We take a look at this week’s biggest developments, research and investment news from the world of Health Tech.
This week, an analysis conducted by Pitchbook for Forbes revealed that venture capitalists are investing 70% more per fundraising round in healthcare startups than they did one year ago. In September, across 135 deals, healthcare startups raised $2.8bn in venture capital funding. Out of seven sectors, including financial services and energy, healthcare raised the second most funding this year. Some of the highest performing companies, in terms of capital raise, are listed in the report and include Butterfly Network, Clarify Health Solutions and uBiome, health tech startups that make handheld ultrasound devices, are analytics platforms for health providers and patients, and use DNA sequencing to identify microbes in persons stool respectively. Incredible statistics that put healthcare just behind the technology sector.
This week, Locum’s Nest announced it has taken its total amount raised to date to £4.1m, following a further £3m funding round from Albion Capital and IDO Investments. The startup, based in Hammersmith, founded by two former NHS doctors, acts as a recruitment agency for doctor’s in hospitals. The business operates on a pay-as-you-go model and connects doctors to work on-demand in healthcare organisations in both the private and public sectors. The company claims it could save the NHS £250m in payouts to traditional recruitment firms and has to date matched more than 40,000 doctors to shifts on its app across 15 hospitals and nearly 100 GP practices to date. One to watch.
Eight projects based across the UK will receive financial backing after being named winners of the Digital Health Technology Catalyst (DHTC) and Medicines Manufacturing R2 programmes. Each of the winning projects will receive a share of the £17m fund, distributed through the Industrial Strategy Challenge Fund managed by UK Research and Innovation. Those selected for funding this year include an AI based support system for surgeons, a GPS app designed to track the availability of hospital beds and a smartphone app to help improve treatment for long-term, complex wounds. The full list of winners include Satalia, Medical Data and Service Solutions, Kinosis, Navenio Ltd, Cadscan, FABRX Ltd, Intract Pharma and Medherent.
This week it was announced that Accenture has developed a new virtual reality game designed to help amputees with phantom limb syndrome. The technology, which is a combination of company’s SAP Cloud Platform, SAP for Leonardo and a connected armband, gamifies physical therapy for amputees. The program was developed to encourage patients to participate in therapy exercises with their new prosthetic limb. In part, it was also built to help with patients’ pain during these exercises, according to the company. According to the Amputee Coalition, 80 percent of the amputee population worldwide has experienced phantom limb pain, a percentage that shows the importance of the development of this technology. After being tested in Sao Paulo, Brazil the technology is now being donated to hospitals worldwide.
Interesting reads for the weekend:
- Matthew Hancock: I’ll travel the world looking for the best technology for the NHS
- Raconteur’s supplement: Cardiovascular Health
- Half of women “will develop dementia or Parkinson’s or have a stroke”
- Forrester New Tech Spotlight: Health Tech Puts Wellness in the Hands of Customers
- PR Week: We’re on the brink of a Health Tech revolution
- Australia on track to wipe out cervical cancer within 20 years
- Ex Citadel Managers Plan Health-Care and Tech Fund