If your health tech startup is looking for a place to grow, look no further than Denmark, a leader in digital innovation, healthcare, and investment.
Danish health tech startups raised a staggering $835 million in funding in 2023, an 11 percent increase from the all-time high in 2021, according to data platform Dealroom.
Furthermore, while VC investments declined by 37% across Europe, only Denmark and three other countries, including North Macedonia, Ukraine, and Bosnia and Herzegovina, witnessed an increase in VC investments.
Why Denmark?
When it comes to healthcare, Denmark is taking a digital-first approach. Ninety-nine percent of the population has access to electronic health records, and 84 percent use telehealth services. This creates fertile ground for innovation in health technology. It is home to internationally renowned companies such as Be My Eyes and Lenus.
The Danish government actively supports healthtech through organizations such as the Innovation Fund Denmark and the Danish Export and Investment Fund.
The country also boasts a vast network of active domestic and international investors who have consistently shown confidence in Danish health tech startups.
Avnit Singh, CEO of TechBBQ, said that despite 2023 being a difficult year for startup investment, these numbers are proof of Denmark’s absolute strength in innovation and growth. I’m watching it.
“At TechBBQ, we have a life sciences project funded by Novo Nordisk that aims to support early-stage start-ups in Denmark to be born, grow and become stronger.
These positive trends in the industry will definitely motivate each founder to go the extra mile to make their project a success. ”
Jesper Grønbæk, CEO of HealthTech Hub Copenhagen, attributes the unprecedented growth in health tech investment to a strong private technology sector, supportive governments, a focus on digitalization of the healthcare sector, and a strong It points to the local startup ecosystem.
A notable example is Corti, a pioneering health AI startup that secured a record $60 million in Series B funding in 2023.
The company uses AI to help healthcare providers deliver the right care to patients at the right time. A trained co-pilot was developed based on millions of patient interactions to act as a second set of eyes, ears, and hands.
In addition to providing advice on when and what care to provide, Corti also provides journaling, coding, and QA services.
However, Grønbæk has this to say about sustainability in health tech in practice:
“Structured reimbursement models for digital health (like DiGA in Germany and PECAN in France) are still needed to ensure that solutions developed in Denmark also benefit the population.”
5 Danish health tech companies to watch
Brain+
Brain+ is tackling one of the biggest medical challenges of our time: dementia.
The company develops medical software to detect and treat the cognitive symptoms of dementia and Alzheimer’s disease, the most common cause of dementia.
These digital treatments have the potential to provide similar health benefits as traditional chemical-based medicine. It can be used as a complementary treatment to classical medicine or as a stand-alone solution in areas where conventional medicines do not provide a solution.
Confront
Confront is a digital wellbeing and education platform that supports efforts to strengthen the wellbeing of children, youth and adults. Empowers health and care professionals to support the needs of their clients using evidence-based methods.
human part-time job
Determining the best use of AI in daily practice is difficult for anyone, especially busy healthcare professionals.
human part-time job wants to unleash the full potential of artificial intelligence for better, faster healthcare. We bring the world’s best, regulator-approved AI solutions to the Nordics, creating instant value, reducing workloads and improving patient outcomes.
Precure
as its name suggests, Precure focuses on addressing workplace health and safety challenges before they become problems. And that means we’re all hunched over our laptops.
The company has developed a solution that includes a company dashboard, wearable technology, and a corresponding app that is used in combination to improve the prevention of work-related musculoskeletal disorders.
femilog
There are few digital solutions for menopausal women. Women’s midlife journeys have been completely ignored.
femilog has developed a menopausal health tracker to help women track menopausal symptoms and tackle them head-on. This allows people with vulvar issues to monitor symptom patterns, identify triggers, and measure progress over time.
Additionally, Femilog is the only menopause tracker that allows you to share your results with your doctor.
Lead image: CDC.