EQT Ventures backs Siilo in €4.5m round

EQT Ventures led the round, investing via its dedicated fund. The Nordic GP held a €566m final close for its debut venture vehicle EQT Venture Fund in 2016, after less than a year on the road.

Previous backers, which remain unnamed, also took part in the funding round.

Siilo stated it would use the funding to scale up its user base across Europe, with a particular focus on the UK and Germany. Meanwhile, EQT was attracted by the company's ambition and product progress so far; the investor believes that Siilo's app can lead to greater efficiency in a healthcare industry still using "Jurassic technologies", it said in a statement.

Company
Founded in 2016 by a surgical resident, Siilo is an instant messaging app for healthcare professionals, allowing them to collaborate effectively while preserving data confidentiality.

The company argues that while consumer messaging apps are increasingly being used by hospital staff to increase efficiency, they are also not designed for the sharing of sensitive data and present significant compliance risks. With Siilo's own platform, patient information is stored in a secure encrypted vault, which is not backed up to the cloud nor synced across multiple personal devices. In addition, messages are deleted every 30 days by default.

Doctors can use the app to collaborate with their colleagues but also access the broader network of Siilo's verified users to share expertise.

Siilo claims it currently processes 7.5 million messages per month with 100,000 users in hospitals, including St George's in London and Charité Berlin. It is also being adopted by smaller teams in California and Astana, Kazakhstan. The platform is free to use for professionals, with a paid-for version allowing organisations to access more features.

People
EQT Ventures – Ashley Lundström (venture lead).

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• EQT Ventures