Lynxcare secures €20 million series A funding round to unlock healthcare data in EU and USA

News, Portfolio

21st June 2022

We are thrilled to announce our portfolio company LynxCare, the Belgian health data scale-up company, has raised a EUR20 million Series A funding round to strengthen its international position in the world of healthtech data and to drive the team’s growth.

Swiss healthtech Investor MTIP led the round, joined by Elaia, ourselves at btov Partners through the Industrial Tech Fund managed by Matterwave Venture, and the company’s other early-stage investors Heran Partners and PMV.

At the same time, LynxCare announces a strategic partnership with PSIH Group, the market-leader in clinical business intelligence in France. Through this partnership, 66% of French hospital groups are gaining access to LynxCare’s software.

Hospitals have been digitizing for more than 15 years and today they have an enormous amount of data at their disposal. However, an estimated 90% of that data is not used, although it is very important for good patient care and scientific research. After all, this data shows the actual outcome of treatments, a reality that may differ from what clinical studies indicate. LynxCare enables hospitals to unlock their vast amounts of siloed, legacy data using AI (Artificial Intelligence) and NLP (Natural Language Processing), to gain insights in the real-world performance of treatments and fuel clinical insights for doctors and researchers to improve patient outcomes. Launched in 2015 by Georges De Feu (Pharm D.) and Dries Hens (M.D.), LynxCare’s clinical data platform is accelerating research at the leading Health Systems across Europe and North America.

Unlocking previously unavailable insights for scientific research

The Series A investment round follows major breakthroughs for LynxCare. In 2021, the company announced its collaboration with EHDEN, the program supported by the European Commission to promote access to health data for scientific research. Together with EHDEN, LynxCare supports the ethical use of data based on an open-source data model, allowing scientific research within a strict legal framework and respecting patients privacy at all times. In this context, LynxCare announced several research collaborations with Life Sciences companies i.e. AstraZeneca, Johnson & Johnson and Pfizer. The company started 2022 with key executive hires to further its global expansion, including Peter Rutjes (former GE Healthcare) as CCO, Pierre Boël (former Riaktr) as COO and Geert Van Gorp (former Nuance) as CTO.

By raising €20 million – the largest capital round ever in digital health in Belgium – the company can accelerate the international rollout of its platform. For LynxCare, the support of these investors is a testament of the significance of data in healthcare. “I’m proud that as a Belgo-European company, we’re taking the lead in unlocking healthcare data globally. I’m thankful to our dedicated team, and our CFO Kenny Willems in particular, for making this funding round possible,” says Georges De Feu, co-founder and CEO of LynxCare. “We’re at the start of a data revolution in healthcare, driven by the patient and his/her data. That’s where LynxCare wants to take the lead.”

Strategic partnership to boost internationalization

LynxCare is also forming a strategic partnership with PSIH. The French market-leader in clinical business intelligence will enable the roll-out of the LynxCare platform within their client base of over a thousand hospitals. “Our partnership with LynxCare will accelerate setup of hospital clinical data warehouses providing unmatched data for medical research, quality of care, patients pathway monitoring and analytics to improve treatments,” says Jean-Baptiste Angeloglou, General Director of PSIH group. “PSIH group will bring its deep expertise on structured data treatment and business intelligence, combined with LynxCare’s state of the art capabilities to structure electronic medical records with innovative NLP algorithms.”

Untapped value

Lead investor MTIP recognizes the untapped value of real-world data at the intersection of life sciences and healthcare. Dr. Christoph Kausch, Managing Partner at MTIP states: “The timing is perfect to partner with the European health data leader and drive forward the real- world data agenda to enable better healthcare outcomes.” Wanja Humanes, who joins the Board of Directors on behalf of MTIP continues: “We were very impressed by the level of interest that LynxCare is seeing from both well-established players in the healthcare and life sciences industries as they enable them to take advantage of healthcare data at scale. We are incredibly proud to be partnering with this outstanding company and its founders.”

Having previously invested in Seqone (genomic analysis for precision oncology) and Tilak (real-world data in opthalmogy), French-based investment partner Elaia believes that unlocking the potential of longitudinal healthcare data will be critical to solve better global health issues. “LynxCare perfectly fits our vision and is bringing the best solution for hospital data on the market,” states Elaia-partner Samantha Jerusalmy. “The two complementary co- founders, Georges De Feu and Dries Hens, have done a tremendous job building a solid top-management team around them, relying on their successful entrepreneurial background. We are looking forward to backing them in this new development phase.”

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