Kry achieves profitability across markets: AI-driven transformation

Digital healthcare startup Kry, operating under the name Livi in France and the UK, demonstrates its financial turnaround.

Having secured over $700m in funding, Kry has successfully transitioned to profitability in its Swedish, French, and British markets.

The company’s resilience can be attributed to internal efficiency enhancements and the integration of generative AI into its processes since the introduction of OpenAI’s GPT3.5.

Navigating a Shift from Losses to Profitability

Kry was set up in 2015 as a digital health company providing doctor consultations through online channels for both public and private healthcare sectors. Due to regulatory changes in Sweden, they were compelled to incorporate brick-and-mortar healthcare facilities into their offerings.

In response to investor demand for profitability, Kry streamlined its organization in 2022, terminating around 400 employees and withdrawing from the German market. Its expansion continues in other European countries. Today, it operates approximately 60 physical care centers in Sweden, and three in France, and plans to open its first in the UK.

According to Kalle Conneryd-Lundgren, COO of Kry, profitability milestones were achieved in Sweden (October 2022), France (October 2023), and the UK (January 2024). France has surpassed Sweden as Kry’s largest market, reporting a 70% growth rate over the past year with approximately 100,000 monthly patient-doctor meetings.

Revenues generated during the pandemic contributed to the expansion of digital care startups due to the reduced availability of face-to-face appointments.

Investments in Gen AI

While on an individual country level, there is profitability, Kry’s group-level financials remain unprofitable, with significant investments in technology development among the expenses.

By leveraging the power of generative AI, Kry has enhanced its operational efficiency and positioned itself at the forefront of the digital healthcare revolution, redefining patient care and accessibility in Europe and beyond.

We are in the sector that will possibly benefit the most from the development of large language models

Johannes Schildt, co-founder of Kry

At Kry, doctors receive diagnostic suggestions from GenAI and assistance in determining the appropriate care agency for patients. Additionally, AI helps compile data and handle administrative duties, allowing physicians to spend more time with patients. Over the past year, administrative tasks around each patient-doctor interaction have been streamlined by approximately 30% at Kry, driving profitability.