Former Rewired Pitchfest finalist, Concentric Health, has received £500,000 in investment from a syndicate of 24 businesses, match-funding and private investors.
The Cardiff-based digital consent and shared decision making web application – who made the final 16 in Rewired Pitchfest 2021 – will use the money to accelerate the delivery of recently-agreed contracts as well as to fund the recruitment of three new roles and fuel expansion in both the UK and globally.
The health technology start-up is aiming to transform how decisions are made about patients’ health via a digital consent to treatment application.
Concentric Health’s CEO, Dr Dafydd Loughran, said: “The pandemic has shone a light on the opportunities for digital health technologies to transform our experiences of healthcare – both as clinicians and patients. The consent process – traditionally a rushed conversation on the morning of surgery documented on a carbon-copy consent form – has not been fit for purpose for some time.
“Concentric’s digital transformation of the consent process is one part of the puzzle to delivering patient-centred, value-based healthcare – using innovative and intuitive processes and software to support patients to make the right decisions for them.”
Concentric Health was launched in 2020 at Imperial College Healthcare NHS Trust and now counts Oxford University Hospitals, Chelsea and Westminster, Royal Cornwall, Swansea Bay and Calderdale & Huddersfield NHS Trusts amongst its customers.
The start-up received £345,000 from a syndicate of 24 business angels, along with £72,500 match-funding from the Development Bank of Wales’ Wales Angel Co-investment Fund and a further £82,500 from private investors.
Carol Hall, regional manager of Angels Invest Wales, added: “This is an impressive syndicate who have got real value to add to Concentric as the business scales-up internationally. It really is a team effort.
“This deal represents the real value of syndication with Ed and the other angel investors having taken the strategic decision to invest smaller amounts so that others could co-invest. That’s because Concentric has demonstrated a proven business model using technology that will improve quality and efficiency of care, whilst reducing costs and transforming patient and clinician experience. We wish them every success and will continue to encourage more syndicate investments.”