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Collective Minds: Transforming Healthcare Collaboration

Since its inception in 2017, Collective Minds has been at the forefront of revolutionizing the healthtech industry. The company’s innovative healthcare collaboration platform leverages cutting-edge technology to facilitate seamless and secure collaboration among healthcare professionals. This platform allows for data sharing, educational sessions, and collaborative research projects within a data privacy-compliant and secure cloud environment. With over 22,000 healthcare professionals and 220 healthcare providers and hospitals connected, the platform’s reach continues to grow rapidly.

Breaking Down Silos in Healthcare

Anders Nordell, CEO of Collective Minds, emphasizes the necessity of breaking down barriers in healthcare: “Our thesis is that there is almost infinite expertise and data in healthcare. The problem is that it is locked into silos at hospitals and healthcare institutes. To advance care, more collaboration is needed. Our goal is to revolutionize healthcare collaboration and ultimately help patients to the right diagnosis and treatment faster.”

Commercial Success and Growth

Collective Minds operates on a B2B SaaS model, demonstrating strong revenue growth since its commercial journey began in 2021. The company has consistently increased its net sales, tripling in 2021, and doubling in both 2022 and 2023. Looking ahead, the company projects another doubling of net sales in 2024, aiming for $7 million, with $1.4 million already secured in Q1 and $3.3 million by mid-year.

A Hub for Healthcare, Industry, and Academia

Collective Minds caters primarily to healthcare providers but also offers significant support to the industry and academia. Medtech, LifeScience, and Healthtech companies use the platform to access healthcare data and validate new technologies. In academia, the platform is instrumental for education and research, particularly in medical imaging.

Three Core SaaS Offerings

Collective Minds offers three services based on its digital collaboration platform: training, research and development, and a marketplace and decision-support function for radiologists.

  1. Clinical Collaboration: The platform serves as a marketplace for teleradiology, second opinions, clinical auditing, and AI decision support. Radiologists worldwide can share challenging X-ray images without compromising patient data, as all materials are de-identified during upload and stored in compliance with GDPR, HIPAA, and other relevant data legislation.

  2. Education: Education at Collective Minds is interactive, based on real-world data, and accessible from anywhere. Customers utilize the platform to enhance radiology teaching, host masterclasses, develop examination programs, and integrate advanced medical imaging tools into educational curriculums.

  3. Research & Clinical Trials: Collective Minds provides a cloud-based medical research collaboration system, facilitating compliant data sharing within a validated legal framework. This service is used by pharmaceutical companies, CROs conducting clinical trials, and academic researchers.

Future Plans and US Market Entry

Backed by Swedish venture capital firms, Brightly Ventures and Segulah Medical Accelerations, Collective Minds has raised $14 million through seed and series-A rounds. The company’s short-term goal is to achieve profitability with its current business and market by 2026. Concurrently, the team is exploring how to expand its global presence and adding new clinical segments to grow even faster.

The growing interest from the US market could be a significant part of this accelerated growth strategy. Therefore, Collective Minds will increase its focus on the US in the second half of 2024. According to Johan Norling, Chairman of Collective Minds, “We are very excited about the opportunities in the US. Today we have the first big healthcare companies contacting us because they want to start using our services. Organizations like UCSF, University of Wisconsin, Boston Imaging Core Lab, Kaiser-Permanente, Bill and Melinda Gates Foundation and GE Healthcare, have signed up or are using the platform.”

Positioned for Success

Healthcare is one of the last industries to fully embrace a digital transformation, but the time is now, and Collective Minds is ideally positioned to lead this change. With strong customer traction, an innovative platform, and a solid business model, Collective Minds is set to disrupt the healthcare industry and foster a new era of collaboration and innovation.

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