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    Reference: 20210254
    Release date: 18 April 2023

    Promoter – Financial Intermediary




    The promoter develops artificial intelligence (AI) enabled medical documentation technology to efficiently capture, structure and process clinical data at the source. The investment plan will mostly cover the development of the next generation reporting software.

    Additionality and Impact


    The purpose of the loan is to provide direct equity-type financing under the Research, Innovation and Digitalization window of InvestEU, benefiting from the EC guarantee, to finance research and development activities of an innovative synoptic and data-driven reporting solution Company that speeds up reporting time, enhances reporting quality and improves the communication in radiology and beyond. The financing of this project addresses the failure in financial markets for RDI-driven European SMEs suffering from systemic shortages of large, non-dilutive financing options for growth investments. Creation of knowledge and support of skilled jobs in Germany will further contribute positively towards the EU's 3% RDI intensity target. Currently, the Company does not have access either to non-dilutive or to long-term debt funding sources in the necessary amount. Due to volatility of European markets which has significantly increased in 2022, access to both equity markets and commercial debt providers has been highly limited for innovative but risky companies such as Smart Reporting.

    Structuring the financing as venture debt caters to the investment needs of the Company, with a long tenor and deferred interest minimising cash outflows during the investment period, while most of the EIB remuneration will be driven by the equity kicker.


    The project will contribute to the digitalisation of healthcare, thereby improving efficiency and quality level, thus creating new possibilities for the use of healthcare data in clinical trials and drug development.


    • Services - Professional, scientific and technical activities

    Proposed EIB finance (Approximate amount)

    EUR 15 million

    Total cost (Approximate amount)

    EUR 31 million

    Environmental aspects

    The project concerns investments in research and development activities carried out by the promoter and its partners in existing facilities without changing their already authorised scope. The research and development activities of the project do not fall under either Annex I or Annex II of the Environmental Impact Assessment (EIA) Directive 2011/92/EU amended by Directive 2014/52/EU.


    The promoter is a private company not operating in the utilities sector and not having the status of a contracting authority. Thus, it is not covered by EU Directives on procurement. The Bank will require that all project contracts are procured in accordance with the applicable EU procurement legislation.


    Signed - 4/04/2023

    Under appraisal
    27 March 2023
    4 April 2023


    Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
    They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

    Related tags

    Germany Services