AlgoDx, which focuses on supporting disease detection and prediction with machine learning algorithms, has closed a 6 million SEK seed round led by Nascent Invest with participation from angel investors Fredrik Sjödin and Tomas Mora-Morrison, co-founder of Cambio Healthcare Systems.
AlgoDx’s first product, ExPRESS, has been developed to autonomously predict sepsis in hospitalized patients using data from electronic healthcare records.
“We invested in AlgoDx because we believe that the team has a strong competitive edge within machine learning and a profound understanding of the clinical validation required to bring products to market in areas with unmet medical need,” says Erik Gozzi, CEO at Nascent Invest.
Further scale the clinical validation
“This seed round will allow us to continue the clinical validation of our sepsis prediction algorithm as planned. We are very proud to be supported by investors with a commercial outlook and a long-term investment horizon,” says David Becedas, CEO at AlgoDx.
Founded in 2018, the company intends to use the new investment to further scale the clinical validation of ExPRESS to demonstrate the benefits of autonomous sepsis risk monitoring in patients being treated at Intensive Care Units.
“We are at the commencement of a new age where machine learning approaches will enable earlier and more accurate detection and prediction of disease. The founding team at AlgoDx understands that clinical rigor is essential in order to bring machine learning solutions to market with integrations into electronic healthcare record systems,” says Tomas Mora-Morrison, who will also chair the company’s new Board.
Photo of David Becedas, CEO, AlgoDx. Photo: Keyvan Bamdej