We worked with Munich-based Health Tech Startup Floy on the Product and Technology Due Diligence during their seed round. They raised €5.4 Million in a funding round led by HV Capital with participation from All Iron Ventures, 10x Founders, xdeck, SB21, as well as angel investors. Floy is a Health Tech startup from Munich developing AI to support radiologists in seeing diseases difficult to detect.
Technology Due Diligence on Floy’s Approach to Use AI To Detect Health Anomalies
Floy, a Health Tech Startup headquartered in Munich, is pioneering the use of AI to enhance the diagnostic capabilities of radiologists. In Germany alone, 25 million CT and MR scans are conducted annually, each containing valuable yet often unused data and information. Leveraging AI technology, Floy helps doctors to extract additional insights for early disease detection from these scans. Floy asserts that it has secured a 14 percent share of the German radiology market within just two years since its inception, seeing this as a testament that they identified a crucial need to address. The business model revolves around Floy collaborating with radiologists to provide their AI as a self-pay service directly to patients.
Philipps & Byrne conducted a thorough examination of the technology and product aspects at Floy. This encompassed a detailed scrutiny of the tech leadership and team, product management, tech stack, and architecture, as well as hosting and infrastructure. Additionally, we assessed processes related to quality assurance, security, compliance, and privacy. The findings from our assessment were put together in a detailed report, giving the investors a solid understanding of the risks and opportunities, while also helping Floy as they continue to grow by providing a set of actionable recommendations.
Floy supports radiologists in seeing diseases that are difficult to detect. Radiologists receive a financial profit for every patient for whom they employ Floy-AI. Founded in 2021, Floy already raised €3.4m in funding and closed over 100 radiology locations.
About HV Capital
Since 2000, HV Capital, formerly HV Holtzbrinck Ventures, has backed Internet and technology companies through various generations of funds and is one of the most successful and financially strongest early-stage and growth venture capitalists in Europe. HV’s funds have already invested in around 200 companies, including Zalando, Delivery Hero, FlixBus and SumUp. The total of all HV‘s funds amounts to €1.7 billion. The company supports startups with capital between €500,000 and €50 million. This makes HV Capital one of the few venture capitalists in Europe that can back startups through all growth phases.