DNV becomes the largest shareholder in Recare
Investment will scale AI platform for hospitals and care facilities
Recare, a Berlin-based provider of technology solutions for hospitals and care providers, has closed a growth financing round up to 37 million euros, including a 7 million euro option. The financing round has been led by DNV, the independent assurance and risk management provider, with additional participation from CIBC Innovation Banking and other investors. It makes DNV the largest shareholder in Recare.
Founded in 2017, Recare provides two-thirds of German hospitals and more than 26,000 care providers with a software-as-a-service platform that digitally simplifies discharge management and aftercare. The new capital from the funding round will fast-track the introduction of a new AI agent to hospitals and care facilities and expand the company’s international business.
Recare’s AI agent enables care providers to improve automation of administrative tasks and coordinate workflows to reduce the workload of healthcare professionals at a time of growing skills shortages in the sector. The European Commission has estimated that Europe already faces a shortage of approximately one million doctors and nurses. This gap is projected to worsen significantly by 2030.
"Hospitals are under enormous operational pressure, as healthcare professionals spend increasing time on administrative tasks—leaving less capacity for what matters most: caring for patients. Recare’s AI agent platform relieves a large part of this administrative burden by leveraging unstructured data to rapidly orchestrate workflows. The new investment into our business will accelerate the roll-out of our AI agent across Germany and abroad, helping healthcare providers to transform their workforce capacity," said Maximilian Greschke, CEO of Recare.
The AI agent acts as a smart hub that connects existing hospital IT systems. It intelligently coordinates clinical and administrative workflows across departments, automates documentation and routine tasks including medical letters and handover protocols, and automatically extracts and structures data from PDFs, scans, and free text into interoperable formats. This breaks down data silos and helps workflows run smoothly end-to-end.
“Recare is proving that smarter workflows translate into measurable productivity for German healthcare. DNV’s investment will scale that impact internationally. Recare’s market leadership and ambitious AI plans fit perfectly with DNV’s focus on solutions that raise efficiency and reliability through secure, accurate, interoperable data,” said Daniel Holth Larsen, Managing Director, Digital Health, DNV.
DNV has served the healthcare sector for nearly four decades, building trust across the value chain in many countries. The investment in Recare expands the company’s growing portfolio of digital health companies, which includes real-time data integration tool provider DNV Imatis, healthcare productivity and data assurance specialist MBI Health, and Patients Know Best, a leader in patient-controlled health records.
Charlotte Goggin, Director, CIBC Innovation Banking, said: “We are pleased to support Recare as part of its latest funding round. For healthcare institutions, administrative tasks are time-consuming and take away from valuable hours that could be spent helping patients. Recare addresses this with its platform that maximises optionality for patients requiring aftercare solutions and streamlines the discharge and after-care processes.”
For further information visit: www.recaresolutions.com.
About Recare
Recare is a leading health tech company, improving hospital operations and care coordination with AI-driven workflow technology. Its network connects around two-thirds of German hospitals and more than 650 rehabilitation clinics and 26,000 nursing and homecare providers, helping reduce administrative workload and improve patient flow.
Founded in 2017 and headquartered in Berlin, Recare is expanding its AI technology into international markets to help healthcare providers work more efficiently and deliver more data-driven, sustainable care.
About DNV
DNV is an independent assurance and risk management provider, operating in more than 100 countries. Through its broad experience and deep expertise, DNV advances safety and sustainable performance, sets industry standards, and inspires and invents solutions.
Driven by its purpose, to safeguard life, property, and the environment, DNV helps its customers seize opportunities and tackle the risks arising from global transformations. DNV is a trusted voice for many of the world’s most successful and forward-thinking companies.
DNV has enabled stakeholders in the healthcare sector to make critical decisions with confidence for more than three decades, delivering hospital accreditation and certification. The company’s digital health solutions empower healthcare providers to tackle rising costs, staff shortages, and demand for care with solutions that improve patient safety and assure an efficient digital transformation.
About CIBC Innovation Banking
CIBC Innovation Banking has 25 years of specialized experience in growth-stage tech and life science companies across North America – a longer track record than most banks. CIBC now has over $15BN in funds managed including life sciences, health care, cleantech companies, investors and entrepreneurs, and has assisted more than 550 venture and private equity backed businesses over the past six and a half years. Over the last 12 months, CIBC Innovation Banking has committed over $3BN in venture loans to the innovation economy. Connect with us today to start the conversation.