June 21, 2022 + Jessica Di Palo
3 Min read
Largest capital round ever in digital health in Belgium
We are delighted to announce MTIP Fund II’s sixth investment in LynxCare, the Belgian Health Data Scale-Up company. MTIP led the €20 million growth financing round. The capital will be used to strengthen its international position in the world of healthtech data and to drive the team’s growth. Other investors include Elaia (FR) and the company’s early-stage investors Heran Partners (BE), BTOV (DE), and PMV (BE). 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 could gain access to LynxCare’s software.
Hospitals have been digitised 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, while 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 into 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.
The investment round follows major breakthroughs for LynxCare. In 2021, the company announced its collaboration 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 research within a strict ethical framework and without privacy violation. In this context, LynxCare announced several research collaborations with Life Sciences companies i.e. AstraZeneca, Johnson & Johnson, Pfizer.
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 Belgian-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 forefront of a data revolution in healthcare where the patient’s data is at the center, we want to take the lead here”.
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.”
French 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 made a tremendous work 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.”
Coincidentally with this financing round, LynxCare is 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.”
LynxCare is the Big Data market leader in healthcare. With an AI-driven data platform, they help hospitals unlock previously unavailable clinical data for better patient care and scientific research. Founded in 2015 by Georges De Feu (pharmacist) and Dries Hens (physician), LynxCare is today a rapidly growing Belgian scale-up. They currently employ 35 people, including doctors, biomedical scientists, data specialists and more than 10 researchers (PhD). They work with leading hospitals in Europe and the United States, and facilitate scientific research for Life Sciences companies such as AstraZeneca, Pfizer, Novartis within a strict ethical and legal framework.
More information via https://www.lynx.care/
MTIP is a leading Swiss-based growth equity firm investing in European health tech companies. We leverage our deep sector expertise to help the founders scale up successful and sustainable digital health businesses. At MTIP, we are driven by the mission to empower health tech innovation with a potential to impact and improve millions of lives. Visit www.mtip.ch to learn more.
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