French healthtech startup Synapse Medicine raises $28m to scale its medication reconciliation platform

French healthtech startup Synapse Medicine raises $28m to scale its medication reconciliation platform

Published: 01-03-2022 10:38:00 | By: Pie Kamau | hits: 506 | Tags:

France-based  healthtech startup Synapse Medicine has raised $28 million led by leading European venture firm Korelya Capital, and past investors (XAnge, MACSF, and BNP Paribas Development). This is the third fundraising round in three years for the startup, reaching a total of $40 million.

The company, already scaling across Europe, plans to accelerate the deployment of its medication reconciliation platform in the United States. Co-founder and CEO, Dr Clement Goehrs, will be moving to New York to scale US activities. With this funding, Synapse will grow its workforce to 150 staff, with hirings planned in Paris, Bordeaux, Berlin, London, New York, and Tokyo.

Medication reconciliation, the process of building a comprehensive and accurate list of medications that the patient is taking (including name, dosage, frequency, and route), is essential in preventing medication errors and in ensuring patients' treatment adherence. In the United States, hospital readmissions represent more than $41 billion in healthcare costs per year. According to the Agency for Healthcare Research and Quality (AHRQ), 66% of readmissions are related to preventable adverse health events, such as medication non-adherence.

Clement Goehrs,  CEO and Co-founder, Synapse Medicine: "At Synapse Medicine, we have developed a medication reconciliation solution that simplifies the process and reduces prescribing discrepancies at each transition. This new funding round is an important milestone to further facilitate medication reconciliation and improve patient safety in the US."

Synapse Medicine is one of the top growing health tech startups in Europe, with a strong track record on medication reconciliation. It has recently announced several partnerships with top hospitals, such as APHP–Paris (France), the largest hospital in Europe, ranked the eleventh best hospital worldwide, and German hospital La Charité, ranked in sixth place.

With Synapse Platform, healthcare professionals can rely on robust medication reconciliation technology to prevent medication errors and improve patient safety. This streamlines the medication reconciliation process, allowing clinicians to manage treatments more efficiently at every care transition and improve coordination with stakeholders outside of the hospital.

Fleur Pellerin, Chairman, and Co-founder, Korelya Capital: "We have been deeply impressed by the founders' vision and their early understanding of how powerful medication data could protect patients and support all stakeholders in healthcare industries across the world. We look forward to supporting the Synapse Medicine team in the US and Asia."

In hyper-growth for the past three years, Synapse Medicine aims to continue recruiting new talent in the United States and internationally to reach 150 employees by the end of the year. Synapse Medicine aims to expand its team in the US across pharmacists, sales, and marketing.

Guillaume Meulle, Managing Partner, XAnge: "We are once again supporting the deployment of Synapse Medicine, a start-up that we spotted at a very early stage. At that time, we were already impressed by the founders, who represent a new generation of entrepreneurial doctors, and by the real impact of the product in terms of public health. The participation of Mutuelles Impact in this round, managed by XAnge, will allow us to develop the connections with insurance companies and to disseminate the technology to the public at large."