RYSE Asset Management has extended its partnership with DigitalHealth.London (DH.L) and MedCity for a further two funding programmes after closing of the initial programme of 2018.
The second RYSE Digital Health Call opens today and is inviting applications from early stage companies that are seeking funding to grow their businesses. The first collaboration in 2018 demonstrated the success of public-private partnerships in health and care. The parties are working exclusively together on this Call where DH.L and MedCity will again assist with the appraisal of promising UK digital health companies.
The call resulted in nearly 300 applications for investment from early stage digital health companies in the UK. The 20 shortlisted candidates defined how they could improve patient care whilst reducing the associated costs.
Two of the companies selected for investment have demonstrated adoption, not just within the NHS, but also by global private medical insurers including Vitality Health and AXA PPP. Both companies continue to benefit from support RYSE is able to provide to assist them in reaching their next stage of growth.
Skin Analytics raised £1.6 million funding, from RYSE and other investors, to finalise the first prospective clinical study in applying AI to dermatology and bring on the high calibre team needed to deploy the technology into a variety of patient pathways. Since then, the company has successfully launched with Norwich CCG at the start of April 2019 bringing their commercial contracts to four, all in different use cases and continues to accelerate the transition from an R&D company to a growth company. Skin Analytics has also secured an Innovate UK grant to invest £1m in building out additional clinical evidence on which they will be working with The Royal Free, Chelsea & Westminster, and Guy’s and St Thomas’ Hospitals.
LiveSmart raised £1.25 million funding, from RYSE and other investors, to expand sales into other geographical jurisdictions, securing additional long-term partnerships with other substantial players in the insurance market, and improving technology. The company is now working with AXA to expand their offering in the UK and has also negotiated an international expansion deal in Asia, while targeting to replicate such model in other jurisdictions.
The RYSE Digital Health Call has been enhanced to support a rapid initial screening process. RYSE aims to close the next call at 250 high calibre companies developing digital solutions that are innovative services or products whilst addressing identified health and care needs.
Seed, up to and including series A stage, digital health companies seeking funding (typically looking to raise between £250,000 and £5,000,000) are invited to apply.
The application process opens on June 27th, 2019 and will run until August 5, 2019.
Source: Company Press Release