Health Tech Abtrace closes €2.4 million funding round

Abtrace successfully closed a €2.4 million in funding. The round was led by Portugal's Faber, with Ganexa Capital and INNOVATE-UK also contributing.

The health tech startup Abtrace successfully closed a €2.4 million funding round. The round was led by Portugal’s Faber (1.3 million), with Ganexa Capital and INNOVATE-UK also contributing.

“This funding will allow Abtrace to transform what is now a data-driven tool that monitors and automates compliance with clinical performance guidelines and avoids multiple visits to the doctor, into a smart platform that tracks in real-time the patient’s journey in primary care, from the management and monitoring of pre-existing conditions to the early identification of new diseases,” explained Abtrace CEO Umar Naeem Ahmad, quoted in a press release.

The British company, with operations in Portugal and England, had previously secured €2.3 million through EIT- Health and UKRI’s Wild Card programme.

“We are very excited about Abtrace’s ambition and, as early investors, very committed to supporting the team to achieve their mission. The solution they are developing has transformative potential in primary healthcare and is an excellent example of how data-driven technologies could serve the health industry and the well-being of society,” Sofia Santos, partner at Faber, pointed out in the same press release.

The startup created in 2018 has as its main focus the use of data stored in electronic health records, along with Artificial Intelligence tools, to streamline and improve clinical decisions in primary health care.

(Article updated by specifying the amount raised by Faber)