HealthTech star rising
Current Health to open New York office after raising £9m
Expansion: Chris McCann and Stewart Whiting
Rising Scottish technology star Current Health has closed a £9 million Series A funding round to scale its monitoring devices worldwide and open a US head office in New York.
Established in Edinburgh in 2015 by CEO Christopher McCann and CTO Stewart Whiting, the company has secured big ticket supporters.
MMC Ventures has come in, while Legal & General becomes its first corporate investor and the largest in this round. Par Equity and the Scottish Investment Bank also participated.
The company’s goal is to prevent illness for one million patients around the world by 2021 via wearable and wireless monitoring.
So far, 13 of the largest healthcare systems in the United States and UK use Current Health to manage patient care. With the Current Health platform, customers have been able to shorten hospital stays, reduce hospital readmission rates, improve patient satisfaction and deliver better patient outcomes.
Bruce Macfarlane, Managing Partner at MMC Ventures, said: “Healthcare is undergoing a paradigm shift from reactive, in-hospital treatment, to proactive, community-based care.
“Today’s healthcare systems must deliver improved patient outcomes while reducing costs. Current Health’s revolutionary solution offers unprecedented insight into patients’ health.
“Reliable, continuous patient monitoring enables earlier intervention in the event of patient deterioration, better patient experiences and fewer unnecessary hospital readmissions.
“With its world-class team and platform, Current Health has the right fundamentals to execute on a vast opportunity and become a global category leader in this important market.”
Current Health has secured three Food and Drug Adminstration clearances for its platform and proven the value of its solution in some of the most demanding and respected healthcare systems in the world.
We plan to scale our solution to better treat millions of lives over the next five years– Chris McCann
In the past 12 months, it has also grown revenue by more than 300%, partnered with two of the world’s largest pharmaceutical companies to extend the power of the Current Health platform to thousands of patients, more than doubled its payroll and added key members to its executive team.
Mr McCann said: “We’ve spent the last three years quietly and carefully building and testing our platform directly with healthcare providers.
“Now, with our platform FDA-cleared and through partnerships with some of the biggest healthcare providers and pharmaceutical companies in the world, we plan to scale our solution to better treat millions of lives over the next five years.
“By helping healthcare providers treat patients preventively and at the earliest point, we can play a key role in enabling sustainable, high-quality and universal healthcare delivery.”
As Current Health embarks on the next stage of its growth, it will open a US headquarters in New York City. The company will continue to expand its team, particularly in the sales, clinical operations and marketing functions.
Chris Knight, CEO, Legal & General retail retirement, said: “Our investment in Current Health reinforces our commitment to provide innovative solutions to help improve personal well-being. It demonstrates our commitment to help people live longer, healthier, happier lives.”
Robert Higginson, Partner, Par Equity, said: “Par Equity was the first investor into Current Health in 2016 and we are delighted to continue our hands-on support of the business.
Having helped the company establish itself in the early years and provide support in the U.S., it’s particularly pleasing to see Current Health developing into a global HealthTech business, improving quality of care for patients.”