Greek LANGaware secures €2M to develop tool for cognitive and mental health diagnostics
LANGaware, an AI-driven healthcare technology company, has raised €2 million in a Seed round led by the Bulgarian VC Eleven Ventures. Strategic investors from the healthcare industry, alongside existing investor Metavallon VC, are also participating in the round. Female founded and based in Greece, the company uses AI to predict and monitor cognitive and mental health conditions by analyzing language, voice, and speech biomarkers.
Valeri Petrov, Partner at Eleven Ventures, expressed his enthusiasm for LANGaware’s potential: “Problem” is a light word to describe the domino effect of late-stage diagnostics in neurodegenerative disorders. Through its speech-based flagging system for early detection, LANGaware is an example of how even the most pressing issues in healthcare can be addressed through the power of science and technology. We are excited to support Langaware in their mission to impact millions of lives and contribute to a more efficient and timely treatment.”
AI for better healthcare
LANGaware is revolutionizing cognitive and mental health diagnostics through AI-driven technology. By utilizing speech analysis and proprietary voice and speech biomarkers, LANGaware provides early detection of conditions, enabling more effective treatments, reducing healthcare burdens, and improving overall well-being. The company’s vision is to transform the healthcare industry by seamlessly integrating AI-driven diagnostic tools and empowering healthcare professionals with valuable insights for personalized care.
The advantage of AI-based tools for early diagnostics and detection of various diseases lies not only in the accuracy but also in the costs for the patients. For example, early diagnostics of dementia can save up to $ 14,000 annually for payers, which is about 1/3rd of the total cost of the medical care, shares Valeri Petrov from Eleven Ventures.
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Expansion overseas
The new capital will be used to enhance LANGaware’s technology and product teams, expand its business development efforts, and extend its presence across virtual care platforms and health systems in the United States.
“This investment propels us forward, unlocking the potential to revolutionize healthcare systems by unleashing the full power of AI. By harnessing the power of technology, we aim to alleviate the strain on overburdened healthcare systems, while driving down costs and fostering a future where accessible, high-quality healthcare is a fundamental right for all,” said Dr. Vassiliki Rentoumi, Founder and CEO of LANGaware.
