With this capital injection, it intends to "accelerate the internationalisation process, focus on the growth of product and business development teams and the launch of new features."
UpHill closed a €3.5 million funding round, an operation led by Brighteye Ventures and MSM funds, and in which Bynd Venture Capital, Caixa Capital and Grupo Luz Saúde participated and reinforced their investment. With this capital injection, the company wants to accelerate its internationalisation process.
“So far our scope of work has essentially focused on simplifying healthcare professionals’ access to accurate and actionable information that would allow them to make better decisions. The coming times will be marked by significant and transformative advances in the product, which will make it more automated, integrated into hospital systems and also useful for patients,” says Eduardo Freire Rodrigues, CEO and co-founder of the startup, quoted in a statement.
Founded in 2015 by three doctors, UpHill, which this year “quadrupled the number of active users and more than doubled monthly recurring revenues”, intends with this capital injection to “accelerate the internationalisation process, focus on the growth of product and business development teams and the launch of new features.”
In this round, the company has attracted foreign capital for the first time. “Uphill has created an innovative solution to measure and overcome recurring gaps in adherence to best practices in healthcare through an intuitive tool that allows healthcare professionals to update themselves while delivering essential services to their communities. The team capitalises on deep healthcare expertise to solve real challenges, from an industry that is rapidly and constantly evolving and facing new demands every day,” says Alex Spiro Latsis, partner at Brighteye Ventures, quoted in a statement.
At the beginning of 2019 UpHill closed a €600,000 round and, just over a month ago, received a €1 million incentive for an artificial intelligence project for the optimization of clinical decision support algorithms, co-funded under the Research and Technological Development+CO3SO, Portugal 2020 incentives.
UpHill has “a consolidated presence in the hospital sector in Portugal”, which is joined by pharmaceutical multinationals such as Novartis and Pfizer, with projects underway in several European countries. Last year, it was distinguished by the National Innovation Agency with the Born From Knowledge Award.