17 February 2022 | Thursday | News
Image Source : Public Domain
MedTech startup XO Life, based in Berlin and Munich, raised more than €2 million to further build its patient insights platform for drugs and therapies, which the company has evolved from a leading adverse event reporting and information platform.
The Patient Insights platform enables patients to record their own experiences with their state of health, their medications and illnesses (so-called Patient-Reported Outcomes (PRO)) in a standardized way that complies with data protection regulations. The experiences can be compared with other users and made available to the healthcare industry in anonymized form.
The patient perspective in the form of PROs is increasingly included in the evaluation of a medication or therapy, e.g. in the development of individual treatments in the context of precision medicine, but also in the evaluation of patient benefit from the point of view of reimbursement. With 1.5 billion drugs prescribed per year, the market potential in Germany alone is huge.
XO Life has therefore set itself the goal, together with a leading European research institute for patient-centered research, the PROMIS Institute Germany of the Charité, and various pharmaceutical manufacturers, of making the recording of patient experiences on the XO Life Patient Insights platform a standard in healthcare.
In its latest funding round, XO Life has raised more than EUR 2 million from international healthcare VC SeedLink, corporate VC MediVentures, Aescuvest, one of the leading FinTech companies focused on funding digital startups in the healthcare sector, and other healthcare technology service providers. The money will primarily go towards expanding product and development capabilities for the platform.
Friderike Bruchmann, Co-Founder & CEO: "Together with the new expert shareholders from the healthcare sector, we are looking forward to expanding our partner network more and more. With our platform, we are setting a benchmark in the direct capture of patient insights in real-world care settings and enabling truly every patient and as well as all healthcare stakeholders to participate."
Tim Jürgens, Partner at SeedLink: "We looked at many startups in the real world evidence and user engagement space and XO Life's platform approach to cover many different indications is particularly compelling. On the one hand, XO Life's public platform sets a standard for collecting patient feedback across all therapies in cooperation with the Charité research institute; on the other hand, pharma and medtech manufacturers can also use the platform for product-specific patient insights."