Vetnio announced their EUR 1M Pre-Seed round led by Peak and YZR. Joining us in the round are also Wave Ventures, Mattias Miksche and Amir Marandi. Vetnio will use the funding to develop their AI Scribe further and expand their business.
At Peak, we believe in investing in visionary teams that create meaningful change, especially in industries with a clear need for innovation. Our recent investment in Vetnio is grounded in the belief that they are poised to transform the veterinary care market. This fast-growing industry has long been underserved and burdened by inefficiencies. AI is changing nearly all sectors, and the veterinary industry is no exception.
An industry in need of transformative change
Veterinary professionals are increasingly facing the challenges of long working hours, administrative overload, and burnout. Research shows that over 90% of veterinarians report high levels of stress, with almost 23% needing to take time off due to burnout. One of the primary drivers of this is the significant administrative burden. More than 40% of vets identify administration as their biggest challenge, which detracts from their core mission—providing care to animals.
A typical veterinarian sees between 30 and 60 animals daily, with each appointment requiring up to 20 minutes of note-taking and journaling. This process often demands two people in the room—one to handle the animal and the other to take notes. While this setup is necessary to ensure thorough documentation, it is an inefficient use of staff. Beyond post-appointment work, this inefficiency adds to the time vets spend on repetitive administrative tasks, further exacerbating stress and burnout.
The European veterinary market, currently home to approximately 1.6 million veterinary workers, is growing substantially. Driven by increased pet ownership, rising animal diseases, and a greater demand for preventative care, the market is estimated to grow at a CAGR of approximately 10% over the next decade. As this growth continues, the need for innovative solutions to reduce administrative burdens is becoming more pressing.
Addressing critical pain points in veterinary care with AI
The veterinary profession is typically associated with compassion and a love for animals, but it faces significant challenges due to increasing administrative demands. As the industry evolves, the integration of AI into veterinary practices is emerging as a transformative solution. Vetnio is at the forefront of this shift, developing AI-driven tools to revolutionize how veterinarians work. In today’s market, leveraging AI is not just a possibility—it’s a necessity. The case for applying AI in veterinary use cases is especially strong given the high amount of unstructured text (and voice) data generated in veterinary clinics. AI can structure the data and provide insights benefiting the clinics. Unlike the human healthcare market, the veterinarian market is highly unregulated, simplifying access to the clinic’s proprietary medical data.
Vetnio directly addresses the administrative challenges by offering an AI-powered scribe that automates clinical note-taking. This solution can save veterinarians up to 10 minutes per client, translating to as much as 9 hours saved per week—hence the name “Vet-nio” (where “nio” means nine in Swedish). By significantly reducing the administrative burden, Vetnio’s AI scribe helps to decrease stress and boost productivity, allowing veterinarians to focus on what truly matters: providing care for their patients, the animals.
The AI scribe uses advanced voice recognition technology, explicitly trained to handle communication between professionals and non-professionals, to streamline the note-taking process. This eliminates the need for a second person in the room, freeing up staff for other essential tasks. For animal hospitals and clinics, this not only reduces the administrative workload but also leads to potential cost savings through more efficient staffing.
Beyond note-taking, Vetnio’s solution generates automatic reports and action items, minimizing the manual work veterinarians usually do after each appointment. The custom report structure ensures consistency and comparability across cases, enhancing the quality of care and the overall workflow of veterinary practices.
As pet ownership continues to rise and awareness of animal health grows, Vetnio’s solution couldn’t come at a better time. In Sweden, Vetnio’s home market, veterinary clinic consolidation is already taking place, with large chains like Evidensia dominating the landscape. This trend extends to European countries like Germany and France, where efficiency expectations are pushing the adoption of AI solutions in veterinary practices. AI is gaining traction within the veterinary industry, with early signs of growing acceptance. Vetnio is well-positioned to lead the charge in transforming veterinary care through AI.
A Visionary Team with the right ambition and timing
Beyond the compelling opportunity to innovate the veterinary market, the Vetnio team’s core belief is that pet health positively impacts human health which is a belief we at Peak share. The two co-founders, Arman Karegar and Max Henry Xie, bring technical expertise and a proven track record of execution from previous ventures. Their vision extends far beyond their current AI scribe solution. Their forward-thinking approach, combined with the team’s ability to move fast, is why we are confident in Vetnio’s potential to disrupt the veterinary space.
The timing for Vetnio’s solution couldn’t be better. While the U.S. has seen some AI-driven innovations in the veterinary space, Europe remains relatively untouched, giving Vetnio a first-mover advantage. By leveraging AI to reduce the administrative burden on veterinarians, they are improving the lives of both professionals and the pets they care for. With a brilliant team, early strong traction, and a growing market, we believe Vetnio is on track to become the leading player in the digital transformation of veterinary care in Europe and beyond. If you are a vet practitioner and want to learn more about Vetnio and how they can transform your clinic, you can learn more at vetnio.com.