HEALWELL AI acquires stake in doctorly in 7.2 million dollar Series A extension
Marc Nemitz
| 10.11.2023
HEALWELL AI strengthens its presence in Europe by acquiring a strategic stake in doctorly GmbH. The collaboration promises to advance healthcare by combining AI expertise and medical practice management.
Toronto, Ontario - HEALWELL AI Inc ("HEALWELL") (TSX: AIDX), a healthcare company specializing in data science and AI, has acquired a strategic stake in German company doctorly GmbH ("doctorly"). At the same time, HEALWELL and doctorly have entered into a strategic alliance to facilitate HEALWELL's entry into the European healthcare technology market.
We are excited about our first investment in Europe and see doctorly as a partner that will support our efforts to provide best-in-class healthcare solutions.
Dr. Alexander Dobranowski, CEO of HEALWELL
Doctorly, a digital health technology start-up based in Germany, develops cloud-based practice management software. HEALWELL secured the investment in doctorly as part of a $7.2 million Series A Extension financing round, which also included other venture capitalists such as Simon Capital and Geschwister Oetker Beteiligungen. This round followed the March 2023 investment in doctorly by HEALWELL's largest shareholder, WELL Health Technologies Corp. and Horizons Ventures.
The strategic alliance gives HEALWELL access to doctorly's growing network of healthcare providers. The collaboration aims to integrate healthcare providers into HEALWELL's clinical decision support platform. The partnership leverages the synergy between HEALWELL's AI expertise and doctorly's expertise in medical practice management to drive advances in patient care.
Germany remains key market
Germany is considered a key market for HEALWELL as it is the largest healthcare market in Europe. With total sales of over €56.9 billion in 2021 and annual sales growth of 5.1%, Germany is the leader in the European pharmaceutical sector.
Samir El-Alami, CEO and founder of doctorly, explained that the integration of HEALWELL's AI capabilities will be crucial for the network of healthcare providers. The partnership aims to provide doctors with tools and insights to deliver higher quality care. The partnership marks a significant step for both companies to work together to modernize healthcare.
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Startup
2018
Berlin
Doctorly
Software for doctors to efficiently and digitally manage their practice, and to engage with their patients.
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