Wroclaw-based LabPlus with technology for analyzing lab results strengthens in Poland and takes first steps in Asia

AI algorithms are increasingly supporting diagnosis and treatment, and the pandemic has highlighted the need to implement innovative solutions in the healthcare system. The Polish LabPlus, among others, is working on automating time-consuming and manual processes. With the growing acceptance of telemedicine or remote monitoring solutions, the Wroclaw-based company has created a product to revolutionize the laboratory testing market. The proprietary LabTest Checker uses artificial intelligence to speed up medical diagnosis. In this way, the patient, on the basis of test results and an automatically generated medical questionnaire, in a few seconds receives a report with an interpretation, a set of recommended further tests and recommendations for treatment, including referral to a doctor of the appropriate specialty. LabPlus also sells its system in the form of an API, allowing its customers to expand its offerings – integrating with existing applications or creating their own digital products for analyzing laboratory tests.

The company ended 2022 with more contracts and implementations to its credit. The startup is counting on revenue growth in Poland as early as this year, and is currently discussing terms of cooperation with Indian clients, among others. The founders of LabPlus are confident that global demand for their technology will grow, which is why they will use the funds from the round they have just organized, among other things, for international commercialization.

The company’s business successes recently included a significant expansion of the model and scope of cooperation with Diagnostyka, which is the largest provider of laboratory tests in the CEE region, with about 20% of the market in Poland. LabPlus solutions originally covering interpretation of thyroid packages will be expanded to include a medium package free of charge for patients (Diagnostyka pays for the service), thus covering most of the most commonly performed tests. LabTest Checker will also cover individual tests and baskets of tests self-selected by users – here under the “satisfaction guarantee satisfaction or money back.” Under the new model and in the long term, the target number of tests possible for e-analysis could reach as many as 4.5 million per month.

The automatic interpretation service is also currently available to users of the uPatient service. In the portfolio of Polish startups at the stage of implementing the tool also includes Synlab, which operates in Poland, the largest laboratory in Europe, as well as the Medonet medical portal. The potential customer base is wide, as the
the company’s technology is expected to reach diagnostic laboratories, clinics, hospitals, as well as providers of LIMS (laboratory information management system) systems, which will open the startup’s doors to the highly fragmented fragmented market of small laboratories. The solution is expected to strengthen their offerings, as testing consumer testing is a key component of any business based on this type of diagnostics.

From the left: Szczepan Czyczerski, Jakub Gorowski, Siddarth Agrawal, Bartlomiej Bartoszewicz

Global idea

LabPlus today covers 70 percent of the most commonly performed tests, and plans to increase this to 100 percent in the coming months. Foreign customers are expected to benefit as early as 2023. The Wroclaw-based medtech is targeting India, where it is in advanced talks with three major players, in cooperation with local partners. The company has already established a sales team there, and is planning the first deployments in the second half of the year.

“Our product is ready for international scaling, and we have been developing with an expansion perspective from the beginning. Thinking about the global laboratory testing market, we are looking first at countries with the largest number of direct-to-consumer (DTC) tests. We want to establish ourselves primarily in India, which is growing very rapidly in this area. Consumer research there accounts for as much as 90 percent of all research, and the dispersion of the market is huge. Spain, Italy or the United States are also attractive markets for us.” – the head of LabPlus adds.

Scientists in business

The nearly 30-member LabPlus team has been growing on the initiative of Siddarth Agrawal, MD, PhD, a medical and health sciences researcher since 2018. Even as a young medical student, he was notoriously asked by those around him to interpret test results.

“People without medical training need sound medical knowledge to properly understand lab results. And they usually have a strong need to interpret them quickly. The consequences of poor, hasty analysis or not doing tests at all are very serious, yet for doctors, this is usually the only way to get information about a patient’s health. Every year, more than 3 million people die prematurely from diseases that we can easily prevent by performing laboratory tests and properly interpreting their results. At LabPlus, we want to realistically support and improve the diagnostic and therapeutic process. We have created a platform that takes care of the patient on an extremely important part of the health pathway. We provide a very high level of safety and efficiency.” – Dr. Agrawal says.

The interdisciplinary team has developed a proprietary diagnostic engine, a set of algorithms that combine test results with medical history.

To date, the company has secured more than PLN 7 million in funding for the development of the platform in the form of an NCBiR grant and a pre-seed round. The potential of LabPlus was recognized by the LT Capital fund and business angels. The money was then used to finalize the product, certify it and acquire the first customers. Having passed the business test in Poland, it’s time for international commercialization.

“We have ambitious plans based on a business model including pre-selection for clinical trials or market research. Working with leaders in the analytics industry, we know that with our resources we are able to measurably support the production of new drugs and early detection of health problems. The goal we have set for ourselves is to create technology that, using artificial intelligence algorithms and the latest medical knowledge, will support people in taking care of their health.”
– emphasizes Dr. Bartlomiej Bartoszewicz, Chief Science Officer at LabPlus.

According to industry forecasts, the global direct-to-consumer laboratory testing market is expected to grow at an annual rate of 26 percent. In contrast, according to the latest Global Market Insights report, the market for testing blood will reach a value of $123 billion by 2030.