Ward 24/7 has recently received its CE marking and a new investment from EIFO, among others. The company behind the AI-based technology for patient monitoring of vital sign, is one of the first Danish start-ups to obtain the essential marking. This is great news for both patients and the health sector.
Large sections of the Danish health sector are in need of more skilled hands. New technology can now lend a helping hand to a healthcare personnel under pressure by improving both patient treatment and care while ensuring that nurses and others can focus on core services.
The CE marking is an endorsement which keeps the doors wide open
The CE marking (for medical equipment) means that the AI-technology has been thoroughly tested and approved for sale and use within the health sector in the EU. This is a significant step for AI to become an integrated part of patient care.
”Big kudos to our founders, the Innovation Fund, the employers of the scientists and the public-private cooperation which had established the groundwork for a company and a solution based on the right clinical insight, patient understanding and research tradition. The CE marking is an endorsement which keeps the doors wide open, taking treatment and patient observations to new heights”., says Betina Langemark, CEO of Ward 24/7.
Vital investment
The global health system is struggling to meet an increasing demand for health care.
Together with a group of co-investors, among them, Innovestor (Venture Capital from Finland) and Sagitta Ventures (Danish family office) and a number of Danish business angles, the Export and Investment Fund of Denmark (EIFO) has taken part in a new investment round worth approximately DKK 23 million of which EIFO’s stake is almost DKK 7 million.
”The global health system is struggling to meet an increasing demand for health care. Ward 24/7´s digital patient monitoring system can help to reduce this challenge by streamlining the work of nurses and by preventing complications. This helps to strengthen the supply and reduce the demand for care. Ward has a very competent team who has now managed to obtain the CE marking that is so highly sought-after. We are therefore excited to become part of a strong consortium of Danish and international investors”, says Christian Anker-Ladefoged, Senior Investment Associate in EIFO.
Long-awaited technology
The use of AI within the health sector has been long-awaited by both the Danish Patient Association and the Danish Nurses Association. And by The Danish Industry as well. Peder Søgaard-Pedersen, Director of DI Life Science, foresees great opportunities for improving patient care.
”There is a huge need to free up time and manpower among the medical staff. The CE marking is therefore a huge step in this important market”, says Peder Søgaard-Pedersen, Director for DI Life Science.
Patient monitoring is an important but also a time-consuming task for nurses. New AI-technology can, however, reduce both false alarms and enhance response time in case of deviations.
Combined with the nurse’ s general observations the technology can help to prevent complications and deterioration of the patient's condition as this allows for prevention and a faster response to a possible deterioration in a patient’s condition.
Facts:
WARD 24/7 is a Danish startup owned by founders, a number of business angels, the company Innovestor from Finland, EIFO and Sagitta Ventures.
The company has created an AI-based solution for monitoring patients and their vital signs (heart/lung functions etc.) for reducing the risk of complications.
What is CE marking?
CE marking documents that a medical equipment meets the current EU requirements.
Ward 24/7 is one of the first Danish start-ups within medtech with such a certification.
The certification means that Ward 24/7’s AI-technology can be marketed freely to the health sector within the EU.
