Medical diagnosis company Neko Health has received $65.4 million in venture capital to help fund its expansion outside its home country, Sweden. This company is co-founded by Spotify CEO Daniel Ek.
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NEW YORK, NY - AUGUST 9: Daniel Ek, chief executive officer of Spotify, speaks about a partnership between Samsung and Spotify during a product launch event at the Barclays Center, August 9, 2018 in the Brooklyn borough of New York City.
Neko Health Receives $65.4 Million in Venture Capital
The Stockholm-based health tech company secured $65.4 million in a Series A round of funding from several big companies. It will reportedly be used to accelerate its expansion outside Sweden, investing in research and development, conducting clinical studies, and recruiting talents worldwide.
The investment round was led by one of the leading venture capital companies in Europe, Lakestar, and companies like Palo Alto-based General Catalyst and Atomico participated in the round.
As part of the deal, Lakestar founder Klaus Hommels, as well as CEO and founding partner of Atomico and co-founder of Skype Niklas Zennstrom, will join Neko Health's board together. In a statement, Zennstrom said Neko Health was the type of mission that gets them excited at Atomico.
"It's that rare combination of a firm with a purpose and outsized ambition, and founders with a world class track record. They're solving a problem we can all relate to, with the potential to fundamentally transform global healthcare forever," Zennstrom noted.
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Serving Every Generation
Spotify CEO and Neko Health co-founder Daniel Ek said he spent more than a decade exploring the untapped potential of healthcare innovation.
He noted that they "are dedicated to building a healthcare system that focuses on prevention and patient care, aiming to serve not just our generation, but those that follow."
Bloomberg reported that Neko Health runs private clinics kitted out with proprietary and off-the-shelf diagnostic products, most notably its own full-body 3D scanner.
It incorporates dozens of sensors that when combined with the company's AI software, could give instant results on potential skin conditions, such as moles and warning signs related to cardiovascular health.
Neko Health CEO Hjalmar Nilsonne told Bloomberg they have nurses, doctors, and specialists specifically hired by the company for their respective assignments.
"We have dermatologists employed just to review the skin images. We have a doctor on site who can make qualified medical judgments for anything that comes up," Nilsonne noted.
The first clinic of Neko Health opened in February in Stockholm. Patients are required to pay $272 for a full-body examination which takes up to 10 to 20 minutes, followed by a doctor's review.
Since its launch, Silicon Canals reported that Neko Health has already performed more than 1,000 scans, and thousands more are on a waiting list. Some 80% of customers reportedly have pre-paid for follow-up scans in a year.
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