Maven Pet announces $4.42 million in new investment round
The funding will allow the Oporto-based company to continue developing its product and innovation, strengthen the team, and consolidate its presence in the U.S. market.
Porto, September 5, 2024 – Maven Pet, a startup dedicated to pet health founded by four Portuguese entrepreneurs, has raised $4.42 million in a new investment round led by Touro Capital Partners. The funding will be used to further develop their AI-Vet™, an AI-based platform that enables early detection of health issues in pets.
Founded by Guilherme Coelho, David Barroso, Paulo Fonseca, and Virgílio Bento (co-founder and CEO of Sword Health), this marks Maven Pet's third investment round since its creation in 2021.
“Maven Pet has been pioneering technological solutions that facilitate preventive medicine for pets. This investment will strengthen our position in the U.S. market and help develop a unique, impactful product that has already improved the health of hundreds of dogs and cats,” said Guilherme Coelho, founder and CEO of Maven Pet.
The investment round was led by Portuguese firm Touro Capital Partners and included participation from BlueCrow and Iberis, as well as existing investors Mustard Seed Maze and Armilar.
“We are thrilled to join Maven Pet and its incredible founding team. We led this round because it offers a differentiated, proactive preventive solution in a large and fast-growing market. It’s another great example of a Portuguese-born company that is innovating and leading the way, even in the most demanding global markets,” said Miguel Vodrazka de Miranda, co-founder and Partner at Touro Capital Partners.
About AI-Vet™
AI-Vet™ is the first AI-based pet health monitoring system on the global market, allowing veterinarians to act earlier and pet owners to continuously track their pets' health and well-being. The AI analyzes real-time data collected by a sensor on the pet's collar, along with its medical history and feedback provided through a mobile app. This unprecedented approach enables precise monitoring of activity patterns, sleep, and behaviors in dogs and cats, as well as clinically valuable indicators such as respiratory rate.
When an anomaly is detected, the AI immediately alerts the pet’s veterinarian, helping identify issues early on for better recovery. AI-Vet™ has proven effective in detecting cardiovascular, dermatological, gastrointestinal, musculoskeletal, respiratory, and urological issues, as well as aiding in post-surgical care to optimize treatment strategies.
“In 2019, my senior large-breed dog Tommy's joint disease was only identified when he could no longer stand up on his own. At that time, Maven’s solution didn’t exist, but today, cases like Tommy’s can be detected early, allowing for quick interventions that prolong pets’ well-being,” shared Guilherme Coelho.
Maven Pet previously conducted various pilot studies in Portugal to gather data for optimizing its AI product. In parallel, the company has led several international studies, including one currently underway in collaboration with the Ontario Veterinary College (ranked the world’s top veterinary school) and other North American universities.
Having focused primarily on the U.S. market until now, the startup is preparing to enter the national market, already establishing new partnerships with clinics and specialist veterinarians in Portugal.
The company currently employs 17 people in Portugal and plans to expand its team with Portuguese and U.S. talent in the coming months. For more information on Maven Pet and AI-Vet™, visit the company’s website at www.maven.pet.
