Proving the Business Case for the Internet of Things

Finnish telemedicine startup Meedoc receives €3.5m venture capital funding

Steve Rogerson
May 12, 2015
 
Finish telemedicine startup Meedoc has received €3.5m investment from German venture capital company XLHealth to enable the launch of affordable telemedicine across Europe. With the possibility of conducting 75 per cent of all primary care via telemedicine, Meedoc hopes to have an impact on curbing healthcare payers’ costs.
 
The company hopes to change the way patients visit a doctor. Through it app, Meedoc lets patients connect with a doctor via chat or video call, providing a simple, affordable and sustainable addition to existing primary healthcare. This investment holds added value with XLHealth’s strategic partnership with CompuGroup Medical, giving access to 400,000 medical professionals.
 
“We are bringing access to better care for patients, breakthrough tools and new economic opportunities for doctors, and enabling considerable savings for healthcare payers,” said Mikko Kiiskilä, CEO and co-founder of Meedoc. “Meedoc and XLHealth bring together two experts in digital health, working towards the realisation of XLHealth’s vision of maintaining and improving the health of every human in a sustainable manner through digital healthcare.”
 
As Europe’s population ages and the number of people with chronic conditions grows, the financial strains on payers and insurers mount. By using the Meedoc app, treatment times can be reduced by up to 70 per cent and a patient and doctor satisfaction index of over 93 per cent can be achieved.
 
“Telemedicine is currently dominated by governance, data security and trust issues,” said Ulli Jendrik Koop, chairman and CEO of XLHealth. “We evaluated countless startups in this space; Meedoc uniquely solved these healthcare regulatory compliance challenges.”
 
Kiiskilä added: “The combination of our expert-level team, world class platform together with XLHealth’s unique expertise, deep knowledge base and strategic partnerships will help us meet the demand from multiple new markets even faster.”