Funding to support expansion
£750,000 backing for pain relief platform
Kirsten Lord: overseas expansion
PhysioMedics, the developer of an online self-assessment platform for muscle and joint pain sufferers, has raised a further £750,000 from a consortium of funders.
Archangels, the Edinburgh-based business angel syndicate, together with medtech and digital health incubator BioCity Group and the Scottish Investment Bank are backing the PhysioWizard software created by a team of specialist clinicians.
The company raised £250,000 of seed funding last year and has now taken the total to £1 million to accelerate the commercial launch of the product, develop and finesse the software tool and build overseas sales channels.
It is already working with large health insurance providers to implement the system in early 2018.
PhysioMedics’ managing director, Kirsten Lord, said: “PhysioMedics has come a long way in 12 months and this funding will enable us not only to develop our commercial platform but also explore opportunities in the US and Australia.”
Dr Sarah Hardy, Chief Investment Officer at Archangels, said: “The PhysioMedics team has demonstrated that they have a viable product and one that is attractive to health insurance and occupational health providers.”