Cardiff healthtech company Medi2data has raised £2.1million funding under the Enterprise Investment Scheme (EIS).
The company has built a suite of digital products and services to simplify the process of transacting medical data quickly and securely.
Medical evidence is required for a range of health risk assessments from underwriting life insurance, determining suitability for clinical research trials, reviewing personal injury cases to assessing a recruit’s health for the armed forces.
The existing process for preparing and sharing consented patient medical data is still predominantly manual and a time-consuming process – estimated to take 850,000 days of GP surgery staff time and costing £180 million a year.
Medi2Data’s platform is currently the only one of its kind built on the same clinical coding structure used by government healthcare platforms in the UK and other prime markets such as the US, Australia, South Africa and much of Europe. This means it can produce faster, more structured, targeted, and accurate medical reporting.
The company’s proprietary tech automatically redacts non-requested data (thereby maintaining patient privacy in line with GDPR requirements) for medical reports.
Medi2data also offers a team of clinicians providing a fully outsourced medical reporting and Triage service to both GP surgeries and its instructing clients.
Medi2data currently services 1000s of leading insurers, Clinical Research Organisations (CROs) and Health and Retail providers delivering pain management and condition specific digital monitoring services.
Wealth Club led the funding with existing investors, under the Enterprise Investment Scheme (EIS).
Gayle Bowen, Director of Direct Investments at Wealth Club said:
“Medi2Data is making impressive strides in the healthcare technology sector.
Sales are expecting to double in the next 12 months and the company is aiming to reach sustainable profitability during this time.”
Money from this round will be used to build out the team and infrastructure so the Company can continue to convert and service their
multi-million-pound pipeline in the UK, as well as to support its international footprint, as with the establishment of Medi2Data S.A. in Cape Town, South Africa.
Lead image: Irwan.
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