Healtech refers to the incorporation of technology in facilitating the delivery, payment and development of healthcare services. Over the last few months, there’s been a global surge in demand for remote healthcare solutions in order to treat and prevent the spread of coronavirus. There has also been great demand for more remote treatment and monitoring of existing illnesses, in order to comply with social distancing measures. As seen in our H1 2020 Equity Investment Market Update, this demand has prompted a rise in investment for UK healthtech startups — the first rise in deal numbers since H2 2017. With the consequences of COVID-19 set to last for some time, this trend in increasing healtech investment may continue well into 2021 and beyond.
In this post, we explore the top 19 UK healthtech companies in the UK, ranked in order of funds raised to date. Each company writeup will outline the healtech’s main services, whilst also noting their most recent fundraising.
Founded: September 2014
Funds raised: £517.7m
Unicorn startup Babylon utilises artificial intelligence diagnostic software to provide a range of easily accessible healthcare services. Its ‘Ask Babylon’ feature allows users to enter their symptoms and receive relevant information on the next steps to take.
Babylon is able to recognise these symptoms from the millions of data samples that have been collected and uploaded to its system by doctors and scientists. In this way, the AI-powered system has been designed to replicate a doctor’s brain.
Users can also talk to CQC-registered doctors through the app’s video-chat and audio function, with prescriptions issued electronically after consultations. Babylon treats a variety of medical conditions such as cold and flu, depression, chest infections and STIs. It has also recently launched the ‘COVID-19 Care Assistant’ which helps individuals identify if they are at risk, whilst also providing free information from the NHS. Babylon has raised £517.7m — significantly more than any other UK healthtech.
Founded: November 2015
Funds raised: £72m
Cera provides pensioners with at-home carers who can offer support with medical issues and personal services such as shopping. Cera provides six types of care services: elderly care, live-in care, palliative care, respite care, dementia care and post discharge care. Once the type of care required is established, carers are matched to patients based on relevant experience and whether they share any interests.
Cera’s app allows users to stay connected throughout the process and easily identify tasks, appointments and other administrative necessities. Additionally, all care provided by Cera is CQC regulated, with options to subscribe to overnight or live-in care so that elderly patients can remain at home.
In response to COVID-19, all Cera service users have been risk-rated based on their infection vulnerability, to determine which patients require particular care and vigilance. Cera’s most recent fundraising of £53m took place in February 2020.
*Disclaimer: Cera shares significant shareholders with Beauhurst.
Founded: August 2011
Funds raised: £57.3m
Huma works with leading healthcare providers, technology and science professionals to provide digital health insights. Huma gathers digital biomarkers from patients in real life, through remote patient monitoring systems such as wearable technology. It’s platform then enables its partners to customise and commercialise digital health solutions.
Huma is currently working with the NHS’ digital transformation unit, ‘NHSX’, to provide remote monitoring for COVID-19 patients who are self-isolating at home. Patients can download Huma’s ‘Medopad’ app, which is paired with a web-based portal for healthcare professionals, who can remotely supervise patients without unnecessary travel and exposure. The app contains a symptom tracker and questionnaire to help clinicians track their patients’ symptoms and also contains a telemedicine feature, which allows clinicians to quickly speak to patients if and when they need to.
This form of remote monitoring allows clinicians to manage multiple patients with ease — providing visibility as to which patients are most in need of care or treatment — all whilst reducing physical demand on the healthcare industry. Huma was rebranded from Medopad in April 2020 and is valued at £142m.
4. Push Doctor
Founded: July 2013
Funds raised: £4.2m
Push Doctor works in partnership with the NHS to provide patients with on-demand GP consultations online. As the first platform in the UK to offer video consultations with NHS-trained doctors, patients are eligible to book appointments through Push Doctor if they are registered with one of its partner surgeries and are over 18 years of age. A standard GP consultation will ensue, either through video or text chat through the Push Doctor app or website, where patients can discuss their symptoms and medical history remotely.
The most common conditions treated by Push Doctor GPs include mental health conditions, colds, flu and skin conditions. Patients are also able to book appointments to discuss any symptoms related to coronavirus. Based on the consultation, GPs can issue online referrals and sick notes, with prescriptions also sent to the patient’s designated pharmacy for pickup.
All information transmitted through Push Doctor’s platform, including the consultations and any prescriptions issued, is confidential and protected by SSL technology and encryption. Currently valued at £42m, Push Doctor has undergone six fundraisings, most recently raising £11.2m in April 2019.
5. Doctor Link
Funds raised: £37.1m
DoctorLink provides an online platform that allows patients to book appointments and access medical advice. One of DoctorLink’s core features is its online triage platform, which utilises AI machine learning to assess patient’s symptoms and direct them to the appropriate healthcare pathway, thus improving accessibility to healthcare. In order to assess symptoms, patients are asked a series of medical questions online, based on a clinical decision algorithm that was designed by doctors. The most appropriate healthcare pathway is suggested based on the results of this assessment.
DoctorLink also provides a video consultation feature, which allows patients to directly book appointments with their own doctor online, without needing to visit them in person. DoctorLink is currently implemented in over 1350 practices across the UK and has provided over 62 million health assessments. Its most recent fundraising in February 2020 of £2.4m resulted in a pre-money valuation of £32.7m.
Founded: August 2005
Funds raised: £35m
Lumeon (previously trading as Qinec) has developed an online platform which enables healthcare providers to better coordinate the patient care journey. Lumeon’s Care Pathway Management (CPM) platform guides patients and care teams throughout the care process, allowing health providers to maximise their resources.
The platform provides many features such as the ‘virtualize’ tool, which enables easier patient management across multiple channels. The platform also displays a real-time view of the progress of tasks, showing the next actions to take, such as calls, appointments and scorecards. The platform automatically executes tasks and interacts with patients and care-givers across the care journey.
The Lumeon CPM platform is deployed throughout 12 countries across the world and is used to manage over 11 million patients each year. Lumeon is valued at £28.7m, with its most recent fundraising occurring in September 2019, where it raised £4m.
Founded: September 2014
Funds raised: £34.2m
LumiraDx develops medtech which provides simpler and more accessible diagnostic solutions. Its ‘LumiraDx platform’ is a diagnostic system which combines a small, portable instrument, test strip and allows for remote management and data sharing through digital connectivity. The platform is designed on the same principles as lab analyser systems, but the smarter design of the LumiraDx platform enables more effective and cost-efficient patient care.
LuminarDx has been implemented by a range of practices in the healthcare industry that are keen to utilise its compact medical device. For instance, Beacon Primary Care recently used the LumiraDx platform to test patient’s blood via drive-throughs, to reduce the risk of high-risk patients being exposed to Covid-19. The LumiraDx platform is portable and processes results immediately using smart connectivity, making it the ideal solution in the circumstances. Valued at £112m, LumiraDx’s most recent fundraising occurred in September 2016 where it raised £6m.
Founded: September 2010
Funds raised: £26.5m
Zava (formerly known as DrEd) operates an online diagnostic and prescription service designed to replace GP appointments for a range of health issues. Zava’s team of doctors are all registered in the UK with the General Medical Council (GMC) and prescribe remotely using an online medical questionnaire. Patients have the choice of requesting a preferred treatment or seeking the doctor’s recommendation. Based on the review of the questionnaire and patients’ requests, Zava’s doctors then issue a private electronic prescription, with the relevant medicine or test kit dispensed directly to the patient.
Zava offers treatment and test kits for a variety of health issues, from migraines to STIs and malaria. Zava’s doctors have carried out more than 4 million consultations to patients across the UK, Ireland, France and Germany. The company is seeking to expand, and most recently raised £25.2m in June 2019.
Founded: July 2015
Funds raised: £25.2m
Oviva is a digital health company which has created a series of remote nutrition and lifestyle programmes to help users manage their health conditions. Oviva provides six programmes for individuals who suffer from diabetes (prevention, support and remission), paediatric allergies, undernutrition or weight and mood issues.
Patients undergoing a programme are paired with a specialist dietitian who completes an initial assessment and then creates a tailored programme. This may include tailored recipes, behaviour modification techniques and evidence-based information on foods and nutrients. During implementation of the program, patients can track their progress through the Oviva App. Their assigned dietitian also provides individual feedback, support and advice throughout the process to help patients achieve their goals.
With a range of partners including the NHS and Digital Health London, Oviva recently raised £16.1m in January 2020.
10. Doctor Care Anywhere
Founded: February 2014
Funds raised: £21.6m
Doctor Care Anywhere provides access to digital healthcare including prescription and telemedicine services. Doctor Care Anywhere GPs can consult on a variety of non-emergency health issues such as allergies, cold and flu, mental health conditions and skin conditions.
Patients are able to book appointments through Doctor Care Anywhere’s online portal, where they can request a phone or video consultation whilst also uploading photographs, documents or relevant medical history. Following consultations, doctors can prescribe medications whilst also providing private referrals or fit notes. These will be uploaded to the patient’s online ‘patient record’ for them to download and share.
A main feature of Doctor Care Anywhere is that consultations can be made regardless of the patient’s location, shaping it as ideal for tending to medical conditions suffered whilst travelling abroad. Additionally, Doctor Care Anywhere is not a part of the NHS, meaning all patients are eligible to use its services without having to deregister from their regular NHS GP practice.
11. Current Health
Founded: July 2014
Funds raised: £20.5m
Current Health operates a remote patient monitoring platform. Current Health monitors its patients’ health through its wearable, which is worn on the upper arm and tracks vital signs such as a patient’s respiration rate, pulse rate, body temperature and movement.
The data collected from the wearable is transformed into insights and alerts through Current Health’s advanced AI and analytics, which allows for earlier identification of potential risks. Alerts are generated based on average changes across multiple vital signs over time, with these defined trends resulting in more thorough indicators of risk. When alerts are raised and at-risk patients have been identified, healthcare professionals can arrange a video visit to ensure early intervention. Current Health’s iOS and Android dashboards also provide customisable care plans for its patients, providing to-do lists, reminders and educational content to support recovery at home.
Since incorporation, Current Health has received eight rounds of funding totalling £20.5m, including it’s most recent round of £3.48m secured in June 2020.
Founded: July 2015
Funds raised: £17.8m
DNAnudge provides a genetic testing service, which provides its users with tailored food recommendations based on their DNA. Users must first provide a sample of their DNA, which is collected through a cheek swab. This DNA is then extracted through a DNACatridge. The DNA is digitised with results available through the app. Users are then given a wearable DNABand, which enables them to scan over 500,000 food products to assess whether a particular food item is a good match for their biology. The band also incorporates a physical inactivity monitor with long periods of inactivity causing the DNABand to turn amber, prompting users to engage in more physical activity.
DNAnudge was spun out of Imperial College London and achieved a pre-money valuation of £157m after securing £5.63m in July 2020.
Founded: July 2012
Funds raised: £15.8m
Oxehealth has developed an optical sensor to remotely measure individuals’ pulse and breath rate. Oxehealth’s sensor accurately measures pulse rates using infrared light to capture ‘micro blushes’ caused by heartbeats. Similarly, an individual’s breathing rate is calculated by the sensor counting the movements created by their chest and diaphragm. This technique is even able to capture breathing when a body is partially obscured.
Oxehealth’s digital health technology has a variety of use cases, most commonly used to assist nurses to monitor patient activity in wards. If the sensor cannot detect any amount of activity, it will trigger an alert to nurses and clinical staff, through a tablet that they carry with them. Oxehealth’s sensor can even be used in prison cells to monitor the health and activity of prisoners, with alerts raised if no human activity is detected in a cell.
OxeHealth is an academic spinout from the University of Oxford and has raised nine rounds of funding, most recently raising £1.8m in June 2020.
Founded: August 2016
Funds raised: £13.8m
Unmind provides a mental health platform that helps businesses to improve their employees’ mental wellbeing. Unmind’s platform offers a variety of tools, which contain interactive video and audio exercises to enhance relaxation, focus, energy and mood. The various tools are spread across eight categories, including mindfulness, sleep and focus, with each tool ranging from one to thirty minutes in length, making them ideal for quick support.
To help users understand which areas of mental wellbeing they should prioritise, the platform uses the ‘Unmind Index’ which is an assessment tool designed by clinical psychologists to indicate a user’s level of wellbeing. The Index is broken down into seven sections which each represent a different core area of wellbeing. Users are recommended to regularly complete the Index in order to track changes over time.
Unmind is working with several large organisations such as Just Eat and British Airways. Its February 2020, fundraising of £7.7m backed by Felix Capital and Project A Ventures and has taken the company’s total fundraisings to £13.8m.
Founded: March 2006
Funds raised: £13.1m
VivoSight has developed a medical scanner which is used by dermatologists to diagnose non-melanoma skin cancer. The VivoSight scanner non-invasively conducts a scan beneath a patient’s skin, using multiple beams of infrared light to create detailed images of the tissue below the surface. As the scan does not require contact, it precludes the need for the surgical removal of tissue through a biopsy. Results are available immediately after the scan, which allows dermatologists to promptly diagnose the lesion and decide on the best course of treatment.
VivoSight has raised 13 fundraising rounds of equity finance, the most of any of the 19 healtechs examined in this post. Its most recent fundraising of £681k has seen it reach a total of £13.1m received in equity fundraisings.
Founded: August 2012
Funds raised: £12.8m
LabGenius is a biopharmaceutical company which has developed an autonomous AI-driven platform capable of discovering high-value proteins. This platform is called ‘EVA’ and is a machine-learning-driven evolution engine that can design, conduct and learn from its own experiments.
LabGenius relies on EVA’s robotic automation to undertake protein drug discovery, such as discovering new drug molecules. It then partners with pharmaceutical companies who can take these molecules to the market, with LabGenius typically taking a project from concept to early preclinical stage. Currently, LabGenius is working with Tillotts Pharma AG in efforts to treat inflammatory bowel disease.
LabGenius is backed by several venture capital funds such as Acequia Capital and Kindred Capital. LabGenius’ latest fundraising occurred in October 2019, where it raised £7.8m at a pre-money valuation of £11.5m.
Founded: October 2015
Funds raised: £11.7m
Thriva offers testing and tracking services to enable individuals to proactively monitor and manage their health. Its testing services operate through four stages. Firstly, users choose what they wish to test, whether that be iron, vitamin D, cholesterol, testosterone or more. Then, Thriva will send a finger-prick blood testing kit, which users can complete themselves at home and post to an NHS approved lab. Finally, Thriva provides users with a personalised GP report, which is uploaded to the user’s Thriva dashboard within 48 hours of completing the test. This report contains clear explanations of what the results mean as well as tailored advice on how users can maintain or improve their health. Users are able to choose how often they repeat the test which enables them to track changes over time.
Thriva recently raised £4m in May 2020, taking its total fundraisings to £11.7m to date.
Founded: February 2011
Funds raised: £11.6m
Lantum provides an online staffing management platform which helps the NHS fill empty shifts. Lantum’s smart-matching algorithm enables healthcare organisations to automatically fill gaps in shifts, by finding staff available to work in the area. Healthcare providers can also communicate with staff through the Lantum app and access 24/7 live staff availability. Lantum has estimated that healthcare providers can save £1m-£2m per year in staffing costs by implementing Lantum in place of staffing agencies.
Lantum also provides several management tools for clinicians to find vacant shifts, plus receive automated invoices and track their payments. Over 2000 healthcare providers and 200,000 clinicians are using Lantum to connect with each other, with five million patients estimated to have been served by Lantum doctors. Valued at £12.6m, Lantum has raised funds over seven rounds, with its latest round occuring in March 2019.
19. Lightpoint Medical
Founded: June 2012
Funds raised: £10.9m
Lightpoint Medical (previously Artemis Diagnostics) is developing medical imaging technology that can detect the presence of cancer cells in real-time during surgery. Patients are first injected with a cancer-targeted imaging drug, which selectively binds itself to cancerous tissue. The imaging drug then emits a light signal, so that surgeons can see the cancer and target it accurately. Lightpoint Medical is continuing to develop its SENSEI laparoscopic probe and has raised ten rounds of funding to commercialise and further develop this technology.
It most recently raised £311k In June 2020 and has also been the recipient of several grants, totalling over £7.63m.
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