New funding raised
First equity investment for data firm Talking Medicines
Rob Halliday (Back left) and Thomas Gillen (front right) both SIS Ventures, with Scott Crae, Jo Halliday and Elizabeth Fairley of Talking Medicines
A health data start-up behind an app that enables patients to better manage their medicines at home has received its first institutional investment.
The funding for Glasgow-based Talking Medicines from SIS Ventures is part of a funding round worth £622,000.
It included private investors and founders of the business, as well as the Scottish Investment Bank, the investment arm of Scottish Enterprise. It is the third seed investment round to have been completed by the business since its launch in 2013 and takes the amount raised by the company to £1.2 million over the past two years.
Jo Halliday, founder and chief executive, said: “We have a vision to open up the traditional data model for the pharmaceutical industry and today marks an important milestone in that journey.”
For SIS Ventures, the investment arm of Social Investment Scotland (SIS), it is the first equity investment by its Impact First fund, launched in 2018 to support Scotland’s high impact enterprises.
Milestone for development loan
The Scottish Government’s Digital Development Loan fund has awarded half of the £2m first phase of a total £36m fund managed by Lanarkshire Enterprise Services and supported by DSL Business Finance.
It aims to help SMEs improve their processes and productivity through digital application and so far more than 20 have benefited from the 0% interest rate loans of up to £50,000.
The latest company to receive funding, and whose award marks the £1 million milestone, is Sand Monitoring Services, an international business founded in Aberdeen providing sensory data analysis and visualisation for the global oil & gas community.
Other sectors to benefit include agriculture and fisheries, food and drink, manufacturing, energy and renewables and the creative industries.