Unumed

Unumed is a Danish medtech company offering a modern, affordable and user-friendly IT system for hospitals and clinics in low- and middle-income countries. The system covers all departments of a hospital and is designed for data analytics and artificial intelligence. The software is sold as-a-service incl. proprietary iris scanning technology for unique biometric registration of patients. Unumed has offices in Denmark, Kenya and Sri Lanka.

Economic rationale / Business Model

Services: 
1) A complete IT system for hospitals and clinics incl. electronic health records, laboratory, pharmacy, billing, accounting, inventory, telemedicine and special clinics 
2) A data analytics platform for Ministries of Health, hospital management and partners 
3) Biometric iris recognition of patients 
4) A personal health record for patients to own their own data

Target markets: 
Unumed targets low- and middle-income countries who previously haven’t had access to modern hospital management systems at an affordable price level. Within these countries, we target private, public and faith-based hospitals, health centres and clinic chains. In the public sector, we are specifically targeting national and regional Ministries of Health to digitalise networks of healthcare facilities and thereby connect the referral network.

Business model:
Unumed sells its software on a subscription basis (SaaS). The annual service fee includes software licenses, training, IT support, automatic system updates, cloud hosting and connectivity. 
Prices vary from approx. USD 8,000/year for a small clinic to USD 500,000/year for a large hospital leaving a profit margin of around 45% in year 1 and 85% in the following years.

Financing details

Project financing secured: EUR 0.518 million (37 %)

Financing source: Private

We are currently fundraising EUR 1.4m at a EUR 9.4m pre-money valuation (of which EUR 0.52 have been closed so far). The round is expected to be the last before break-even in 2019 and is focused on scaling up Unumed’s sales & implementation organisation internationally.

Project additional information

Unumed launched in Q4 2016 and has generated revenue of EUR 200,000 to date. We have developed and matured our hospital management system since 2013 and now have customers ranging from Novo Nordisk to the Red Cross across clinics and emergency settings. The focus is now to scale up to support full-scale hospitals.