AlgoDx AB

AlgoDx AB develops advanced clinical decision support software aimed at enhancing care in intensive and critical care settings, focusing on early detection of sepsis and patient deterioration. Founded in 2018, AlgoDx AB is based in Stockholm, Sweden, and specializes in clinical decision support. The company has not undergone notable pivots or structural changes. Joakim Soderberg is the founder, leading the company with CEO David Becedas.

AlgoDx raised SEK 6 million in Seed funding in February 2020 from lead investor Nascent Invest and has raised a total of SEK 6 million across its funding rounds. AlgoDx focuses on developing advanced clinical decision support software primarily aimed at enhancing care in intensive and critical care settings. Their flagship products include NAVOY CDS®, an FDA-cleared solution that assists U. S.

health systems in improving compliance with the CMS SEP-1 sepsis bundle through early detection of sepsis and patient deterioration tracking. Another notable product is NAVOY Sepsis®, a clinically validated, CE-marked algorithm designed to predict the risk of sepsis in ICU patients, addressing the challenges of early disease detection and interpretation. These tools utilize machine learning and predictive analytics to provide healthcare providers with real-time insights, ultimately aiming to improve patient outcomes and reduce costs. AlgoDx serves a broad clientele that encompasses hospitals and healthcare systems in the United States and European markets, particularly where intensive care units are prevalent and data-rich environments support the implementation of AI applications.

In 2023, AlgoDx reported a revenue of SEK 17,955,000 and an EBITDA of SEK -1,421,790. The company generates revenue through B2B transactions, focusing on partnerships with healthcare institutions that implement their clinical decision support tools. The company operates on a subscription-based model, wherein clients pay for access to their software solutions, which include NAVOY CDS® and NAVOY Sepsis®. These products are designed to enhance operational efficiency and patient safety, ultimately reinforcing the financial performance of healthcare providers.

Revenue is driven by the tangible benefits these tools offer, such as improved sepsis bundle compliance and streamlined billing processes, which translate into measurable cost savings for health systems. AlgoDx plans to enhance its product offerings and expand its market reach. The recent Seed funding of SEK 6 million raised in February 2020 will be utilized to support these initiatives. The company is focused on developing new products aimed at further improving clinical decision support and is exploring expansion into new geographic regions, particularly within Europe and North America, by 2024.