Two Million Euros for XO Life GmbH's Patient Insights Platform
New investors are the international healthcare VC SeedLink, the corporate VC MediVentures of the pharmaceutical company MEDICE, investors of Aescuvest's direct investment platform for startups in healthcare and other healthcare service providers
BERLIN and MUNICH, Germany, February 16, 2022 / B3C newswire / -- MedTech startup XO Life, based in Berlin and Munich, raised more than €2 million to further build its patient insights platform for drugs and therapies, which the company has evolved from a leading adverse event reporting and information platform.
The Patient Insights platform enables patients to record their own experiences with their state of health, their medications and illnesses (so-called Patient-Reported Outcomes (PRO)) in a standardized way that complies with data protection regulations. The experiences can be compared with other users and made available to the healthcare industry in anonymized form.
The patient perspective in the form of PROs is increasingly included in the evaluation of a medication or therapy, e.g. in the development of individual treatments in the context of precision medicine, but also in the evaluation of patient benefit from the point of view of reimbursement. With 1.5 billion drugs prescribed per year, the market potential in Germany alone is huge.
XO Life has therefore set itself the goal, together with a leading European research institute for patient-centered research, the PROMIS Institute Germany of the Charité, and various pharmaceutical manufacturers, of making the recording of patient experiences on the XO Life Patient Insights platform a standard in healthcare.
In its latest funding round, XO Life has raised more than EUR 2 million from international healthcare VC SeedLink, corporate VC MediVentures, Aescuvest, one of the leading FinTech companies focused on funding digital startups in the healthcare sector, and other healthcare technology service providers. The money will primarily go towards expanding product and development capabilities for the platform.
Friderike Bruchmann, Co-Founder & CEO: "Together with the new expert shareholders from the healthcare sector, we are looking forward to expanding our partner network more and more. With our platform, we are setting a benchmark in the direct capture of patient insights in real-world care settings and enabling truly every patient and as well as all healthcare stakeholders to participate."
Tim Jürgens, Partner at SeedLink: "We looked at many startups in the real world evidence and user engagement space and XO Life's platform approach to cover many different indications is particularly compelling. On the one hand, XO Life's public platform sets a standard for collecting patient feedback across all therapies in cooperation with the Charité research institute; on the other hand, pharma and medtech manufacturers can also use the platform for product-specific patient insights."
About XO Life
XO Life was founded in 2018 and aims to build the largest real-world evidence platform for patient insights for all medications and therapies. Together with one of Europe's leading research institutes for patient-centered research, the PROMIS Institute Germany of the Charité, and various pharmaceutical manufacturers, patient experiences are to be recorded in a standardized and systematic manner across a wide range of diseases. Patients are to be enabled to record their therapy course and outcome independently as well as scientifically validated, so that these patient insights from real treatment practice can be used in the life science industry and by medical professions. In addition, pharmaceutical and medtech companies can also receive product-specific feedback. Currently, the platform has nearly 25,000 users, with plans to reach more than half a million users this year.
XO Life GmbH
Dr. Friderike Bruchmann, CEO
+49 (0)89 21547481
Keywords: Humans; Patient Care; Health; Computers; Adverse Drug Reaction Reporting Systems; Patient Reported Outcome Measures; Delivery of Health Care; Health Promotion; Computer Security; Germany
Published by B3C newswire