Swedish health tech startup Neko Health has a lofty vision: to create a healthcare system that helps people stay healthy through preventive measures and early detection.
“In today’s primary care system, doctors do not have the time or resources to focus on prevention of disease. Often, health issues are not detected until a patient develops more serious symptoms, leading to personal suffering and high-cost treatments. It is more important than ever to pay attention to the importance of early detection and preventative care,” said Neko CEO Hjalmar Nilsonne.
Investors seem to be confident that Neko, which produces medical scanning technology, can advance itself toward achieving that mission. The company recently raised €60 million (about $65.8 million) in Series A financing. The funding round was led by Lakestar, with participation from Atomico and General Catalyst.
This marks the first time that the startup has brought in external capital. The company was founded in 2018 by Nilsonne and Spotify CEO Daniel Ek — they chose the name Neko because it is the Japanese word for cat.
“Cats, across various cultures, have been symbols of health and wellbeing. In fact, in many cultures there’s a belief that cats have nine lives and can narrowly avoid seemingly disastrous situations,” Nilsonne explained.
Neko’s medical scanning technology aims to conveniently and affordably collect extensive health data to aid doctors in catching diseases early. The startup’s scan takes about 10 minutes, and it is always followed by a consultation with a physician. It is meant to assist doctors in detecting diseases including skin conditions, skin cancer, cardiovascular disease, diabetes and other metabolic syndromes.
The technology uses more than 70 sensors to collect 50 million data points in minutes, the company claims. It also says that its scans can detect incredibly subtle changes in the body, such as skin changes as small as 0.2 millimeters (less than 0.008 inches).
“Neko Health does not use MRI, CTs or other such technologies — we have developed our own medical device with the goal of offering an affordable and precise health assessment. We operate these devices in our own clinics, combining clinical studies with clinical workflows, to provide the highest quality experience, both for the patient and in terms of medical quality,” Nilsonne declared.
The company operates two clinics in Stockholm — one is a scanning center, and the other is a primary care clinic that serves the public. Patients are charged €250 (about $275) for a scan and personal consultation with a physician.
“The incentive for preventative care is lacking in today’s healthcare system and hence, our initial focus is consumers,” a Neko spokesperson added.
Nilsonne said that Neko is “looking closely at the U.S. market.” The startup finds this market “very intriguing” but it doesn’t have a timeline for when its scans will become available stateside, he explained.
But Neko isn’t the only startup on a mission to provide quick, whole-body scans that help doctors find diseases earlier. There’s also Prenuvo, which raised $70 million in October. Neither Nilsonne nor Neko’s media spokesperson responded to questions about how the company differentiates itself from competitors such as this.
Photo: Neko Health
