Major funding round
Scots medtech pioneer Current Health raises $43m
Stewart Whiting, CTO, and Chris McCann, CEO
Scottish medical technology company Current Health has raised $43 million (£31m) in a Series B financing round led by US-based Northpond Ventures.
Top healthcare and pharmaceuticals venture capitalists, as well as a leading hospital system are among the investors.
The Edinburgh-based company’s platform is used by many of the world’s leading health systems including Mount Sinai Health System, Geisinger Health, and the UK National Health Service, to monitor and manage patient care at home.
It is also used by major pharmaceutical companies, such as AstraZeneca, to move delivery of complex therapy into the home and support home-based drug trials.
The funding comes on the heels of 3,000%+ growth in year-over-year revenue, making Current Health one of the fastest growing healthcare companies.
In December 2019, Current raised $11.5 million in a Series A round led by MMC Ventures while a 2018 round spearheaded by ADV saw the company raise $8 million.
Current said the latest investment will enable it to expand “on a global scale” and meet growing demand.
Among those investing in the latest deal were LRVHealth, OSF HealthCare, Section 32, Elements Health Ventures, and existing investors.
Andrea Jackson, director at Maryland-based Northpond Ventures, and Tripp Peake, general partner at LRVHealth, will join Current Health’s board.
She said: “It’s rare to see a company successfully execute across both healthcare delivery and drug delivery – this is what makes Current Health so special.
“As healthcare moves into the home, pharmaceutical companies are developing new models that go beyond the pill and enable greater delivery at home with fewer side effects at lower cost.
“Current Health’s proven track record of delivering across both pharma and health systems makes them the perfect company to bridge this gap.”
Chris McCann, CEO and co-founder, said: “In the next five years, we’ll see a majority of healthcare services delivered in a patient’s home, with the hospital reserved for intensive care, trauma, and surgery.
“To make this shift, healthcare providers must move away from point solutions and develop system-wide strategies to deliver care at home.
“We’ve built Current Health to serve as the ‘mission control’ for organisations to transition healthcare from the hospital to the home and meet patients where they are.
“Our Series B financing, from the top investors in both healthcare and pharma, will enable us to rapidly grow on a global scale and meet the demand for an integrated, enterprise approach.”