LUMO Labs makes first TTT.ai pre-seed investment in LUMC innovation partner Autoscriber
Press release September 7, 2021
EINDHOVEN, The Netherlands – LUMO Labs’ investment vehicle LUMO Fund II TTT AI B.V announces an investment in Autoscriber, a Dutch health tech software startup developed in a clinical setting. Autoscriber is developing AI-supported voice recognition software to capture and summarize healthcare professional-patient consultations.
Autoscriber’s value proposition is at the intersection of three crucial healthcare trends:
- affordable and accessible healthcare for all
- growing importance of structured/discrete data capture to support data-driven healthcare initiatives
- increasing desire for understanding and self-determination among patients
Health professionals access Autoscriber as a subscription-based software-as-a-service (SaaS) solution to large hospitals and practices, smaller practices and General Practitioners. LUMO Labs’ pre-seed funding will allow Autoscriber to go live in multiple hospitals during the next 12 months.
The technology, which promises to streamline clinical interactions into a seamless experience for patients and caregivers, was developed in collaboration with the Clinical Artificial Intelligence and Research Lab (CAIRELab) at Leiden University Medical Center.
“We are very excited to work so closely with the LUMC. Every design choice we make we validate with the physician in a clinical setting.” said Koen Bonenkamp, co-founder and CTO.
Autoscriber software records, transcribes and extracts clinical concepts during consultations. It allows for automated summaries and integration in the patient’s Electronic Health Record that can be easily edited by the physician, providing real-time support for diagnostics and personalized care.
LUMO Labs is investing because Autoscriber meets and/or exceeds our investment fundamentals, including a strong entrepreneurial founding team with profound expertise, proof-of-concept and the promise to dramatically improve the lives of caregivers and patients.
“The problem Autoscriber is solving is universal: reducing time and money spent on repetitive, administrative tasks by physicians while increasing transparency, comprehensibility and human interaction in deeply personal treatment situations,” said LUMO Labs founding partner Andy Lürling. “Their solution is dynamic and highly scalable because of the strong technological and human-centered set-up.”
Autoscriber’s many benefits include:
- less time spent on administration, with more attention directed to patients
- improved communication and understanding by easily sharing transcriptions and summaries with patients
- improved care because of additional insights from data as well as easier preparation for follow-up consultations
This technology has advanced far beyond the Beta.
“When we first met Autoscriber’s founders Koen Bonenkamp and Jacqueline Kazmaier, we were very excited to see how thoroughly they had already worked to validate the technology as well as the actual use case,” said LUMO Labs founding partner Sven Bakkes.
Bakkes noted the team is already well connected and supported by the academic/medical community they intend to serve, such as CAIRELab.
CAIRELab’s mission is to improve healthcare with digital intelligence. “With Autoscriber, we found the right innovation partner in our ambition to bring a valuable AI solution into medical practice and perform scientific research for LUMC,” said Marjolein Elderhorst, manager VBHC & AI/CAIRELab LUMC.
“Ultimately, the goal is to make Autoscriber available for the entire healthcare industry,” Elderhorst said. “We are very happy to see the investment by TTT.AI to confirm and support this project.”
Autoscriber’s main partners to date are the Leiden University Medical Center and Google. The partnership with LUMC provides Autoscriber with high quality annotated data, access to user testing in actual physician-patient consultations and research to validate benefit claims. Google provides access to computing and development resources, a financial grant and marketing and distribution assistance.
“We are thrilled to have found the perfect partner in LUMO Labs to support us both financially and strategically as we start to roll out Autoscriber and realise our vision towards enabling the future of healthcare,” said Jacqueline Kazmaier, co-founder and CEO.
“We believe Autoscriber’s potential going forward is massive, and we’re thrilled to be part of their next step,” Lürling said. “We look forward to working with Jacqueline and Koen and to supporting them to further scale and expand Autoscriber’s impact,” Bakkes added.