This startup using AI to help nurses manage their workflow just landed $5.3 million. Check out the 13-slide pitch deck Teton.AI used to raise the funds.
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- Teton.AI just raised $5.3 million from Wise cofounder Taavet Hinrikus’ investment platform Plural.
- The startup uses AI to improve patient monitoring in hospitals and care homes.
- Check out the 13-slide deck used to secure the fresh funds.
A startup that wants to deploy AI to help address nursing shortages just raised $5.3 million in fresh funds.
Danish company Teton.AI has developed an “AI companion” that can help nurses monitor patients more effectively, while freeing up the time they otherwise spend on observational and paperwork tasks.
“We’re trying to address the nursing shortage that the Western world is facing,” cofounder and CEO Mikkel Wad Thorsen told Insider. “The technology’s role is to go and alleviate the issues nurses may have.”
Nurses often spend a considerable amount of their time observing patients, so Teton is developing capturing units that can be installed in hospitals and care homes. This includes a smart camera — that deploys computer vision — to record all the interactions a patient has with their surroundings, and converts it into actionable data on how patients can be looked after.
By turning this data into automated insights, the startup’s goal is to enable nurses to prioritize their workflow better. The AI assistant also alerts the nurse when a patient needs extra care.
“The best analogy for our technology is you have a coworker observing the patient and they can’t use their hands,” Thorsen said.
The startup builds its own hardware, which it has kept ownership of, and makes its money by charging a subscription for the use of its product. Its focus is on hospital systems, municipalities, and care homes. In a bid to maintain patient privacy, their data is not uploaded to the startup’s servers.
As Europe’s medtech market burgeoned to $150 billion in 2021, investor appetite for AI-driven solutions in hospitals has also crept up. While Teton’s term sheet was completed before the recent frenzy around generative AI, Thorsen noted that it had some impact in the latter part of their fundraising efforts.
The round was led by Plural, an investment platform launched by the cofounder of fintech Wise, Taavet Hinrikus, with participation from strategic angels such as Finn Murphy, who was formerly at Frontline Ventures.
With the cash injection, Teton will grow its team as it gears up for a product expansion into the wider Nordic region. It is also exploring avenues for growth in the US, UK, and Germany.
Check out the 13-slide pitch deck used to raise the fresh funds.