Sofinnova Partners has closed its Digital Medicine I fund at $200m, with the venture capital (VC) firm investing in five companies through the strategy.
The two most recent additions to Sofinnova’s portfolio were artificial intelligence (AI) companies L’école AI and Betteromics.
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Announcing the investments on the same day as its fund close, Sofinnova has injected $20m into US-based Betteromics via a Series A financing round, and $3m into France-based L’école AI via seed funding.
Betteromics has developed an AI cloud platform that integrates omics data – eliminating data silos and streamlining AI-generated insights. The software-as-a-service software can be tailored depending on the use such as biotech manufacturing or diagnostic product development.
L’école AI is building a user interface for AI to increase accessibility to the emerging technology. The company aims to provide medical professionals and researchers with a bespoke AI assistant.
Sofinnova launched the Digital Medicine Strategy in March 2023. Speaking to Medical Device Network at the time, Edward Kliphuis, partner at Sofinnova at co-leader of the strategy, said the fund would target early-stage companies that are leveraging digital technologies to transform healthcare.
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By GlobalDataSofinnova has also invested in Munich-based Deepc, South Korea-baed Kiro, and London-based BioCorteX. The companies all leverage AI in their healthcare products.
The US Food and Drug Administration (FDA) recently updated its list of AI/machine learning-enabled devices, highlighting the year-over-year increase of submissions for the technology to exceed 30%.
A 2023 report by GlobalData predicts that global revenue for AI platforms across healthcare will reach $18.8bn by 2027.
Sofinnova partner and co-lead of the digital medicine strategy Simon Turner said: “We bring Sofinnova’s deep healthcare expertise to entrepreneurs pioneering at the forefront of digital medicine where biology meets tech-industry approaches like rapid product iteration and accelerated commercialisation.”
