Edinburgh healthtech firm to scale platform on back of £9m fundraise
Current Health, whose technology monitors a patient’s vital signs in real time, has closed a £9 million funding round, which will be used to scale its platform as it seeks to prevent illness for a million people globally by 2021.
The Edinburgh-based firm – formerly known as Snap40 – uses wearable and wireless vital signs monitoring, clinical indicators from an ecosystem of more than 50 integrations and symptoms collected via its patient engagement tools, to continuously track patient health trends.
It says its FDA-cleared, artificial intelligence-powered patient management platform enables users to shorten hospital stays, reduce hospital readmission rates, improve patient satisfaction, and deliver better patient outcomes.
The series A round has been led by venture capital fund MMC Ventures, while life insurer and asset-manager Legal & General is Current Health’s first corporate investor and the largest participant in the round. Par Equity and the Scottish Investment Bank (SIB), the investment arm of Scottish Enterprise, also took part.
Current Health said that as it embarks on its next growth phase, it will open a US HQ in New York. It will also continue to expand its team, particularly in sales, clinical operations and marketing.
The healthtech firm was founded in 2015 by chief executive Christopher McCann and chief technology officer Stewart Whiting. Its offering is now used by 13 of the largest healthcare systems in the US and UK – including Mount Sinai and Dartford & Gravesham NHS Trust – to manage patient care.
Furthermore, it said that in the last 12 months it has seen revenue grow by more than 300 per cent, it has partnered with two of the world’s largest pharmaceutical companies, and more than doubled staff.
McCann said: “We’ve spent the last three years quietly and carefully building and testing our platform directly with healthcare providers.
“Now… we plan to scale our solution to better treat millions of lives over the next five years. By helping healthcare providers treat patients preventively and at the earliest point, we can play a key role in enabling sustainable, high-quality and universal healthcare delivery.”
Kerry Sharp, director of the SIB, said Current Health has rapidly “taken its idea of proactive healthcare and developed scalable platform technology capable of achieving that aim”. She added: “We are genuinely excited to continue our support for Current Health’s domestic and international growth.”
Chris Knight, chief executive of Legal & General Retail Retirement, said: “Current Health is helping change the fundamentals of healthcare by expanding the accessibility and affordability of care through its patient management platform. We strongly believe in its mission and approach and are excited to partner with the company as it continues to scale its solution globally.”
Robert Higginson, partner at Edinburgh-based venture capital firmPar Equity, said: “Having helped the company establish itself in the early years and provide support in the US, it’s particularly pleasing to see Current Health developing into a global healthtech business, improving quality of care for patients.”