ReportAId, a start-up founded by Giuseppe Faraci, Claudio Caletti and Luca Foresti that uses artificial intelligence to interpret medical reports and transform them into interactive tools at the service of healthcare facilities and patients, announces the closing of a pre-seed equity round worth EUR 2.2 million.
The capital increase is led by Italian Founders Fund as lead investor and underwritten by Heartfelt, Exceptional Ventures, 2100 Ventures, Vento, Ithaca, B Heroes, Vesper Holding, and angel investors Luca Ascani, Enrico Giacomelli, Francesco Zaccariello and Luca Foschini.
The collection will strengthen the team with 10 new talents and will support ReportAId’s entry into Italian and European healthcare, expanding the adoption of a solution already implemented by accredited private facilities such as Ospedale San Raffaele and currently being adopted at the Isola Tiberina – Gemelli Isola Hospital which, with AI-based software, automatically interprets clinical reports, extracts key information and transforms it into personalised care plans, improving the efficiency of the care pathway for patients and healthcare workers.
ReportAId found that 80 per cent of healthcare records are unstructured and 70 per cent of patients do not return to the same facility for follow-ups, leading to less appropriateness, less therapeutic adherence and huge revenue losses for healthcare providers. This inefficient use of resources is caused by inadequate management of referrals, discontinuous clinical pathways and difficulties in planning treatments.
ReportAId was created to offer users quick and guided access to all steps of their care pathway, based on diagnoses and prescribed therapies. The system simplifies operations such as booking visits and purchasing drugs, optimising the patient experience and increasing the effectiveness of healthcare, with a reduction in waiting lists.
In fact, the solution makes it possible to plan examinations and surgeries, define treatment and prevention plans, and assess the appropriateness of prescriptions. It also creates appointments automatically, based on clinical recommendations.
Healthcare facilities using ReportAId benefit from more efficient management, which can translate into up to +25% higher turnover. In addition, they have access to a structured clinical database and greater control over the quality of care, while ensuring compliance with user privacy and current European regulations.
“ReportAId is the first operator to bring artificial intelligence on a massive scale into Italian healthcare. In the coming years, this technology will become the main solution behind the healthcare system. Today we collaborate with important accredited private companies, but our goal is to help public healthcare as well. We are ready to initiate a concrete dialogue with ASL directors, regional councillors, undersecretaries and ministers in order to contribute to the innovation of the national healthcare system,’ Giuseppe Faraci, Luca Foresti and Claudio Caletti (pictured) state in a note.
“ReportAId is one of the most concrete and transformative applications of artificial intelligence in healthcare. It addresses some of the most serious inefficiencies in our healthcare system: from the fragmentation of clinical data to the difficulties in patient care and the structural problem of waiting lists. The platform’s ability to structure medical reports and transform them into concrete, automated actions has a direct impact on the quality and continuity of care. It is a clear example of technology at the service of the system, generating value for patients, operators and institutions. This is exactly the kind of impact we seek to sustain with IFF: ambitious founders, enabling technology and a long-term vision to make things better. We also believe that the potential of ReportAId goes far beyond the borders of Italy, addressing a need present in all advanced healthcare systems. We will do great things together,’ says Irene Mingozzi, principal of Italian Founders Fund.
“ReportAId operates in an area that represents the perfect application of artificial intelligence. The founders, already well-known names in the AI and healthcare ecosystem, are addressing one of the most serious inefficiencies in the healthcare system with a simple, elegant and scalable solution. The traction in Italy is concrete and the demand is already there, knocking. We are excited to join their mission,’ adds Paolo Pio, co-founder and general partner of Exceptional Ventures.
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