Digital clinical trial platform Medable has snapped up LEO Innovation Lab's dermatology-focused platform Omhu A/S for an undisclosed sum.
This news comes just months after Medable announced a whopping $304 million in Series D funding, which brought the company's total valuation to $2.1 billion.
Copenhagen, Denmark-based Omhu has several offerings, including an app called Imagine, which helps patients track their skin conditions over time. It also has a virtual care offering, called Omhu Care, which lets patients input their skin condition symptoms and send photos of the issue. Within 48 hours, a dermatologist reviews the responses and provides insights into the condition. The company also developed a triage tool called Husvar, which gives patients insights into potential dermatological issues.
Medable is focused on decentralized clinical trials. Its technology is designed to help researchers conduct remote screenings, give electronic consent, provide outcomes assessments and conduct telemedicine visits.
WHY IT MATTERS
The Omhu acquisition will continue Medable's European expansion efforts. The company currently has locations in Ireland and Switzerland. The deal will also bring its 38-member staff and its artificial intelligence and digital health tools to Medable.
"Like Medable, Omhu combines medical and scientific expertise, a thorough understanding of the needs of patients and their doctors, and the research into applying artificial intelligence for the benefits of patients and doctors," Christian Sejersen, formerly Omhu CEO and now site lead for Medable Copenhagen, said in a statement. "We couldn't have found a better home for our team, and we are excited to continue delivering innovation that makes lives better for patients."
THE LARGER TREND
There are several digital dermatology products on the market today. In 2021, Google unveiled its AI-powered dermatology assistant that runs on a web-based application. The tool allows users to upload photos and answer questions about their skin conditions. Google's AI model will then analyze the data and give users a list of potential conditions.
Alphabet's life science subsidiary Verily is also in the digital dermatology space. In January, Verily and cosmetic company L'Oréal announced a new effort focused on better understanding skin care and developing new dermatology tools.
A number of independent companies, including First Derm, SkinVision, DermaSensor, VisualDX and Doctor Hazel AI, also offer skincare-focused digital tools.
ON THE RECORD
"LEO Innovation Lab has a strong track record developing transformative patient-centered digital solutions, and the technology and team at Omhu exemplify that," Tim Smith, chief technology officer and co-founder of Medable, said in a statement. "We’re thrilled to add Omhu's patient-centered solutions to our platform, and we welcome the innovative and talented Omhu team to Medable."
