Search En menu en ClientConnect
Top 5 search results See all results Advanced search
Top searches
Most visited pages
    First signature
    EUR 15,000,000
    See more


    € 15,000,000
    Germany : € 15,000,000
    Services : € 15,000,000
    Signature date(s)
    4/04/2023 : € 15,000,000
    Link to source

    Summary sheet

    Release date
    18 April 2023
    Signed | 04/04/2023
    Project name
    Promoter - financial intermediary
    Proposed EIB finance (Approximate amount)
    Total cost (Approximate amount)
    EUR 15 million
    EUR 31 million
    • Services - Professional, scientific and technical activities

    The promoter develops artificial intelligence (AI) enabled medical documentation technology to efficiently capture, structure and process clinical data at the source. The investment plan will mostly cover the development of the next generation reporting software.

    The project will contribute to the digitalisation of healthcare, thereby improving efficiency and quality level, thus creating new possibilities for the use of healthcare data in clinical trials and drug development.

    Additionality and Impact


    The purpose of the loan is to provide direct equity-type financing under the Research, Innovation and Digitalization window of InvestEU, benefiting from the EC guarantee, to finance research and development activities of an innovative synoptic and data-driven reporting solution Company that speeds up reporting time, enhances reporting quality and improves the communication in radiology and beyond. The financing of this project addresses the failure in financial markets for RDI-driven European SMEs suffering from systemic shortages of large, non-dilutive financing options for growth investments. Creation of knowledge and support of skilled jobs in Germany will further contribute positively towards the EU's 3% RDI intensity target. Currently, the Company does not have access either to non-dilutive or to long-term debt funding sources in the necessary amount. Due to volatility of European markets which has significantly increased in 2022, access to both equity markets and commercial debt providers has been highly limited for innovative but risky companies such as Smart Reporting.

    Structuring the financing as venture debt caters to the investment needs of the Company, with a long tenor and deferred interest minimising cash outflows during the investment period, while most of the EIB remuneration will be driven by the equity kicker.

    Environmental aspects

    The project concerns investments in research and development activities carried out by the promoter and its partners in existing facilities without changing their already authorised scope. The research and development activities of the project do not fall under either Annex I or Annex II of the Environmental Impact Assessment (EIA) Directive 2011/92/EU amended by Directive 2014/52/EU.

    The promoter is a private company not operating in the utilities sector and not having the status of a contracting authority. Thus, it is not covered by EU Directives on procurement. The Bank will require that all project contracts are procured in accordance with the applicable EU procurement legislation.

    Under appraisal
    27 March 2023
    4 April 2023
    Related projects
    Link to source


    Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
    They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).


    Environmental and Social Data Sheet (ESDS) - SMART REPORTING (IEU LS)
    Publication Date
    20 Apr 2023
    Document language
    Main Topic
    Document Number
    Document Focus
    Environmental Information
    Project Number
    Publicly available
    Download now

    News & Stories

    Inside the project

    How and Why

    Minimising time spent on documentation


    • The average doctor spends more than a third of their working hours on documentation
    • 40% of European doctors are close to retirement age, so Europe has a looming physician shortage
    • Radiologists are particularly in demand. Over 80% of health systems report radiology shortages


    • Smart Reporting uses digital technology to standardise reporting and minimise time spent on documentation
    • The company works with software engineers and clinicians to develop templates that could be updated regularly
    • The templates include predetermined fields to input relevant information, as well as clinical background information and most recent research available on the topic
    • The software is voice-controlled, so doctors operate it without a single click


    Digitalising healthcare

    • Software saves up to 90% of the time doctors spend on documentation
    • It cuts 30% of the time referring physicians spend interpreting reports
    • Cutting time spent on reporting is a matter of life and death. Standardised reporting in pathology leads to a 4.3% reduction in patient mortality
    The company has more than 80 employees, including a significant number of clinicians. Its software has more than 15 000 users in over 90 countries.

    Play video




    Templates that save lives

    Each doctor has their own style, and there’s little to no standardisation.

    In the early 2010s, Wieland Sommer was a young, enthusiastic radiologist who had just started working in one of Europe’s biggest hospitals, LMU Klinikum in Munich. It didn’t take him long to realise that, instead of focusing on his patients, he was spending most of his time on documentation. “Even in a field like radiology, which traditionally relies heavily on reporting, I felt my time could have been used better,” he says.


    Then, Sommer had an idea: use digital technology to standardise reporting and minimise time spent on documentation. He founded the company and worked with software engineers to develop templates that could be updated regularly, so that clinicians always have access to the most relevant information.

    Take, for example, a thorax scan. Almost 40% of thorax scans are lung cancer screenings. In that case, a radiologist can simply select the template developed for that screening. The template includes preordained fields to input relevant information, as well as clinical background information and most recent research available on the topic. The radiologist doesn’t have to start their report from scratch.

    The company’s system could prove very useful for less specialised doctors in smaller hospitals who will be able to pick a relevant template to assess the patient, allowing them to make more informed decisions and diagnoses.
    Gergely Krajcsi

    investment officer, European Investment Bank


    Artificial intelligence and human doctors

    Smart Reporting is also integrating artificial intelligence into its tool. AI measures the size of registered anomalies on a patient’s scan, so when they take their next scan, their doctor can easily compare the results and see if any significant changes occurred since their previous visit. “The software automatically integrates the AI findings into the report, without replacing the doctor,” says Peter Vanovertveld, the company’s co-chief executive.


    Making invisible visible

    Reports produced with Smart Reporting software consist of data that can be mined for further medical research. Currently, only 3% of the data collected in hospitals can be evaluated for other purposes.

    Much as radiology turns the invisible visible, this software detects what is hidden below the surface. For example, trends in population health. “Imagine if this tool had been widespread back in 2019 when the first COVID-19 cases started popping up,” says Vanovertveld. “Hospital management, with access to the platform, could have noticed that something unusual was happening.”

    I want to stress that we believe the single most important decision maker is the clinician. AI is there to support the doctor.
    Peter Vanovertveld

    co-chief executive, Smart Reporting

    Maybe, we will be able to prevent the next pandemic.
    Peter Vanovertveld

    co-chief executive, Smart Reporting

    General enquiries and comments

    The EIB is committed to open communication and encourages constructive stakeholder input regarding its activities.
    Enquiries and comments concerning the EIB’s involvement in a project or the financing facilities, activities, organisation and objectives of the EIB, can be sent to the EIB Infodesk.
    Alternatively, the EIB can be contacted through its external offices.
    Queries regarding details of a specific project, in particular when it is under appraisal by the EIB, should preferably be addressed directly to project promoters.

    Media enquiries

    Media-related enquiries can be addressed to the EIB Press Office. Please also visit our Media information section.

    Complaints mechanism

    Any complaint regarding alleged maladministration can be lodged via the EIB Complaints Mechanism. The European Ombudsman acts as an independent external accountability mechanism of the EIB.

    Zero tolerance against fraud and corruption

    The EIB has a zero tolerance policy on fraud or corruption. To report allegations of fraud and corruption relating to EIB-financed projects, please contact the Fraud and Investigation division. All complaints will be treated as strictly confidential and handled in line with the EIB investigation procedures and the Anti-Fraud Policy.

    Related publications