Shares of Medicalgorithmics S.A. have been acquired by leading Polish investment funds, family foundations, and well-known entrepreneur and investor Mariusz Książek. Biofund Capital Management LLC, the company’s largest shareholder, has expanded Medicalgorithmics’ institutional investor base as part of preparations for entry into the U.S. capital markets in 2026. The medtech company’s stock is among the fastest-growing in the sWIG80 index, driven by dynamic business expansion, new contracts, and rising revenues, particularly in the U.S. market.
“If Medicalgorithmics were listed on the NYSE or NASDAQ, its market capitalization would likely be several times higher,” said Prof. Paul Lewicki, co-founder of Biofund and a pioneer in data mining. “This is a reflection of the objective value of its unique AI technologies, which are unmatched in the medical sector and validated by a Nature publication. It is unfair to current investors that the valuation does not yet reflect this, and we intend to change that by attracting top-tier U.S. investors. To achieve this, we need recognition and validation from institutional investors – which we are now securing.”
Listed on the Warsaw Stock Exchange, Medicalgorithmics has successfully completed the first phase of its transformation by focusing on the development of innovative software for cardiac diagnostics. Since the beginning of the year, the company has been expanding rapidly, securing new clients and activating existing ones. It has signed a record number of contracts (15 – more than in the entire year 2024), fueling a substantial rise in its share price. Since January, the company has doubled its market value, positioning itself as one of the best-performing investments on the WSE in 2025. Medicalgorithmics’ AI-driven software continues to attract growing interest, while revenues are expanding steadily under the support of Biofund. The active involvement of world-class medtech expert Dr. Kris Siemionow, who transitioned from the Supervisory Board to the Management Board in June to assume the role of CEO, has accelerated both the company’s growth trajectory and global expansion.
“Biofund’s engagement is strategic and long-term. Recent achievements have confirmed the effectiveness of our development strategy and focus on proprietary AI solutions that are quickly moving toward replacing cardiologists. Medicalgorithmics is on a path of dynamic growth. Thanks to the dedication of our entire team, we have attracted a record number of new clients, including one of the largest U.S. IDTFs, and are increasingly effective in monetizing these relationships. We are pleased that our efforts have been recognized by leading Polish investors,” commented Dr. Kris Siemionow, CEO of Medicalgorithmics and co-founder of Biofund Capital Management LLC.
As part of the transaction, Biofund Capital Management LLC sold 1.5 million shares, representing 15% of Medicalgorithmics’ total equity. Following the sale, Biofund remains the largest shareholder with an approximately 35% stake.
New investors have joined the company’s shareholder base, including Książek Holding, managed by Mariusz Książek – a prominent Polish entrepreneur and investor, co-majority shareholder and Chairman of the Supervisory Board of Synektik, a company with a market capitalization of around PLN 2 billion.
“I have strong confidence in the potential of the entire life sciences sector, and the cardiology market is particularly close to me given Synektik’s project in this field. Medicalgorithmics’ dynamic growth, new contracts, deployments, and rising revenues validate the effectiveness of its transformation. I believe the company has a very promising future and further global expansion ahead, especially as it brings new products to market,” commented Mariusz Książek, CEO of Książek Holding.
Medicalgorithmics exemplifies a successful transformation toward scalable AI-based services, with an increasing share of revenues coming from software and a strong position in the global telemedicine market. The company specializes in applying artificial intelligence to the diagnosis of cardiovascular diseases, particularly in long-term ECG monitoring – a market with significant growth potential and attractive diagnostic margins. Since the start of 2025, the company has already scaled its operations considerably, signing 15 new contracts – more than in all of 2024. The most recent of these, finalized in mid-August, involves the use of Medicalgorithmics’ proprietary DRAI software and DRP platform by a North American deep-tech company that has launched AI-powered textile Holter monitors for cardiac monitoring.
According to Mariusz Książek, he had been monitoring Medicalgorithmics for years but considered its previous business model too risky to invest. That changed at the end of 2022, when Biofund acquired a controlling stake, implemented a cost restructuring program, and redefined the company’s strategic direction.
“Over the past two and a half years, the company has undergone a profound transformation, even though its name remained unchanged. Observing the competence and professionalism of the current team, I started to view it in an entirely different light. It did not take long for the market to notice and reward these changes, as reflected in the share price – in line with my expectations. I waited for the right moment to invest, and I will not rule out increasing my stake in the future,” added Książek.
This year, Medicalgorithmics has also improved the efficiency of onboarding new clients. By the end of July, the company had integrated 28% of clients acquired in 2025 (4 out of 14 at that time). The activation of additional clients – including a major U.S. IDTF and a European IDTF – has already translated into revenue growth, with July revenues up 33% year-on-year. As client integration and testing (which typically require 6-10 months after contract signing) progress, Medicalgorithmics expects to begin monetizing further contracts later this year. The Management Board anticipates accelerating growth momentum in the coming months and achieving cash break-even between Q4 2025 and Q1 2026.