At a time when investment and funding prospects for the healthtech and life science industry have dried up, and some investors have reneged on deals due to COVID-19: LiveSmart, Knok Healthcare, Log My Care, Firza, and MediShout are among the start-ups to receive funding.
Patients could benefit from these innovations, made possible by investments from RYSE Asset Management and other investors. These companies have raised a total of £4.5 million.
Busy clinical working environments are faced with logistical issues that can create delays and increase the cost of care delivery. This has been particularly apparent during the pandemic where efficient redeployment of resources is paramount.
Virtual consultations, workforce optimisation solutions for primary healthcare providers, platforms for digital virus tracking and care home digitalisation, and reporting solutions for logistical and medical supply issues for helpdesk prioritisation are just some of the innovations to receive investment.
The innovations include:
- Firza aims to reduce the workload on primary healthcare by using a centralised workforce with Robotic Process Automation (RPA) and Artificial Intelligence (AI) technology to emulate the actions of a human interacting with healthcare systems to optimise medication management.
- Knok Healthcare, a telehealth and SaaS start-up, has an integrated solution for remote consultations through a combination of AI triage, scheduling, video-consultation, health records, and integration with hospitals and clinics.
- Log My Care has developed care management software and offers a free COVID-19 symptom tracking tool to support care homes in overcoming challenges in early symptom detection.
- MediShout has developed communication software that allows clinical staff to flag non-clinical issues such as out of service facilities and reduced levels of PPE.
- LiveSmart provides health assessments and reacted quickly to the new situation. The team sourced and supplied antibody tests via their well-established platform; supporting both small businesses and large corporate clients.
All of the companies have been awarded seed funding as a result of their successful applications to the RYSE digital health funding programme. The programme invited early stage digital health and medtech companies to apply for funding with the opportunity to work alongside RYSE, DigitalHealth.London (DH.L), and MedCity.
Sarah Haywood, executive director of MedCity, said: “Securing funding for early-stage health tech companies has always been a challenge; thrown into the unprecedented times of COVID-19 the challenge is even greater, particularly for companies not eligible for the Government’s Future Fund and for companies raising money for the first time. Now is innovation’s time to shine – demonstrating how it can meet patients’ needs as we unite across the globe to tackle this deadly virus.
“We are immensely grateful to RYSE for their generous investment and for their recognition of the critical role these companies play. The innovations coming out of our partnership with RYSE and DigitalHealth.London bear testament to the profound contribution health tech start-ups make to our health systems and patients, and to what we stand to lose if the UK’s digital health sector is not supported to thrive. We also recognise the important role that early stage investors, like RYSE, play in supporting companies beyond investment. Mentoring, advice, guidance, and connections are equally important to the success of our next generation of innovators.”
