LANGaware Unlocks $2 Million in New Funding Round: A Step Forward in AI-Driven Cognitive and Mental Health Detection

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Oct 04, 2023, 08:00 ET

LANGaware, an AI-driven healthcare technology company, has successfully raised $2 million in a Seed round led by Eleven Ventures, a prominent early-stage venture capital firm.
The company, founded by Dr. Vassiliki Rentoumi, uses AI to predict and monitor cognitive and mental health conditions by analyzing language, voice, and speech biomarkers.
LANGaware's patented technology, rigorously tested in clinical and virtual care settings, offers unparalleled accuracy in diagnosis, improving patient outcomes and reducing healthcare costs.
The funding will be used to enhance LANGaware's technology and product teams, expand its business development efforts, and extend its presence across virtual care platforms and health systems in the United States.

NEW YORK, Oct. 4, 2023 /PRNewswire/ -- LANGaware, a US based company revolutionizing cognitive and mental health diagnostics through AI-driven technology, has successfully raised $2 million in funding. The Seed round is led by Eleven Ventures, a leading early-stage venture capital firm in Southeast Europe. Strategic investors from the healthcare industry, alongside existing investor Metavallon VC, are also participating in the round.

Founded by Dr. Vassiliki Rentoumi, a renowned researcher in Natural Language Processing and Computational Linguistics, LANGaware employs Artificial Intelligence (AI) to predict and monitor cognitive and mental health conditions, such as Mild Cognitive Decline, Alzheimer's Disease, and Depression. By analyzing language, voice, and speech through digital biomarkers, their patented technology offers a new lens for healthcare. Developed over several years of research, the platform has been rigorously tested and proven effective in both clinical and virtual care settings in the US and Greece - improving patient outcomes and reducing healthcare costs. LANGaware aids health systems, providers, and pharma firms by facilitating early detection and tailored support for those at risk or impacted by neurodegenerative and psychiatric disorders, ensuring accurate diagnoses, minimizing misdiagnosis, and unnecessary treatments.

Eleven Ventures, known for their expertise in nurturing and scaling innovative startups, is a strategic partner for LANGaware in this funding round. The Sofia-based venture capital firm has an impressive track of identifying and supporting companies at the forefront of healthtech breakthroughs, ensuring that transformative solutions reach those who need them most. The funding will be used to enhance LANGaware's technology and product teams, boosting their AI capabilities developing comprehensive data-driven solutions, and to expand the company's business development team and presence across virtual care platforms and health systems in the United States.

"We are thrilled to secure $2 million in funding, with support from Eleven Ventures, Metavallon VC, and strategic angels in the healthtech sector," said Vassiliki Rentoumi, Founder and CEO of LANGaware. "This investment propels us forward, unlocking the potential to revolutionize healthcare systems by unleashing the full power of AI. By harnessing the power of technology, we aim to alleviate the strain on overburdened healthcare systems, while driving down costs and fostering a future where accessible, high-quality healthcare is a fundamental right for all."

Valeri Petrov, Partner at Eleven Ventures, expressed his enthusiasm for LANGaware's transformative potential, saying, "Problem" is a light word to describe the domino effect of late-stage diagnostics in neurodegenerative disorders. For example, Dementia Medicare beneficiaries receive nearly 3x > payments compared to other receivers but early diagnostics can save up to $14K annually for payers, a 1/3rd of the total cost. Through its speech-based flagging system for early detection, LANGaware is an example of how even the most pressing issues in healthcare can be addressed through the power of science and technology. We are excited to support LANGaware in their mission to impact millions of lives and contribute to a more efficient and timely treatment."

Through their AI-powered solutions, LANGaware is striving to create a world where individuals receive timely interventions, leading to improved outcomes and a higher quality of life.

Contacts:
Virginia Korma
[email protected]
T(US) | 1-646-878-9053

Sarah Flora
[email protected]
T(US) | 1-913-683-4015

About LANGaware:
LANGaware is a pioneering company that leverages AI technology to revolutionize cognitive and mental health diagnostics. By utilizing speech analysis and proprietary voice and speech biomarkers, LANGaware provides early and objective detection of conditions, enabling more effective treatments, reducing healthcare burdens, and improving overall well-being. The company's vision is to transform the healthcare industry by seamlessly integrating AI-driven diagnostic tools and empowering healthcare professionals with valuable insights for personalized care. For more information about LANGaware, please visit www.langaware.com.

About Eleven Ventures:
Eleven Ventures is one of the leading early-stage VCs in Southeast Europe, investing in startups since 2012. With 150+ collective investments over 10 years, Eleven's team has been instrumental in catalyzing the regional startup ecosystem. Eleven supports tech companies in four priority verticals - Future of Work, Fintech, Healthcare and Future of Food. Some of the startups which Eleven has backed include Payhawk, Gtmhub, Dronamics, SMSBump, and Kanbanize. In Greece, Eleven Ventures has also invested in BibeCoffee, Biopix-T, Pop Market, Woli, and myTeam. For more information on Eleven Ventures, visit https://www.11.vc/.

About Metavallon VC:
Metavallon VC specializes in pre-seed and seed-stage funding of disruptive technology companies. The firm invests in and works alongside ambitious entrepreneurs, helping them build transformational businesses across multiple stages, geographies and industries. Metavallon VC's mission is to engage at a very early stage and invest in companies that will operate at the forefront of business and technology innovation. The firm has received investment both from EquiFund, a fund-of-funds created jointly by the European Investment Fund (EIF) and the Hellenic Republic, and from private investors. For more information on Metavallon VC, visit https://metavallon.vc/.

SOURCE LANGaware