Talking Medicines, the Scottish startup behind a social intelligence platform for the pharmaceutical industry, has raised £1.1 million to scale the team and roll out a new AI-based platform for patient sentiment. The round was led by Tern, an investment firm focussed on IoT, and joined by The Scottish Investment Bank, Scottish Enterprise’s investment arm.
The Glasgow-based startup uses a combination of artificial intelligence, machine learning and natural language processing to analyse the conversations and behaviours of patients at home. Through mapping the patient voice from social media and connected devices to regulated medicine information, the technology builds data points to determine trends and patterns of patient sentiment across medicines. The idea is that this technology can enrich big pharma’s marketing, replacing traditional focus groups, prescriber reports and clinical target patient profiles to tell pharmaceutical companies who is using their medicines, how, and what they really think of their brands.
The fresh funding will support the launch of a new AI data platform, which will translate what patients are saying into a global patient confidence score. As part of these plans, the business intends to immediately recruit nine new employees to the NLP data team.
Founded in 2013, Talking Medicines has raised £2.5 million to date, including three previous seed funding rounds with investors such as SIS Ventures and the Scottish Investment Bank.
Photo by Marc Turner: Founders Dr. Scott Crae, Jo Halliday and Dr. Elizabeth Fairlie