Monday, July 15, 2024

French Startup Pixacare Raises €3M to Enhance Wound Care Monitoring with AI Tech


Strasbourg-based Pixacare raises €3 million to automate wound care monitoring

Pixacare, a French startup on a mission to revolutionize how caregivers manage skin lesions, has successfully concluded its second fundraising round, garnering €3 million. This financial boost was led by Elaia, with noteworthy involvement from the French Tech Seed fund managed by Bpifrance, under the France 2030 initiative.

The continued support from previous investors, including 50 partners and several business angels, underscores the confidence in Pixacare’s mission and potential. This round of funding also sees the inclusion of a debt instrument, all aimed at accelerating the development of Pixacare’s innovative medical application. This app, which is designed to automate and enhance the monitoring of wound healing, represents a significant leap forward in medical technology accessible directly from smartphones.

Since its inception in 2019, Pixacare has been dedicated to transforming the care journey for the 2.5 million people in France afflicted with chronic wounds. The startup’s solution is a secure, collaborative app tailored for healthcare professionals. It aims to seamlessly integrate community and hospital care, thereby shortening hospital stays, decreasing the need for hospital visits, reducing healthcare costs, and ultimately enhancing the quality of life for patients.

The effectiveness of Pixacare’s app is already evident from initial studies, which show a 33% reduction in healing times, a 55% decrease in follow-up appointments, and a noteworthy cost reduction of 1500 euros per patient over six months. These findings are propelling Pixacare towards becoming the European leader in AI-supported wound care monitoring.

With the ambition to dominate the European market, Pixacare intends to use the newly secured investment to focus on three key strategic areas. These include expanding its market presence in France, navigating the regulatory landscape for its wound analysis algorithms, and funding clinical trials to validate the medico-economic benefits of telemonitoring. Success in these areas could lead to broader acceptance and insurance reimbursement, significantly impacting patient care and healthcare economics.

“We are immensely grateful for the trust and support from prestigious investment funds, particularly in a challenging economic environment,” stated Matis Ringdal, CEO and co-founder of Pixacare. “This latest investment is a testament to our shared vision and a significant milestone towards achieving our ambitious goals over the next three years. With the expertise and global network of Elaia and Bpifrance by our side, we are well-positioned to expand our impact beyond France.”

Céline Passedouet, Investment Director at Elaia, expressed her enthusiasm for the investment: “We are delighted to be investing in Pixacare. The company is positioning itself as a key player in digital health with its innovative technology for analyzing and monitoring wound healing. Pixacare addresses crucial challenges in securing medical data, improving patient care, and facilitating city-hospital collaboration, making us confident in their scalability across Europe.”

Eva Clerc, Senior Investment Director at Bpifrance, also commented on their continued support for Pixacare: “After initially supporting Pixacare with convertible bonds as part of the French Tech Seed initiative, Bpifrance is proud to back its commercial acceleration and ongoing technological innovations. Pixacare has the potential to become a leader in wound healing monitoring with a platform that enhances the care pathway for medical professionals and patients alike.”

The success of Pixacare’s fundraising reflects not only the innovative nature of their solution but also the growing importance of digital health solutions in enhancing patient care and healthcare system efficiency. As Pixacare moves forward with its strategic expansion and technological advancements, the healthcare landscape in France and potentially Europe stands to benefit greatly from its pioneering approach to wound care monitoring.

Alex Sterling
Alex Sterling
Alex Sterling is a seasoned journalist with over a decade of experience covering the dynamic world of business and finance. With a keen eye for detail and a passion for uncovering the stories behind the headlines, Alex has become a respected voice in the industry. Before joining our business blog, Alex reported for major financial news outlets, where they developed a reputation for insightful analysis and compelling storytelling. Alex's work is driven by a commitment to provide readers with the information they need to make informed decisions. Whether it's breaking down complex economic trends or highlighting emerging business opportunities, Alex's writing is accessible, informative, and always engaging.

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