Europe-based Startup Flinn Receives €2 Million Grant from FFG to Enhance AI Capabilities for Streamlined Regulatory Compliance in the Medical & Pharmaceutical Industry
Flinn has secured its first major public funding, just a little over half a year after successfully closing its pre-seed round and founding the company. The substantial grant of up to 2€ million, awarded over a period of three years, is a testament to the exceptional value and potential of Flinn's mission in the industry. Securing such a prestigious public grant is no small feat, and it reflects the grant committee's deep understanding of the urgency for transformative action in the medical device and pharmaceutical sectors. The founders' team, with their extensive experience in raising public funding, played a pivotal role in expediting and ensuring the high quality of the application process.
The accessibility of critical medical products is at risk and processes are done very manual today.
Since 2021, all new medical products released in the EU must comply with the new Medical Device Regulation (MDR). This regulation was introduced to address historical shortcomings and establish a sophisticated global standard for medical product safety. While the intent is commendable, it has significantly increased complexity and costs for medical device manufacturers selling their product in the EU. The challenge is exacerbated by the difficulty in hiring qualified personnel to manage the added workload, leading some manufacturers to make difficult decisions, such as cutting highly relevant but less profitable niche products like pacemakers for children or withdrawing from less profitable markets, which can impact medical care in developing countries.
Closed Beta Launch Paves the Way for Revolutionary Efficiency in MedTech and Pharma.
Flinn is ready to become a transformative force for the MedTech and Pharma industries, streamlining the development and operations of products with remarkable efficiency, ensuring universal access to the highest quality medical innovations. With their recent closed beta launch, Flinn has taken a crucial step towards achieving this vision, concentrating on automating the post-market surveillance process for Medical Device Manufacturers. The recent changes in the Medical Device Regulation (MDR) have spurred a sense of urgency among companies to embrace digitalization, and Flinn's innovative Software-as-a-Service (SaaS) platform offers a solution that meets this pressing need.
Public Funding to Supercharge AI Capabilities with NLP for Streamlined Compliance Management.
The recently secured public funding from the FFG (Austrian Research Promotion Agency) will serve as a crucial investment for Flinn, fueling the expansion of their AI capabilities with a particular focus on Natural Language Processing (NLP). This strategic move aims to accelerate the collection and evaluation of pertinent data while automatically documenting the entire process and reducing the risk of non-compliance. Leveraging NLP will enable Flinn to recommend and orchestrate follow-up actions, such as necessary changes related to risk assessments, products, and processes.