Iomed Relies on Portugal to Make the Leap into the European Market

The Spanish company Iomed is finalizing its entry into the Portuguese market after having already reached agreements with various international partners, whose names have not been disclosed. The landing in the Portuguese country will act as a lever to boost its exit to the European Union (EU) and United Kingdom markets, according to Javier de Oca, CEO of the company, as explained to PlantaDoce. To this end, in 2022 the company plans to carry out a financing round that will “significantly” exceed the economic volume of the last round closed two years ago, according to the CEO.

Iomed’s technology, based on Artificial Intelligence (AI) and natural language processing, enables hospitals to transform information from medical records, written in a free-text format, into coded and structured data. This makes it easier for hospitals to accelerate their clinical research and maximize research results.

The first objective of internationalization is to carry out the same activity that the company performs in Spain, although Iomed is open to developing new lines of business at a later stage.

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Iomed aims to transform information from medical records to coded and structured data

By 2022, the company expects to have a turnover of $1.83 million (€1.6 million), which is equivalent to tripling last year’s sales. This boom “is in line with the growth of recent years,” said de Oca, adding that “the intention is for this dynamic to continue until 2025”.

The company currently has 35 employees. Even so, once the international expansion is completed and the round planned for this year is closed, Iomed expects to have more than fifty employees.

The $2.3 million (€2 million) financing round that the company closed in 2020 was led by the venture capital fund Adara Ventures. Investors already present in the company, such as Easo Ventures (Spain) and Speedinvest (Austria), also participated in the round. It was the third capital increase since the company was founded by Álvaro Abella, Gabriel de Maeztu, and Javier de Oca in 2017.

The last round closed by the company was led by the venture capital fund Adara Ventures

On the other hand, during the first months of the pandemic, Iomed also conducted a study on Covid-19 carried out together with several hospitals from different autonomous communities.

The main objective of the work was to shed light on the coronavirus, determining which population groups are most affected and how therapies are managed in the absence of validated treatments.

To date, the company has worked with hospitals throughout Spain, including facilities such as Hospital Vall d’Hebron and Hospital del Mar, in Barcelona, and Hospital Universitario Cruces in the Basque Country, among others.

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(Featured image by National Cancer Institute via Unsplash)

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First published in PlantaDoce, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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