German medical resource app, Amboss, has scored a massive €30 million in Series B funding. The startup which started as a supplement medical material dedicated to medical students now has branched out to become an information app for other medical professionals.
The ‘medtech’ startup’s latest round of funding is led by Partech’s growth fund, with Target Global acting as a co-investor. Existing Amboss investors like Cherry Ventures, Wellington Partners and Holtzbrinck Digital also participated in the Series B.
Amboss is a five-year-old medical startup which promises to bring forth a “new era of medical education” has been developed by a group of 70 doctors and 40 software engineers. The success story of the company started since 2010 when “a group of medical students was finishing up their final exams.”
The team, composed of young medical professionals, had a question in mind: “Why wasn’t there a single, comprehensive medical study platform that could serve as a reference-based resource and an exam prep tool?”
“This team of young doctors, inspired by their own experiences, wanted to help future physicians navigate the journey to their degree with ease. Thus, AMBOSS was born,” the team said as they conceptualized the startup.
“At Amboss, our objective is to provide global access to a holistic platform for medical students to study and prepare for medical exams. This includes those with limited access to medical education due to socio-economic factors. To meet the needs of medical students worldwide, our platform is continually growing, with regularly added Learning Cards and new subject-optimized Qbank material released weekly,” the startup’s website reads.
After 2014, when the company has officially started, the company has evolved to become the “most comprehensive and technologically-advanced” information platform for medical students and professionals.
“Medical Knowledge does not find its way into practice efficiently,” argues Amboss co-CEO Benedikt Hochkirchen. “This has two main root causes: the way we educate doctors is outdated, and the way doctors access knowledge is inefficient.”
Hochkirchen specifically noted that medical education nowadays still heavily rely on memorization where information becomes outdated easily as medical innovation also comes fast. He said that there isn’t much emphasis on understanding and application.
In order to fill this gap in the market, Hochkirchen said that through Amboss’ “smart learning” technology will not only help students get higher scores in their exams but also to usher them into understanding the concepts they are studying to be able to apply them effectively. The company said that their services would help them “to be better prepared for clinical practice.”
“In clinical practice, doctors would adopt 50% of their decisions if they had the latest and precise knowledge at hand,” says Hochkirchen. “In real life on the wards, doctors lack time to research and find the relevant knowledge. For them, Amboss’ smart guidance app is there to provide instant, convenient, and reliable medical knowledge to carry out the best possible care”.
As a result, the CEO says, Amboss app reduces the average research time needed for doctors to make a clinical decision from 30 minutes to 30 seconds. Hochkirchen proudly says that the startup’s app contains the most recent scientific and medical facts and guidelines tailored “in every single case.”
“Young doctors have to take over a lot of responsibility early in their career,” adds Hochkirchen. “Career starters are regularly the first touchpoint with a doctor when a patient enters a hospital. Often young doctors do not feel properly prepared for the real-life challenges in those situations. Amboss is the source of choice to master those decisions e.g., with emergency algorithms and lead symptoms.”
As of today, the Berlin-based medical technology startup claims that more than 95% of German medical students use Amboss as their primary exam resource. Amboss said in its website that “tens of thousands more in the United States and globally use Amboss as a clinical companion, exam preparation tool and comprehensive study guide.”