Cathay leads $15m series-B for healthtech company Savana

Alessia Argentieri
19 October 2020

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Cathay Innovation has led a $15m series-B round for electronic health records specialist Savana.

Previous backer Seaya Ventures also took part in the round, alongside several new investors, including French health insurer MACSF.

Cathay is currently investing from its second innovation fund, which has raised €500m so far and is dedicated to supporting the expansion of startups in their industrial and commercial development during the scale-up phase.

The fund was launched in 2018 with a €500m target and €600m hard-cap, and held a first close on €320m in June 2019. The vehicle intends to continue its fundraising in the coming months, until hitting its hard-cap.

Savana intends to use the fresh capital to boost its international expansion and further grow its operations in the US. The company plans to scale up its team based in New York, currently composed of 100 people, by adding 20-30 staff.

Previous funding
Seaya led a $5m series-A round for Savana in August 2018. Several business angels also participated in the investment.

Company
Founded in Spain in 2014 and currently headquartered in Madrid and New York, Savana specialises in developing artificial intelligence that provides doctors and pharmacists with insights into their patients' healthcare.

Savana's software-as-a-service platform manages 400 million electronic medical records processed in English, Spanish, German and French.

The company operates across Europe, Canada and the US, and works with 20 pharmaceutical companies and more than a hundred healthcare facilities.

People
Cathay Innovation – Jacky Abitbol (partner).
Seaya Ventures – Beatriz González (founding partner); Antonio Giménez de Córdoba (partner).
Savana – Jorge Tello (CEO).