Denmark leads the healthtech sector in comparison with different European nations, with the business rating because the nation’s top-funded since 2018. With one of the vital digitised healthcare methods globally, Denmark’s well being scene provides the proper setting for healthtech startups to develop.
Final yr, the Danish healthtech scene secured $835M (€763M) of VC funding throughout 56 funding rounds. This funding, which accounted for a considerable 58 per cent of Denmark’s complete funding in 2023, marked an 11 per cent improve from 2022’s well being funding.
Denmark’s flourishing healthcare sector owes a lot to its mature market. With a healthcare expenditure of $5,203 (€4,754) per capita in 2021, surpassing the developed nations’ common of $4,527 (€4,136), the demand for superior healthcare gives all startups with a big buyer base.
Furthermore, the widespread accessibility of digital well being information (EHRs) to 99 per cent of Danish residents, mixed with the usage of telemedicine providers by 84 per cent, additional helps the conducive setting for healthtech startups to develop.
Moreover, the Danish authorities actively helps innovation within the healthcare sector by providing packages and incentives to help early healthtech startups. Enterprise capital corporations like Innovation Fund Denmark and Denmark’s Export and Funding Fund (EIFO) have invested in numerous healthtech startups in Denmark.
Let’s get to know a number of the startups thriving in Denmark’s healthtech scene.
Teton.ai
Founder(s): Mikkel Wad Thorseen, Esben Klint Thorius
Based: 2020
Funding: $8.7M (€7.95M)
Hiring: Sure, take a look at alternatives right here.
Based by Mikkel Wad Thorseen and Esben Klint Thorius, Teton.ai goals to cut back the workload pressure on nurses by offering them with an AI companion to observe sufferers and simplify office administration.
With a background in product design and pc science, Thorseen recognised the necessity for higher help for nurses, who typically face exhaustion and burnout on account of heavy workloads.
In keeping with Thorseen, its answer has already decreased night time shift workload by 25 per cent in care properties, thereby permitting caregivers to focus extra on offering high quality care.
Just lately, Teton.ai secured €4.8M in a funding spherical led by Plural to increase its engineering and business groups to roll out its product in Denmark and different nations such because the Nordics, Germany, the UK, and the US.
Corti.ai
Founder(s): Andreas Cleve Lohmann, Lars Maaløe, Michael Boesen
Based: 2016
Funding: €80.9M
Hiring: Sure, take a look at alternatives right here.
One other Copenhagen-based startup, Corti.ai, is remodeling emergency medication with its AI-powered SaaS platform. Based by Lars Maaløe and Andreas Cleve in 2016, Corti.ai helps emergency departments detect crucial sicknesses like cardiac arrest in real-time.
Corti.ai ensures that healthcare personnel can present the suitable remedy by permitting them to analyse sufferers utilizing AI and machine studying. Its service gives notes, searches databases, and compares the affected person’s symptom descriptions with different historic instances.
In keeping with Copenhagen Emergency Providers, Corti.ai may assist cut back undetected out-of-hospital cardiac arrest instances by greater than 40 per cent.
Following a profitable Collection A funding spherical of $27M (€22.82M) led by Vaekstfonden and Chr. Augustinus Fabrikker, Corti.ai is accelerating its growth into main care within the US and specializing in launching new merchandise.
Miiskin
Founder(s): Daniel Tronier, Jon Friis
Based: 2015
Funding: Unavailable
Hiring: Sure, take a look at alternatives right here.
Miiskin is making waves within the shopper well being tech area with its pores and skin monitoring app, Miiskin PRO. It was developed in collaboration with the top of AI and medical pc imaging on the College of Copenhagen.
The corporate additionally continues introducing superior options within the digital teledermatology app for scientific analysis into pores and skin most cancers and persistent pores and skin circumstances.
Powered by AI, the platform helps 700,000 customers doc and monitor moles and lesions over time to assist facilitate early detection and monitoring of pores and skin modifications.
Partnering with organisations just like the British Pores and skin Basis since 2017, Miiskin extends its work in supporting analysis into pores and skin most cancers and persistent circumstances of the pores and skin. The EU has additionally offered €50 000 in funding for Miiskin to assist additional develop its AI to be extra dependable and environment friendly.
Freya Biosciences
Founder(s): Johan van Hylckama Vlieg
Based: 2020
Funding: €34.7M
Hiring: No
Primarily based in Copenhagen and Boston, clinical-stage ladies’s well being startup Freya Biosciences addresses the difficulty of infertility brought on by dysbiosis within the vaginal microbiota.
With a deal with microbial immunotherapies, Freya Biosciences makes use of AI and analysis to develop a promising drug candidate derived from wholesome feminine donors.
Outcomes from the corporate’s proof-of-concept medical research confirmed early success in restoring microbiota stability in ladies with dysbiosis inside a number of days.
A latest Collection A funding spherical of $38M (€34.7M), led by Sofinnova Companions and OMX Ventures, might be used to assist Freya Biosciences’ medical improvement efforts and advance its multi-omics information science platform.
One other €70M from the corporate’s complete funding of €300M might be used to develop mind well being merchandise focusing on ladies, youngsters, and the aged in Europe and North America.
Hoba Therapeutics
Founder(s): Kenneth Ahrend Petersen
Based: 2016
Funding: €27M
Hiring: No
Backed by Novo Holdings and Borean Innovation, Hoba Therapeutics is tackling persistent ache issues and listening to loss with modern remedies.
Based in 2016, the Danish biotech develops novel therapeutics HB-086 for persistent neuropathic ache and HB-097 for sensorineural listening to loss, each of which deal with unmet medical wants.
Hoba Therapeutics obtained the Accelerator grant from the European Innovation Council in 2021 and the Grand Resolution grant from Innovation Fund Denmark in 2018.
Supported by buyers corresponding to Indaco Enterprise Companions and Novo Holdings, Hoba Therapeutics not too long ago raised €23M in a Collection A financing spherical. This funding will help the event of HB-086 by medical trials and additional execute the corporate’s analysis initiatives.
NMD Pharma
Founder(s): Thomas Holm Pedersen, Claus Elsborg Olesen, Ole Bækgaard Nielsen
Based: 2015
Funding: €151M
Hiring: Sure, take a look at alternatives right here.
Medical-stage biotech firm NMD Pharma is making strides with its unconventional therapies within the battle towards debilitating neuromuscular circumstances.
Utilizing ClC-1 Cl- ion channel inhibitors, NMD Pharma goals to revive muscle perform in people dwelling with neuromuscular issues. Its translational muscle electrophysiology platform identifies and develops first-class therapeutics for numerous neuromuscular illnesses.
With a latest Collection B financing of €75M led by Jeito Capital, the corporate plans to advance its lead CIC-1 inhibitor candidate, NMD670, by Part 2 research. Moreover, the funding will allow NMD Pharma to increase its medical and business operations in Denmark and the US.
Orbis Medicines
Founder(s): Christian Heinis, Sevan Habeshian
Based: 2021
Funding: €26M
Hiring: No
Based in 2021, Orbis Medicines is a macrocyclic chemistry and computational platform created for drug discovery. Macrocycle medication, as the corporate described, are compounds with therapeutic properties.
Its focus lies in producing oral options that can allow the remedy of many different sufferers. Other than that, Orbis Medicines can also be exploring therapeutic areas with intra and extracellular targets.
The corporate not too long ago introduced €26M in seed financing backed by Novo Holdings and life sciences enterprise capital agency Forbion to facilitate its growth.
Neurescue
Founder(s): Bjorn Broby Glavind, Habib Frost
Based: 2014
Funding: DKK76M (€10.19M)
Hiring: No
Habib Frostand and Bjorn Broby Glavind based Neurescue, a medical gadget firm specializing in cardiovascular options, with a deal with the world’s first computer-aided balloon catheter for aortic occlusion.
Neurescue’s approach strives to extend blood circulate to the mind and coronary heart, due to this fact growing resuscitation charges and extra remedy time. The gadget, NEURESCUE, obtained FDA approval in 2021.
The corporate not too long ago secured DKK 50M (€6.7M) in a Collection A funding spherical led by London-based West Hill Capital. The funding will additional help the event and distribution of the NEURESCUE gadget.
Hedia
Founder(s): Andreas Jespensgaard, Christina Kildentoft, Peter Lucas
Based: 2016
Funding: $11.7M (€10.7M)
Hiring: Sure, take a look at alternatives right here.
Based in 2015, Hedia developed a software-based private diabetes assistant geared toward optimising insulin suggestions for people with diabetes.
Hedia’s answer is accessible by way of a cell app, which detects the habits and patterns of the diabetic particular person. The collected information is later used to weigh in on insulin suggestions.
Led by CEO Peter Lucas, Hedia not too long ago closed a funding spherical at €3 million in February. The corporate plans to make the most of these funds to increase its development technique, improve its digital well being product roadmap, and scale its Hedia Diabetes Assistant (HDA).
Moreover, Hedia goals to launch a holistic diabetes administration answer referred to as Glooko later within the yr.
Droplet IV
Founder(s): Marcus Borum Mølskov Bech, Tore Victor Chrom Allerup, Niklas Rädel, Mette Dahl, Rasmus Falt
Based: 20222022
Funding: €1.8M
Hiring: No
Droplet IV is an organization specializing in growing novel medical units for IV infusion remedy. Its mission is to make sure sufferers obtain the total prescribed dose with out including pressure to nurses.
The corporate’s expertise routinely flushes each IV set on the exact time of drugs termination, which ensures optimum remedy high quality for sufferers.
Droplet IV not too long ago participated in BII’s Enterprise Lab program. It receives a risk-free convertible mortgage of €500,000 and entry to labs and workplaces on the BII’s entrepreneurial ecosystem in Copenhagen.
