Digital Healthcare, a UK software company specialising in image management and storage solutions for the ophthalmology sector, has successfully raised £2.6m in third round venture capital funding.
Digital Healthcare provides software and related services for very large scale population eye screening and technology to manage information and images in clinical ophthalmology. The additional investment will be used to fund the expansion of its core products and services in its existing markets and to broaden its international presence.
In the UK, the care of one million diabetic patients is managed using Digital Healthcare’s OptoMize product. Some 39 regional diabetic retinal screening schemes provide screening to detect early and previously undiagnosed signs of diabetic retinopathy and other causes of blindness.
In the US, the company’s Retasure service, which is used to detect signs of retinopathy in diabetic patients, is used by nearly 900 physicians in 19 states.
Digital Healthcare says the additional funding will allow it to position itself for the delivery of services used in the screening and diagnosis of other major conditions.
Digital Healthcare’s products are built on Microsoft’s .Net and SQL Server technologies delivering powerful, scalable functionality in a secure and future proof environment.
Mike O’Leary, chief executive of Digital Healthcare, commented: “The company’s success to date in developing functionally rich software solutions based on leading edge Microsoft technology has been proven by the many implementations that we have. This additional investment will allow us to grow and develop into other territories and sectors of the healthcare market internationally.”
Alliance Trust, a British investment firm, led this third round of funding from existing investors. YFM Private Equity and the Noble Group, both also based in Great Britain, and Paris-based Elaia Partners joined in the round. The company has raised nearly £7.2 million to date.
John Morrison, director of Alliance Trust Equity Partners, said: “The problems that Digital Healthcare’s products address are clearly global ones, we’re looking for the company to grow and develop and become a major international player.”
Mike White, investment director YFM Group added: “As the original backers of Digital Healthcare, YFM has seen the business develop to become the leading provider of diabetic screening software to the NHS. Following its success in the UK, the company is now rapidly building a position in the emerging and much larger US diabetic retinopathy screening market.”