DigitalHealth.London has launched another investment programme with RYSE asset management and MedCity to help digital healthcare start-ups grow their business.
The RYSE Digital Health Call invites health tech companies to apply for £250k – £5m in funding with the opportunity to work alongside DigitalHealth.London (DH.L) and MedCity in bringing their products to patients.
The programme seeks out “early-stage” firms operating in mobile health (m-health), telehealth, digitised systems and health analytics in particular.
The application process opened on 27 June and will run until 5 August 2019.
Seed up to and including series A stage digital health companies are invited to apply.
Sarah Haywood, executive director of MedCity, said: “Sourcing finance is often a challenge for early-stage digital health companies, blocking the progress of new innovations that are desperately needed to address patient needs.
“This ongoing partnership between DigitalHealth.London and RYSE is plugging the funding gap and supporting the right conditions to allow the UK’s digital health sector to thrive.”
The latest Digital Health Call comes after the successful closing of the initial programme in 2018.
Last year’s call resulted in nearly 300 applications for investment from early stage digital health companies in the UK, with 20 candidates shortlisted for the later stages.
Two of the companies selected for investment have since gained adoption, both within parts of the NHS as well as by private medical insurers including Vitality Health and AXA PPP.
Skin Analytics raised £1.6 million funding, from RYSE and other investors, for a prospective clinical study in applying AI to dermatology. The company launched with Norwich Clinical Commissioning Group (CCG) at the start of April 2019, while also securing a grant of £1m to help with further clinical demonstrations for prospective work with The Royal Free, Chelsea & Westminster, and Guy’s and St Thomas’ Hospitals.
Meanwhile, employee health platform LiveSmart raised £1.25 million funding from RYSE and other investors to grow their footprint. The company is now working with AXA to expand their offering in the UK and Asia.
Neil Daly, CEO of Skin Analytics said: “Working with RYSE and DigitalHealth.London has given us great access to leading NHS initiatives and those behind them, as well as the financial support needed to get our technology to the point it will positively impact patients and the healthcare service.”
Similar to 2018’s programme, DH.L and MedCity will “assist with the appraisal of promising UK digital health companies.”
Shabir Chowdhary, managing partner at RYSE Asset Management LL, said: “This joint venture demonstrates the success of public-private collaborations in healthcare and we’re pleased to extend the programme into year two. Our aim is to address the funding gap in early-stage digital health innovation often overlooked by investors, and support the growth of this important industry.”