Virtonomy was founded in Munich in 2019 by Simon Sonntag and Wen-Yang Chu and develops data-driven virtual patients combined with multiphysics simulations. The startup aims to increase the cost-effectiveness of medical device development by enabling more tests to be conducted virtually (in silico) in a shorter time and with more iterations. At the same time, the digital twins reduce the number of animal and human trials. Virtonomy has already demonstrated the effectiveness of its solution in initial preclinical and clinical studies in collaboration with medtech manufacturers.
The Munich-based company was able to secure a seven-figure investment as early as 2021A further €3.5 million has now been raised, including from existing investors Bayern Kapital, Dieter von Holtzbrink Ventures, and Industrial Innovators. Accenture Ventures, Honeystone Ventures, N&V Capital, Pace Ventures, and Springboard Health Angels are also joining as new investors.
Simon Sunday, CEO of Virtonomy, explains:
"We are delighted to have received this investment to advance our work on developing digital patient twins. We firmly believe our platform will revolutionize the medical device industry, making it more efficient and effective than ever before. This investment will enable us to continue our work and expand our reach worldwide."
“Virtonomy creates a pioneering technology”
“From our point of view, in-silico testing is an important milestone to significantly optimize the development of medical devices and implants and to minimize development costs/risks,”
commented Monika Steger, Managing Director of Bavaria Capital.
"Virtonomy is creating a pioneering technology for the medical device industry and has developed strongly since our initial investment, which is why we are pleased to continue supporting the company with our renewed investment."
And Tom Lounibos, Managing Director of Accenture Ventures, says:
"Digital twin technology, along with data, analytics, and artificial intelligence, opens up endless new possibilities to reinvent the life sciences industry. But a strong data foundation is always required to create accurate digital twin simulations. We will work with Virtonomy to define a real-time data acquisition strategy that includes both high-quality historical data and continuous data monitoring and validation from new sources."
