This is a repost from UK Tech Investment News, see the original article here.
“Medi2data secures £2.1million under EIS in an oversubscribed round led by Wealth Club and existing investors.”
Fast growing Medi2data has built a suite of digital products and services to simplify the process of transacting medical data quickly and securely.
Medi2data’s technology and services are already trusted by thousands of GP surgeries across the UK and to keep pace with demand, Medi2data raised £2.1 million in an oversubscribed round led by Wealth Club and existing investors, under the Enterprise Investment Scheme (EIS).
Medical evidence is required for a range of health risk assessments from underwriting life insurance, determining suitability for clinical research trials, reviewing personal injury cases to assessing a recruit’s health for the armed forces. The existing process for preparing and sharing consented patient medical data is still predominantly manual and a time-consuming process – estimated to take 850,000 days of GP surgery staff time and costing £180 million a year.
Medi2Data’s platform is currently the only one of its kind built on the same clinical coding structure used by government healthcare platforms in the UK and other prime markets such as the US, Australia, South Africa and much of Europe. This means it can be more efficient than competitors at interfacing with primary care providers’ software – and so can produce faster, more structured, targeted, and accurate medical reporting.
Other benefits provided by the proprietary technology include medical reports automatically being redacted of all non-requested data (thereby maintaining patient privacy in line with GDPR requirements) and the Company also offers a team of clinicians providing a fully outsourced medical reporting and Triage service to both GP surgeries and its instructing clients.
With access to 100% of GP surgeries in the NHS Primary Care sector, Medi2data is currently servicing leading insurers, Clinical Research Organisations (CROs) and Health and Retail providers delivering pain management and condition specific digital monitoring services.
Money from this round will be used to build out the team and infrastructure so the Company can continue to convert and service their multi-million-pound pipeline in the UK, as well as to support its international footprint, as with the establishment of Medi2Data S.A. in Cape Town, South Africa.
Richard Freeman, Founder and Chief Executive of Medi2data said: “It has been a pleasure to work with Gayle and her supportive team, and the success of our collaboration has been well illustrated with an oversubscribed investment round.
Raising investment in today’s markets, for Companies at a similar stage in their development and investment cycle, is extremely difficult. Having the backing of Wealth Club and our existing investors provides the Company with a great deal of confidence, as we head into our growth stage. The success of this round will provide working capital for the Company to invest in revenue growth across our sectors, in addition to investing in our technology and platforms to scale and service our existing clients and an already healthy new business pipeline.”
Gayle Bowen, Director of Direct Investments at Wealth Club said: “Medi2Data is making impressive strides in the healthcare technology sector. Achieving product-market fit so quickly after its launch in 2020 speaks to the effectiveness of its technology and services – in particular leveraging a sophisticated technology which enhances interoperability.
Sales are expecting to double in the next 12 months and the company is aiming to reach sustainable profitability during this time. Being oversubscribed in this challenging market is a glowing testament to the company’s potential and the skill of its management team. We look forward to working with Richard and sharing in the Company’s future success.”
