Estonian Better Medicine raises €1M

Estonian developer of cancer diagnostic solutions Better Medicine raised €1M in a pre-seed round led by Soulmates Ventures, Specialist VC, UT VENTURES, and several angel investors.

Founded in 2020 as a spin-off from the University of Tartu by Priit Salumaa, Helena Ije, Bohdan Petrisak, Martin Reim, and Dmitry Fishman, Better Medicine has developed various organ-based AI models, including a certified kidney model that helps radiologists detect and classify CT scan results faster. The company has also developed a lung model trained on a database of over 1,200 patients. With this technology, specialists can detect cancer cells in a patient's lung CT scan. The startup's customers include healthcare institutions, universities, and partner companies. Better Medicine has offices in Tallinn, Tartu, and Leeds (UK).

Better Medicine plans to use the new investment to expand its product portfolio, expand in several European countries and prepare for FDA approval in the US.

Soulmates Ventures, a venture capital firm founded in 2020, is based in Prague, Czech Republic. The fund aims to help innovative and high-growth startups scale and expand. The company provides funding and helps founders develop their businesses and successfully enter new markets.

Founded in Tallinn in 2017, Specialist VC is a venture capital firm that supports companies from the Baltic region, Finland and Ukraine. In early 2022, Specialist VC launched a €50M fund, supported by the Estonian LHV pension fund and the European Investment Fund through the European Guarantee Fund and the Baltic Innovation Fund 2. Specialist VC's partners are Kaspar Hanni, Riivo Anton, Tõnu Esko, and Gerri Kodres.

UT VENTURES is a UK-based investment company founded in 2018. The company invests in startups that operate in such sectors as enterprise applications, consumer goods and high technology.