PhysioMedics gets backing for expansion drive
PhysioMedics, which has developed a tool allowing patients to self-assess muscle and joint problems, has secured a further £1.5 million from investors to develop its commercial operations, including expansion overseas.
The investment from Archangels, Scottish Enterprise and Innovate UK, follows the appointment last year of Charles Sweeney as CEO to lead the Edinburgh-based company through the next stage of its growth.
The company’s PhysioWizard platform is the only clinically-validated self-assessment tool that patients can complete online, without requiring a clinician.
PhysioWizard accurately matches patients with the recommended treatment (triage), and the platform provides patient-led self-care and advice, enabling users to actively participate in their treatment and achieve better results.
With six in 10 home workers reporting muscle and joint issues, the demand for quick instant access to care has increased significantly with COVID, driven by the move to hybrid working.
Mr Sweeney has more than 20 years’ experience of leading companies in a range of sectors. He has a long association with Archangels, who continue to support PhysioMedics. He is non-executive chairman of another Archangels portfolio company, Hearing Diagnostics, and a board member of the Glasgow-based Digital Health and Care Innovation Centre.
PhysioMedics was founded by Kirsten Lord in 2010, a chartered physiotherapist with more than 30 years’ experience of treating thousands of patients, working with a team of specialist physiotherapists.
Mr Sweeney said: “The further investment secured from Archangels and Scottish Enterprise comes at an important stage of our journey, as we move from product development and early commercialisation, into a more focused phase of commercial growth.
“The Innovate UK grant will also allow us to accelerate the pace of our product roadmap which will revolutionise how musculoskeletal triage is delivered to customers.”
David Ovens, joint MD of Archangels, said: “In a post-pandemic world, web-based clinical triage is becoming an increasingly an important part of how healthcare is delivered in the UK and globally, providing a vital service and reducing the burden on healthcare teams.
“I have no doubt that the clinical depth of the PhysioWizard product, which has been developed over many years, will ensure that it becomes the leading digital triage solution not only in the UK but globally.”