4 October 2023

Digital Technology Guru

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Awell Secures $5 Million Funding to Expand into US Healthcare Market

2 min read
Awell Secures $5 Million Funding to Expand into US Healthcare Market

Awell, a digital health company based in Belgium, has announced that it has secured $5 million in seed funding for its clinical workflow platform. The funding round was led Octopus Ventures with participation from S16, and included funding from angel investor Lord David Prior, former chair of the UK’s National Health Service (NHS). The funding will be used to support Awell’s expansion into the US market and to fuel research and development efforts for new products.

Awell’s software aims to modernize paper-based workflows providing a comprehensive platform for managing a patient’s care. The company’s platform offers features such as triaging, patient onboarding, and care plans, all in one place. It also has the capability to integrate data from different systems, streamlining the care process and reducing administrative burden.

According to Awell, its monthly active patient numbers grew an impressive 522% in the first half of 2023. This growth is driven the recognition that paper-based documentation is a significant time-waster for healthcare professionals. A study highlighted Awell revealed that doctors and nurses perceive paper-based documentation as the greatest source of inefficiency in their workflow.

Awell’s CEO and founder, Thomas Vande Casteele, stated that the company’s mission is to drive real change in the healthcare sector making care flows work harder for care teams. He acknowledges the challenges faced overwhelmed doctors, patients managing multiple medical conditions, and care teams trying to stay up-to-date with the latest medical research.

While the healthcare industry has seen an increase in digitized management solutions, there are concerns about cybersecurity risks as more patient data is electronically stored. In 2023, there were several patient data breaches from health platforms, including the largest one affecting 11 million patients at HCA Healthcare.

This funding news comes on the heels of New York-based health technology company Florence raising $20 million for its clinical workflow platform in March 2023.

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