21. June 2019 - for immediate release
Personalized diagnostics technology Egoo.Health receives investment for easy biomarker measurement from the IT-group KMD and PreSeed Ventures
Precise measurement and analysis of blood biomarkers by the users themselves, with test results immediately available through a smartphone. This is the future of diagnostics in many areas, according to the promising startup Egoo.health and its investors, the Danish IT-group KMD and the investment fund PreSeed Ventures.
Personalized diagnostics is about creating value for the individual patient by connecting diagnostic biomarkers with personalized medicine. The two concepts go hand in hand and are each other’s prerequisite for creating a continuously improved treatment. In addition, the platform is ideal for any user to evaluate health status in relation to lifestyle diseases – i.e. for the first-time ordinary people have access to technology to test for clinical biomarkers at home to better understand their health status.
Normally, analysis of blood biomarkers used in a variety of diagnostic fields must be performed by specialists on industry laboratory equipment. The process from test and analysis to actual test result is often cumbersome and a burden for both the patient and the healthcare system. With this new technology the young company Egoo.health is determined to create a new reality for both patients and the public health sector.
"The public sector is asking for new ways to improve patient journeys, streamlining citizens/patients processes and use personalized medicine and treatment – the Egoo.health platform is well positioned to support all three areas," says Thomas Warthoe, CEO at Egoo.health. We combine a digital user platform and a new personal diagnostic instrument, which is easy and small enough so that the user can perform the blood test at home and read the result immediately after analysis via smartphone.
The clinical quality of the self-test is very high, and the potential of digitalizing both the analysis and the monitoring of the patient’s data are expected to be enormous. For exactly that reason, the company is supported by KMD Ventures, which is the IT company KMD's investment arm and PreSeed Ventures, which has more than 20 years of experience in financing and developing tech companies from the early stages.
“We are pleased that such solid players as KMD and PreSeed Ventures have decided to invest into the company and become shareholders. They can certainly help us go to the next level, where we target to go from validation and regulatory approval to actual market introduction”, says Thomas Warthoe.
The new partners also see great opportunities in the collaboration. "The work already done at Egoo.health in developing the instrument and the technical platform is convincing. KMD Ventures sees a significant potential in the product, which we would like to help mature and bring to market", says Niklas Marschall, CEO of KMD Ventures.
“The unique feature about the Egoo.health platform is that it covers most biomarkers in whole blood and therefore also many disease fields. The product provides the user easy access to own clinical-grade biomarker information and integrate data directly with public health systems. In our opinion this can greatly expand the market for home self-testing of clinical biomarkers. We look forward to being part of the future strategic development of the company,” says Anders Kjær, Investment Manager at PreSeed Ventures.
KMD becomes part of the development team
Besides being a shareholder, KMD will also be operationally involved in the product development. KMD's business unit for Data, Information Management and Analytics will help with further development of the underlying data analysis, and KMD's subsidiary Charlie Tango, is chosen to develop the user experience on the digital platform.
“Part of our motivation to invest into Egoo.health is the opportunity to participate in the actual development work on the digital platform. We are not specialists within new healthcare technologies, but we have seen an interesting opportunity that – together with our strong digital competencies - can help lift the product even further”, explains Niklas Marschall.
Both Anders Kjær from PreSeed Ventures and Niklas Marschall from KMD Ventures enter the board of directors at Egoo.health.
Egoo is a medical platform that make it easy and inexpensive to analyze whole blood biomarkers at home. The user performs the analysis on a small device and subsequently gets the test result directly on their smartphone, where it is presented and compared to historical test results and other relevant data. A distinctive feature of the Egoo platform is that it combines several widespread analytical measurement principles, which provides the platform with versatility, flexibility and accuracy. In 2019 the company obtained the ISO 13485:2016 certification for their technology and quality management system. They thus live up to all requirements for manufacturing and selling optical electromechanical in-vitro diagnostic analyzers and reagents. The platform is designed to measure up to 80% of all known biomarkers in whole blood. Currently, Egoo is used for cardiovascular diseases, diabetes and inflammatory diseases. Read more at http://www.egoo.health
About PreSeed Ventures
PreSeed Ventures is Denmark's largest and most successful early stage investor. For almost 20 years they have educated, spotted and financed winners of tomorrow in syndication with top-tier investors around Europe. They empower talented founders to realize their dreams through pioneering early stage investments and support from their own startup school PreSeed Academy. The strong team has worked with more than 300 exceptional entrepreneurs and helped startups like Tonsser, Trustpilot, Vivino and Templafy get off the ground. www.preseedventures.dk
About KMD and KMD Venture KMD, the largest Danish IT company, develops and delivers software and service solutions for local government, central government and the private sector in Denmark as well as chosen segments in Scandinavia. The KMD Group has subsidiaries in Denmark, Norway, Sweden, Finland and Poland. KMD has more than 1,500 Danish and international customers, including more than 800 Danish and international companies. The KMD Group has an annual revenue of around DKK 5.6 billion and around 3,200 employees. KMD is a subsidiary of NEC Corporation, a global leader in the integration of IT and network technologies.
Read more at www.kmd.dk KMD Venture is an independent subsidiary with its own investment fund outside the parent company KMD. KMD Venture focuses on the creation of new business models in collaboration with external business partners and start-ups.