Why we invested: Amboss

Global healthcare is at an inflection point. Aging populations, growing workforce shortages, and rising complexity in care are putting immense pressure on providers – resulting in need for smarter, faster, and more scalable solutions.

AMBOSS is stepping up to meet this challenge. What began as a learning tool for medical students has evolved into a comprehensive, AI-supported clinical companion for healthcare professionals. With more than one million users across 180 countries, AMBOSS is already transforming how medical knowledge is delivered and applied – both during education and at the point of care.

Our investment in AMBOSS marks BPI’s second under our later growth strategy, following our investment in Nord Security. Here’s why we are excited to join Madjid, Benedikt, Nawid, and the AMBOSS team on their journey to digitally empower the next generation of healthcare professionals:

1. A proven category leader in medical education and decision support

More than 500 hospitals in DACH now use AMBOSS via clinic-wide licenses. In Germany alone, 25% of all doctors already use AMBOSS regularly – and this number is growing rapidly.

AMBOSS has become the leading learning platform for medical students in both the DACH region and the US, with the vast majority of students in DACH and a rapidly expanding share in the US engaging with the platform on a regular basis. Beyond that, usage doesn’t stop at graduation: AMBOSS continues to support professionals throughout their clinical careers. While medical students rely on it for learning and exam preparation, physicians use the same platform for ongoing education and point-of-care decision support – making AMBOSS a trusted co-pilot from med school through practice. This long-term engagement and dual utility have enabled AMBOSS to build a uniquely strong and defensible market position.

2. Scalable, profitable growth and compelling unit economics

With a user base exceeding 1 million, and the USA now being the main growth driver, AMBOSS continues to show promising margin expansion across the board. This compelling combination reinforces our conviction in AMBOSS as a durable, long-term compounding platform.

Beyond its strong product, AMBOSS distinguishes itself through the quality of its business model. Operating a hybrid B2C/B2B subscription strategy, the company benefits from consistent upselling opportunities through advanced professional content. This model has delivered robust recurring revenue, high operating leverage, and capital-efficient growth.

With strong user engagement, diversified revenue streams, and growing institutional adoption, AMBOSS is well-positioned to sustain this trajectory.

3. A large and expanding market opportunity

While AMBOSS already leads in medical education, the broader clinical market remains underpenetrated. In Germany, half of all inpatient treatments are delivered by AMBOSS-supported physicians. In the US, 25% of first-year residents rely on their platform to deliver high-quality patient care. This still leaves substantial room for growth in the current markets.

However, the company is already expanding beyond physicians into adjacent roles such as nurses for example, as well as entering new geographies. These segments represent substantial untapped markets, and AMBOSS is well-positioned to serve them.

4. A trusted foundation for responsible AI in healthcare

While many companies are racing to adopt AI, AMBOSS has been building its AI capabilities for years. Its structured, expert-validated knowledge base reduces hallucination risks, creating a strong foundation for trustworthy generative AI applications for healthcare.

Their platform’s semantic architecture – combined with deep medical expertise and robust technology – gives AMBOSS a natural advantage in integrating AI into the clinical workflow. In a domain where accuracy and trust are non-negotiable, AMBOSS stands out as a platform clinicians can rely on.

5. A visionary team building for the long term

Backing their outstanding and mission-driven team, co-founders Dr. Madjid Salimi, Benedikt Hochkirchen, Dr. Nawid Salimi, Dr. Anna Schuster, and Dr. Sievert Weiss bring entrepreneurial ambition and deep medical expertise, with four of the five founders being physicians, alongside many of the 150+ doctors shaping AMBOSS’s content. Their firsthand understanding of clinical workflows has been critical to the platform’s credibility and impact. With the recent transition to a European stock corporation (SE) and long-term investors including KIRKBI, M&G, and Lightrock joining the already strong cap table, AMBOSS is prepared for the next phase of growth.

The team’s thoughtful capital strategy, clear vision, and responsible approach to acquisitions – such as the recent additions of Novaheal and NEJM Knowledge+ – reflect their ambition to lead not just in Europe or the US, but globally.