Munich, May 2021
Inveox – an innovative startup from Germany – brought to the 9th MEDICA Start-up Competition, their unique solution. Inveox develops systems to digitize, automate and connect pathology laboratories. With an innovative automation system for sample preparation in histopathology, inveox increases efficiency and safety in pathology laboratories. As a result, the risk of operational irregularities and potential misdiagnoses are significantly reduced and patient safety – especially in cancer diagnostics – is greatly improved.
1. INTRODUCE YOURSELF! – HOW DID IT ALL START?
At Inveox, our goal is to automate and digitize histopathology labs, which analyze biopsy samples to provide a cancer diagnosis. When a biopsy sample comes into the lab, lab assistants have to manually dispose of a carcinogenic fluid, place the sample into new containers, and record information on pieces of paper. These papers must be matched to lab order sheets, which can be mixed up or even lost.
This is an industry that still relies on a lot of manual labor, and our solution came from the idea of bringing more 21st century technologies to these labs. We want to help eliminate human error from the process, so that patients and their doctors receive fast, reliable test results.
Inveox was founded by me (Dominik Sievert) and Maria Sievert in 2017.
2. WHAT ARE THE KEY MILESTONES YOU HAVE REACHED SO FAR?
We have had three successful financing rounds, which have enabled us to develop and launch our digital and automated solution for sample entry in labs. We have also grown our team to over 100 employees from diverse backgrounds and countries, working in three different locations (Munich, Germany; Krakow, Poland and Houston, Texas, USA).
In response to the coronavirus pandemic this year, we launched a successful medical supplies business to provide hospitals with much-needed supplies. We also recently started our collaboration with Roche Diagnostics Germany to jointly drive digital solutions in histopathology.
3. WHAT WERE THE BIGGEST CHALLENGES YOU HAVE FACED?
As a young company, we have learned that agility and adaptability are an absolute prerequisite in order to gain a foothold in the market, to selectively follow trends and stabilize in the respective industry for the long-term. Flexible and open structures as well as the willingness to change have been an integral part of our everyday business since the foundation of inveox. Change should also be a “fixed variable” in a startup’s company structures. This is how our medical supplies business came about.
To new founders I would say: remember that healthcare has been historically slow to embrace new technologies! This means that it might take time to see your digital ideas fully implemented into the medial field, so you need to keep fostering the growth of both your ideas and your people for the long run. No idea is perfect from the very beginning so you need to carefully study and learn all about your customers, engage with them closely, leverage opportunities for co-creation. And no founder can build a successful company alone; it takes different perspectives and skills to sharpen an idea into a successful business and digital health is a field where you should have enough time to give everything the adequate time to grow.
4. WHAT IS COMING IN THE NEAR FUTURE?
After a successful entry into the DACH–region market, we are focused on expanding throughout Europe and eventually into the U.S. market.
5. DESCRIBE YOUR EXPERIENCE IN THE 9th MEDICA Start-up COMPETITON AND BEING THE TOP3 WINNER
I was impressed with the way the competition (and the digital event in general) was organized. Unfortunately, I ran into some connection problems, but was still allowed to present our solution as the last pitch of the competition. It was an honor to be named a finalist. Recognition like that boosts our confidence in our vision and gives us a great opportunity to network with potential partners, investors and other MedTech industry leaders.
6. CAN YOU SHARE WITH US YOUR THREE TIPS FOR UP-COMING START-UPS?
The best advice I can give is to make sure your purpose is crystal clear. If you believe in your product and what it can do for your industry, it will show in your presentation. At inveox, our experience with investors has been that they are on board if they understand your mission and where you want to go.
THANKS FOR THE INSIGHTS AND WE SHALL KEEP WATCHING YOUR NEXT BIG STEPS!
Visit Inveox and follow up with Dominik Sievert and Maria Sievert, the founder of inveox. Check out their systems to digitize, automate and connect pathology laboratories and see what incredible work they do.
Join to the 10th MEDICA Start-up COMPETITION free of charge. Submit your solution in AI in healthcare, diagnostics, health apps & robotics, and take chances to scale up your business at the world’s hotspot for health innovation at MEDICA.