Edinburgh health tech firm secures £9m in series A funding round
An Edinburgh-based healthtech company has raised £9m in a private equity-led funding round.
Current Health, formerly known as Snap40, provides a patient management product that predicts diseases and recommends specific interventions to physicians and nurses, using a combination of machine learning, clinical indicators, symptoms, and vital signs monitoring.
The company was founded in the city in 2015 by Christopher McCann and Microsoft veteran Stewart Whiting with the goal of preventing illness for one million patients around the world by 2021.
With revenues up 300% and partnerships with two big pharmaceutical companies, the firm’s latest investment round follows a £6m deal in seed financing last year led by ADV, with participation from MMC Ventures, the largest funding of its kind for a digital healthcare company in the UK and bringing the total raised to $10m. This time, MMC Ventures has led the funding round, which includes participation from Par Equity, Scottish Enterprise’s Scottish Investment Bank, and life insurer and asset manager Legal & General.
L&G, the FTSE 100 life insurer and asset manager, is Current Health’s first corporate investor and the largest investor in the round as it continues to invest in the future infrastructure of health and care globally. The capital will be used to scale Current Health’s platform.
The company 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. Leveraging proprietary machine learning algorithms, the company’s end-to-end platform analyses this data to proactively detect illness and alert providers to high-risk patients so they can deliver healthcare earlier.
Today, 13 of the largest healthcare systems in the United States and United Kingdom – including Mount Sinai, Dartford & Gravesham NHS Trust and NHS Lanarkshire – use Current Health to manage patient care. With the Current Health platform, customers have been able to shorten hospital stays, reduce hospital readmission rates, improve patient satisfaction and deliver better patient outcomes.
“Healthcare is undergoing a paradigm shift from reactive, in-hospital treatment, to proactive, community-based care,” said Bruce Macfarlane, Managing Partner at MMC Ventures. “Today’s healthcare systems must deliver improved patient outcomes while reducing costs. Current Health’s revolutionary solution offers unprecedented insight into patients’ health. Reliable, continuous patient monitoring enables earlier intervention in the event of patient deterioration, better patient experiences and fewer unnecessary hospital readmissions. With its world-class team and platform, Current Health has the right fundamentals to execute on a vast opportunity and become a global category leader in this important market.”
Current Health has secured three FDA 510(k) clearances for its platform and proven the value of its solution in some of the most demanding and respected healthcare systems in the world. In the past 12 months, it has also:
-Grown revenue by more than 300%
-Partnered with two of the world’s largest pharmaceutical companies to extend the power of the Current -Health platform to thousands of patients
-More than doubled its employee count
-Added key members to its executive team – including COO Richard Lennox and VP of Sales Sean Ginney – to steer the company’s growth
“We’ve spent the last three years quietly and carefully building and testing our platform directly with healthcare providers,” said McCann. “Now, with our platform FDA-cleared and through partnerships with some of the biggest healthcare providers and pharmaceutical companies in the world, 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.”
As Current Health embarks on the next stage of its growth, it will open a U.S. headquarters in New York City. The company will continue to expand its team, particularly in the sales, clinical operations and marketing functions.
Kerry Sharp, Director, Scottish Investment Bank, said: “Current Health was established to help healthcare professionals keep people healthy and alive. In a very short period of time, the company has taken its idea of proactive healthcare and developed scalable platform technology capable of achieving that aim. We are genuinely excited to continue our support for Current Health’s domestic and international growth.”