HealthTech startup Floy has raised €5.4 million in venture capital in the recent seed funding round. The investment was led by HV Capital, with participation from All Iron Ventures and existing investors such as 10x Founders and Xdeck Ventures. The capital will help accelerate growth and expansion in Germany as well as internationally.
Floy is AI-based software that helps radiologists develop accurate diagnoses. Sometimes even very experienced radiologists cannot find some lesions that are minuscule and not clearly visible, but with the help of Floy, these abnormalities can be detected very easily. Also, when it comes to radiology, the workload is increasing day by day, which makes the chances of making mistakes more prominent, but the AI technology by Floy can make that work easier. The startup is working on a self-pay service-to-patient business model and is now being used by approximately 170 radiologists across Germany. With this new investment, the company plans to use it to expand globally, primarily focusing on the US market.
The company’s co-founder and CEO is Benedikt Schneider, and it is headquartered in Munich, Bayern, Germany.