Startup Abtrace seals €2.4 million in Faber-led round

The startup Abtrace, which operates in both Portugal and the United Kingdom, has closed a financing round of €2.4 million.

According to the company this investment includes a capital round of €1.3 million led by Faber, a Portuguese venture capital company with the participation of Ganexa Capital and financing from INNOVATE-UK.
Created in 2018, Abtrace uses data stored on electronic health registers, using AI tools to streamline and improve clinical decisions in primary health care.
The company’s cloud-based software is available in the UK market were it is used as a tool to monitor patients with chronic illnesses.
“This financing will enable Abtrace to turn what today is a data-based tool which automates and monitors compliance with clinical directives to avoid multiple visits to a doctor into an intelligent platform that follows a patient’s primary care needs on daily basis in real time, from the management of pre-existing conditions to the early detection of new illnesses,” says Umar Naeem Ahmad in a communiqué.
The startup is currently working with NHS public healthcare centres on a project to develop algorithms to detect cancer at an early stage. This project involves more than 500,000 patients.