coming years Neko will continue to bring incredible innovations to the market to find and prevent disease before it has a chance to develop.”