Swedish healthtech company Neko Health raised a €60m Series A round led by Lakestar, together with Atomico and General Catalyst. Philipps & Byrne conducted the Product and Technology Due Diligence for the funding round. This included an assessment of the company’s AI approach in combination with hardware components in sensors and medical scanning technology, which is being used for a broad and non-invasive health data collection.
Neko was founded by Hjalmar Nilsonne (Watty Founder) and Daniel Ek (Spotify Co-Founder). Neko’s vision is to create a healthcare system that can help people stay healthy through preventive measures and early detection, incorporating the latest advances in sensors and AI.
Tech Due Diligence: Sensors and Medical Scanning technology Meets AI
Neko Health has developed a medical scanning technology concept to make it possible to do broad and non-invasive health data collection. It uses over 70 sensors to collect 50 million data points in minutes and can detect skin changes as small as 0.2 millimeters, for example. The technology, incorporating the latest advances in sensors and AI, is intended to assist doctors in detecting disease earlier including skin conditions, skin cancer, cardiovascular disease, diabetes and other metabolic syndromes.
The Product and Tech Due Diligence covered an in-depth assessment of Neko’s software and hardware components: Looking into the utilization of AI as well as the sensors and medical scanning technology. The scope included evaluating the tech team, research and development as well as, product and technical roadmap. Also, processes, architecture, infrastructure, and software and hardware systems were assessed.
About Neko Health
Neko Health is a Swedish health-tech company co-founded in 2018 by Hjalmar Nilsonne and Daniel Ek. Neko’s vision is to create a healthcare system that can help people stay healthy through preventive measures and early detection. This requires completely reimagining the patient’s experience and incorporating the latest advances in sensors and AI. Neko has developed a new medical scanning technology concept to make it possible to do broad and non-invasive health data collection that is convenient and affordable for the public.
Lakestar’s mission is to find, fund and grow disruptive businesses – enabled by technology – that are founded by exceptional entrepreneurs in Europe and beyond. Founded by Klaus Hommels, the team’s early investments include Skype, Spotify, Facebook and Airbnb. Since raising its first fund in 2012, Lakestar manages an aggregated volume of over €2.8bn across four funds.
The team actively advises and supports portfolio companies in marketing, recruitment, technology, product development and regulatory insight, accompanying founders from seed to early stage to growth stage or exit. Lakestar currently has the privilege of holding investments in Revolut, Blockchain.com, Opendoor, Oscar, GetYourGuide, sennder, Eigen, Public.com, SoFi, Solarisbank, Uncapped, Yapily, Terra Quantum, accuRx, Rhino, ZEBEDEE and Hometogo to name a few. Lakestar has presence in Berlin, Zurich and London.