Closed Loop Medicine secures £2.1 million Seed investment from IQ Capital and others

New funding secured from leading venture capital investors and Cambridge Angels


London, 9th May 2019: Closed Loop Medicine (CLM), the Cambridge-based health tech startup that helps doctors and healthcare providers to deliver personalised treatment regimens has raised £2.1 million in venture capital funding, raised from Longwall Venture Partners, IQ Capital and Martlet, the investment arm of the Marshall of Cambridge group. Several leading Cambridge Angel investors took part in the financing, including the well-known serial entrepreneur, Sherry Coutu CBE.

Closed Loop Medicine is a new breed of therapeutics company that combines proven drug treatments with digital therapeutics. Digital therapeutics deliver evidence-based therapeutic interventions to patients that are driven by high quality software programs to prevent, manage, or treat a medical disorder or disease. Even in countries with the most advanced healthcare systems, few providers deliver truly personalised care. This is because current models of care do not have the ability to deliver fully integrated treatment underpinned by cutting-edge technology. The Closed Loop Medicine approach uses data and insights about how a patient is responding to treatment to tailor drug and non-drug therapy, which provides a much faster way of getting an individual to their optimum outcome.

Dr Hakim Yadi OBE, CEO and Co-Founder of Closed Loop Medicine, said: “Having been in stealth mode for several years, this latest fund raising marks a significant milestone for the business and its founders. As well as securing venture capital funding from experienced investors in deep tech and life sciences, we have been able to establish corporate partnerships with international Pharma companies and the NHS, we have also hired a senior management team that represents the very best in talent across healthcare and technology.”

The funding will support the development of a drug + digital approach to treat and manage major health conditions our society faces, starting with sleep disturbance and hypertension. The company intends to develop fully regulated, evidence-based Drug + Digital solutions for the NHS and international healthcare providers.”

CLM was founded in 2017 and first secured seed funding from several angel investors via the Cambridge Angel Network. In 2018 the company raised further funding from Longwall Venture Partners and Cambridge Angels. In this latest round Cambridge Angels and Longwall Venture Partners were joined by IQ Capital. The company was founded by Dr Paul Goldsmith, Dr Hakim Yadi OBE, Dr David Cox and Dr Felicity Sartain.

Dr Yadi OBE joined from the Northern Health Science Alliance Ltd, where he was chief executive, and in March this year joined CLM full-time. Dr Andy Richards CBE is the CLM’s Chairman. He is also Director of Ieso Digital Health, chairman of Arecor, Congenica, Abcodia, and the Babraham Research Campus.

This most recent funding round has enabled the company to take offices in London, invest in technical product development, start clinical development and clinical trials as well as invest further in drug development. The funding has also been used to recruit the current management team, as well as support building out the CLM tech team.

Dr Rebecca Todd, Investment Director, specialist health and life sciences investor at Longwall Venture Partners, said: “Closed Loop Medicine has brought together a world-class team of experienced and passionate healthcare professionals with the goal of delivering a step-change in how we do medicine in the 21st century. Their unique approach for providing personalised precision medicine by combining drug with digital to create individualised treatment regimens will be applicable across a wide range of clinical areas and has the potential to transform the way we treat patients and manage illness”.

Ed Stacey, partner at deep-tech fund, IQ Capital, said: “The management team at CLM have hugely impressive credentials and now bring this experience to one of the most cutting-edge innovations in digital therapeutics. We are really excited by the huge steps forward the team is making in this field – watch this space. IQ Capital has invested in several companies that leverage the technology including Biobeats, Neurovalens, and now CLM”.


About Closed Loop Medicine

Closed Loop Medicine is a Cambridge-based therapeutics company focused on care pathways, outcomes and the provision of dynamic personalised regimens. CLM has a development pipeline that integrates Drug + Digital+ Device for the treatment of some of the biggest challenges facing global health systems. For now, CLM is working on treating sleep disorders and hypertension but in the future will be working on other health problems.

By focusing on individual care pathways, CLM can augment proven drugs with digital therapeutics enabling the digitisation and data capture of an entire care continuum for dynamic personalised regimens. Digital therapeutics deliver evidence-based therapeutic interventions to patients that are driven by high quality software programs to prevent, manage, or treat a medical disorder or disease.

The founders of CLM have a track record of working together and between them have launched many highly successful commercial enterprises including drugs, digital health, diagnostics and devices. The team has full experience of technology development through to market access, reimbursement and uptake.

CLM was founded in 2017. Its HQ is in London, UK.

About IQ Capital

IQ Capital is a Cambridge-based venture capital firm that invests in UK ‘deep-tech’ across sectors including machine learning, AI, engineering and materials, and data-focused propositions based on disruptive algorithms. All of the firm’s portfolio companies are capable of dominating their respective markets on a global scale. The team typically invest at seed and series A stage, with significant capital reserved to scale companies through their growth stages. Initial investments range from £300k to £5m, with capacity for follow on investment up to £10m.


 For more information, please contact Dr Yadi at info@closedloopmedicine.com or on +44 20 3457 0524

Pharmaseal closes £1 million seed investment from Mercia Technologies

A Nottingham company which has developed a new platform to help pharmaceutical firms manage clinical trials more effectively has raised almost £1m from investors to help it launch its product worldwide.

PHARMASEAL International secured the investment from the MEIF Proof of Concept & Early Stage Fund, which is managed by Mercia Fund Managers and part of the Midlands Engine Investment Fund. Mercia also contributed its own capital alongside angel investors.

This new investment marks the second investment round for the company, which raised £500,000 from Mercia and angel investors in January 2018.

PHARMASEAL’s software, Engility™ CTMS (clinical trials management system), is a next-generation platform that allows pharmaceutical companies greater control over clinical trials and improved governance. The firm is to use the latest finance injection to enhance the platform with additional features, while also stepping up its international sales and marketing activities.

Engility is the first of a series of products which PHARMASEAL plans to develop for the pharma and medical device industry. Established in 2016, the firm is led by industry veterans Daljit Cheema, the CEO, and Neil Rotherham, the Chairman. As part of the deal, Ian Jennings, another senior pharma IT executive, will join the board as a non-executive director.

Daljit Cheema, CEO of PHARMASEAL said:

“PHARMASEAL aims to give customers increased control over their clinical trials and product development. This second round of investment demonstrates the confidence that investors have in our product and will enable us to scale up our commercial operations.”

Ashish Patel of Mercia Fund Managers, said:

“Gaining regulatory approval for new medicines or medical devices is extremely difficult, especially for smaller firms. PHARMASEAL’s platform is accessible for companies of all sizes and should help them to bring products to market more quickly and at lower cost. Engility has already generated significant attention within the industry. This funding round will help the team to build on the initial interest and generate global sales.”

M&R provided legal advice to Mercia on the investment. The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.

ENDS

Press contacts

Sally Vernon on behalf of PHARMASEAL

Director

Rock Pigeon Marketing

sally@rockpigeon.co

Katy Horrocks

Marketing Director

Mercia Technologies PLC

+44 (0) 330 223 1430

+44 (0) 772 521 8579

katy.horrocks@merciatech.co.uk

Pauline Rawsterne
PR Agent
Turquoise PR

+44 (0) 161 860 6063
+44 (0) 780 163 9816

pauline@turquoisepr.co.uk

About Mercia Fund Managers

Mercia Fund Managers provides both equity and debt finance to small businesses based in the UK regions. The Group has approximately 400 businesses in its portfolio, a strong record including 11 IPOs and has circa £0.5billion of assets under management including Mercia EIS Funds.

  • Mercia Fund Management Limited is authorised and regulated by the FCA under firm reference number 524856
  • Enterprise Ventures Limited is authorised and regulated by the FCA under firm reference number 183363
  • EV Business Loans Limited is authorised and regulated by the FCA under firm reference number 443560

www.merciatech.co.uk

About the Midlands Engine Investment Fund (MEIF)

· The Midlands Engine Investment Fund, supported by the European Regional Development Fund, will invest in Debt Finance, Small Business Loans, Proof-of-Concept and Equity Finance funds, ranging from £25,000 to £2m, specifically to help small and medium sized businesses secure the funding they need for growth and development.

· The Midlands Engine Investment Fund is operated by British Business Financial Services Limited, wholly owned by British Business Bank, the UK’s national economic development bank. Established in November 2014, its mission is to make finance markets for smaller businesses work more effectively, enabling those businesses to prosper, grow and build UK economic activity.

· The Midlands Engine Investment Fund is supported by the European Regional Development Fund, the European Investment Bank, the Department for Business, Energy and Industrial Strategy and British Business Finance Limited, a British Business Bank group company.

· The Midlands Engine Investment Fund covers the following LEP areas: Black Country, Coventry & Warwickshire, Greater Birmingham & Solihull, Stoke-on-Trent and Staffordshire, The Marches, and Worcestershire in the West Midlands; and Derby, Derbyshire, Nottingham & Nottinghamshire (D2N2) Greater Lincolnshire, Leicester and Leicestershire, and South-East Midlands in the East and South-East Midlands.

· The project is receiving up to £78,550,000 of funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Department for Communities and Local Government is the Managing Authority for European Regional Development Fund. Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information visit www.gov.uk/european-growth-funding.

· The European Investment Bank is providing £122,500,000 to support the Midlands Engine Investment Fund. This follows backing for the Northern Powerhouse in 2017 and backing for the newly launched North East Fund. For further information visit www.eib.org

· The funds in which Midlands Engine Investment Fund invests are open to businesses with material operations in or planning to open material operations in the West Midlands and East & South-East Midlands.

· The British Business Bank has published the Business Finance Guide (in partnership with the ICAEW, and a further 21 business and finance organisations). The guide, which impartially sets out the range finance options available to businesses and provides links to support available at a regional level, is available at www.thebusinessfinanceguide.co.uk/bbb.

About the British Business Bank

The British Business Bank is the UK government’s economic development bank. Established in November 2014, its mission is to make finance markets for smaller businesses work more effectively, enabling those businesses to prosper, grow and build UK economic activity. Its remit is to design, deliver and efficiently manage UK-wide smaller business access to finance programmes for the UK government.

The British Business Bank programmes are supporting more than £5.9bn of finance to over 82,000 smaller businesses (as at end of September 2018).

As well as increasing both supply and diversity of finance for UK smaller businesses through its programmes, the Bank works to raise awareness of the finance options available to smaller businesses:

· The Business Finance Guide (published in partnership with the ICAEW and a further 21 business and finance organisations) impartially sets out the range of finance options available to businesses at all stages – from start-ups to SMEs and growing mid-sized companies. Businesses can take the interactive journey at www.thebusinessfinanceguide.co.uk/bbb.

· The new British Business Bank Finance Hub provides everything high-growth businesses need to know about their finance options, featuring short films, expert guides, checklists and articles from finance providers to help make their application a success. The new site also features case studies and learnings from real businesses to guide businesses through the process of applying for growth finance.

British Business Bank plc is a limited company registered in England and Wales, registration number 08616013, registered office at Steel City House, West Street, Sheffield, S1 2GQ. As the holding company of the group operating under the trading name of British Business Bank, it is a development bank wholly owned by HM Government which is not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). The British Business Bank operates under its own brand name through a number of subsidiaries, one of which is authorised and regulated by the FCA.

British Business Bank plc and its principal operating subsidiaries are not banking institutions and do not operate as such. A complete legal structure chart for British Business Bank plc and its subsidiaries can be found on the British Business Bank plc website.

Ingenuity Centre, Nottingham University Innovation Park

Triumph Road, Nottingham, NG7 2TU, United Kingdom

Chief.AI secures £370k Grant funding from InnovateUK

‘Pay as you go’ Artificial Intelligence

Chief.AI and Medicines Discovery Catapult awarded funding to make AI accessible to all drug discovery researchers

Today [1 May 2019], Artificial Intelligence (AI) in drug discovery gains further support as Chief.AI and Medicines Discovery Catapult secure a grant from Innovate UK to make AI accessible to all drug discovery researchers.

This partnership will address the need for more accessible AI and data in the B2B marketplace – prioritising drug discovery, diagnostics and clinical trials markets.

By providing easy access to scarce but invaluable, cutting edge skills, resources and expertise, the platform will enable UK SMEs to leverage the power of AI at the click of a button, reinvigorating drug discovery by indirectly contributing to novel new drugs, treatments and diagnostics.

Users will be able to search by sector and/or keyword to discover and connect their own machine and database to the relevant AI algorithm on a pay as you go, on demand basis.

£370k funding will enable Chief.AI to create their searchable online platform, providing researchers with access to downloadable, off-the-shelf AI models, algorithms and high-quality data. Thus, connecting customers to suppliers in a secure, private environment, deriving revenue via commission and cloud provider charges.

Medicines Discovery Catapult will support the development of high-quality datasets and plan to provide exclusive access via the Chief.AI platform to their own novel AI algorithms; state-of-the-art image processing models capable of extracting information from pharmacological data and medical images in scientific journal papers to predict a potential drug targets performance.

The platform will be enriched through a comprehensive rating, benchmarking, pricing and scoring system and provide tailored sector relevant services as opposed to a one stop shop. Each AI algorithm will be further validated by customer use and experience.

New models for drug discovery are desperately needed. Around 90% of potential drug candidates fail and the cost of failure is enormous, ranging from $800m to $1.4bn[1]. For drugs targeting complex and poorly understood conditions, failure is near certain.

AI has the potential to solve many of the underlying issues with drug discovery. For example, deep learning algorithms could analyse molecules and predict how they might act in the human body at an earlier stage than in the traditional drug discovery process, potentially saving £billions in needless R&D and clinical trials

A number of companies are developing AI services and investment in AI for drug discovery is surging. However, lack of expertise and lack of knowledge about available services is a barrier to uptake. Furthermore, lack of sufficient high-quality structured and standardised data represents a major challenge in the implementation of AI.

Professor John Overington, Chief Informatics Officer of Medicines Discovery Catapult, says:

“This partnership and funding clearly indicate the importance and value of artificial intelligence as a new approach to support UK SMEs and reinvigorate drug discovery. Our aim is to help deliver a platform which is of high value to UK SMEs to advance their own drug discovery projects faster and more efficiently by accessing otherwise inaccessible, complex technical expertise”

Waqar Ali, Founder of Chief.AI says:

“The UK is where the first industrial revolution began, and we now want to accelerate AI provision throughout the world to become one of the biggest industrial force

multipliers of the twenty first century. Chief.AI will make the discovery of drugs more efficient, at lower cost and will diagnose diseases earlier to enable better outcomes.”

Dr Kath Mackay, Director – Ageing Society, Health & Nutrition, Innovate UK says:

“Harnessing the capabilities of AI in medicine and in other fields is a key component of the government’s modern industrial strategy. Innovate UK’s support for Chief.AI and Medicines Discovery Catapult will help to allow SMEs to work more efficiently and rapidly in the realm of drug discovery. This will lead to real benefits for patients and help expand and grow this vital sector.”

The capabilities of AI are predicted to drive Global GDP upwards of 14% by 2030[2], resulting in a total gain of $15.7 trillion2due to productivity and personalisation improvements. In the UK, the gain is predicted to be as large as 5% of GDP[3], and extra spending power per household of up to £1,800-£2,300 a year by 20303.

[1] https://www.clinicalleader.com/doc/the-high-price-of-failed-clinical-trials-time-to-rethink-the-model-0001

[2] https://press.pwc.com/News-releases/ai-to-drive-gdp-gains-of–15.7-trillion-with-productivity–personalisation-improvements/s/3cc702e4-9cac-4a17-85b9-71769fba82a6

[3] https://www.pwc.co.uk/economic-services/assets/ai-uk-report-v2.pdf

Source: https://bionow.co.uk/news/b5cc95bb62cd40/chief-ai-and-medicines-discovery-catapult-awarded-funding-to-make-ai-accessible-to-all-drug-discovery-researchers

Congenica raises additional £13.25 million to reach a total of £23.3 million for Series B funding round

Cambridge, United Kingdom – 30th April 2019 – Congenica, the global clinical decision support platform provider, today announced it has raised a further £13.25 ($17.1) million in additional equity investment, led by Parkwalk Advisors. The round attracted new strategic investors, including Digital China Health Technologies Corporation Limited (DCHealth), alongside follow-on funding from existing investors. The total amount raised across its B round financings is now £23.3 ($30.1) million.

Congenica was recently awarded a multi-year contract to be the exclusive provider of Diagnostic Decision Support Services for the world leading NHS Genomic Medicine Service, allowing clinicians to use its Sapientia™ platform and expert support services to interrogate the human genome to identify disease-causing variants. The company is now looking to accelerate growth, with commercial scale-up to support further penetration into international markets, to expand on the initial focus of the US and China.

In addition, the new capital will drive the development of an enhanced product platform that harnesses the power of statistics and machine learning technology to augment the ability of users to make diagnostic decisions. In parallel, new versions of the company’s SapientiaTM platform will incorporate extensive automation and broaden the clinical and commercial focus to support cancer treatment decisions, pharmacogenomics and health management.

Dr David Atkins, CEO of Congenica, said: “With the formalisation of our partnership with the NHS, we are now focused on accelerating the introduction of important new features to our platform. These funds will allow us to automate SapientiaTM, to support wider usage and reduce costs to healthcare providers, helping more clinicians provide accurate, rapid and cost-effective diagnoses to patients and their families.

“In addition, we can now begin to penetrate international markets. The deepening of our relationship with DCHealth gives us greater insight into the needs of the China market, with the recent development of an on-premise version of our platform the most notable example.”

Mr David Shi, CEO of DCHealth, commented: “As the provision of routine clinical genomics services continues to increase in China and other global markets, the challenge of analysis and interpretation of genomic data into meaningful, clinically-actionable results is coming into force. Our investment reflects Congenica’s proven abilities and track record and underlines our confidence that its platform and services will contribute to the new era of genomic medicine internationally.”

Dr Andy Richards, Chairman of Congenica, said: “Congenica is at the exciting scale-up stage of its commercial development, at the forefront of the fast-moving genomics market. Its recent successes demonstrate that, with the right investment and leadership, world-leading technology companies can be built from UK science. With this additional investment, Congenica is poised to become the leading clinical genomics service provider; and will benefit patients globally.”

Source: https://www.congenica.com/2019/04/30/congenica-raises-additional-13m-for-series-b-funding-round/

Medbelle £5.18 million raises Series A investment from Signals Venture Capital

April 15, 2019 
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  • Funding round led by signals Venture Capital, with other investors including Talis Capital, Mutschler Ventures, IBB Beteiligungsgesellschaft and prior backer Cavalry Ventures
  • Announcement signals rapid expansion of ground-breaking, end-to-end digital patient care platform  
  • 30,000 Britons have already used new service to navigate their treatment journey, as founders on target to attract a further 144,000 users by 2020
  • Medbelle bringing greater efficiency and transparency to the previously fragmented and bureaucratic healthcare sector

London and Berlin,  April 2019 — Medbelle, the UK’s leading end-to-end platform for medical procedures, today announced $7m (€6m) in funding to accelerate the digitisation of the patient journey. The Series A funding round was led by signals Venture Capital and joined by Talis Capital, Mutschler Ventures, IBB Beteiligungsgesellschaft and Cavalry Ventures.

Already covering the majority of the UK, and with its eye on international expansion, Medbelle’s three-layered ‘digital hospital’ model (Medbelle Platform, Medbelle Care, and Medbelle Operating System) places unprecedented control in the hands of patients, while giving healthcare professionals access to an integrated suite of management tools covering the entire treatment journey – from first consultation to billing, post-operative care and follow-up.

Patients book their procedure with Medbelle, which provides them with leading specialists and state-of-the-art operating facilities – with all organisation taken care of by the platform. The Medbelle service is designed to save them time, stress and money, ensuring that they benefit from the very best treatments and facilities available. Once a patient is registered, every aspect of their treatment is accessible via a single, simple web portal and app, or through their own personal Medbelle Care Adviser.

At the same time, the Medbelle Operating System ensures healthcare providers can make the most of their valuable time and resources. It allows specialists, hospitals and staff to work more productively, and liberates them from inefficient, unnecessary administrative tasks.    

Already enthusiastically backed by patients, with an outstanding Net Promoter Score (NPS) of 93 – making it the highest-rated medical provider in the UK – the cash injection will enable Medbelle to undertake the next phase of its roll-out. And with the UK private healthcare sector forecast to hit $13.8bn by 2023, it’s a market opportunity that has proven highly attractive to investors.

In its launch phase, Medbelle was focused on privately-paid (self-funded) procedures in areas such as cosmetics, bariatrics and ophthalmology and is currently expanding into orthopaedics and fertility. In the future, Medbelle will work with private medical and public insurance providers / the NHS to leverage its technology and services to help patients with all types of medical procedure.

“The new capital will accelerate the development of our platform while growing Medbelle’s operating footprint,” said Daniel Kolb, co-founder and MD of Medbelle. “It will allow us to streamline high-quality care at scale and take even more work off the hospitals’ and specialists’ shoulders. Our technology helps them to operate more efficiently, be better-utilised and fully focused on what matters most: the best care for patients.”

Clemens Koós, investment manager at signals Venture Capital, said: “Major digital platforms improve customer experience in almost all industries, however, in healthcare, the digitisation of patient journeys has been heavily lagging behind until now. Medbelle’s technology and personalised care enable much simpler and more affordable medical treatments – while allowing healthcare providers to efficiently focus on treating patients. We look forward to working with the Medbelle team and co-investors in expanding the platform to include more treatment specialities and increasing its reach.”

Vasile Foca, Managing Partner at Talis Capital, said: “The digital health market is expected to reach $536bn by 2025 – so the time is right to be focusing on technologies that can transform healthcare and the patient journey as we know it today. We’re proud to be backing Leander, Daniel and their high-quality team in this latest round as they roll out their truly digital treatment solution. Medbelle is the world’s first digital hospital that creates real value for both patients and providers and offers unrivalled care from some of the country’s best specialists.”

Leander de Laporte, co-founder and MD at Medbelle, said: “The ‘digital hospital’ creates real value for patients and healthcare providers alike and, therefore, can offer care from the best specialists in the country with a truly digital and personal experience. It’s great to have new partners on board who bring such vast experience to the table. We all agree that an integrated model enables much faster deployment of technology to improve patient experience and reduce costs.”

-Ends –

Contact: antonella@burlington.cc

About Medbelle: Medbelle is the first digital hospital – an end-to-end platform for medical procedures. We strive to create a world in which patients navigate their treatment journey digitally and receive personal care at the click of a button.
We have integrated the entire patient journey to deliver a frictionless treatment experience for patients: We hire surgeons, rent operating facilities and provide a platform to streamline patient data, communication, provider selection, treatment pricing, scheduling and more. At the same time, our platform reduces workload and optimises utilisation of specialist doctors and hospitals. Our technology, patient care team and high-quality hospitals & specialists have garnered an industry-leading Net Promoter Score of 93 and have allowed us to help more than 30,000 patients all over the UK. Visit medbelle.com for details.

About Talis Capital: Talis Capital is a venture capital investment firm that takes smart money from some of the world’s most successful entrepreneurs and business people and invests it strategically in early stage technology companies with global potential. Talis has invested over $500m worth of transactions since 2009 and the portfolio includes Darktrace, Onfido, iwoca, Pirate Studios, Luminance, Ynsect and Oh My Green. Focused on building long-term partnerships, Talis leverages its network to give some of the world’s most innovative startups opportunity to thrive. For more see www.taliscapital.com.

About signals Venture Capital: signals Venture Capital is an early stage investor backed by

a €100m venture capital fund with a focus on forward-looking, scalable technology solutions that can transform or disrupt entire industries. signals Venture Capital invests in companies active in disruptive industries such as health, mobility and financial services as well as b2b business models all over Europe and Israel, especially in the field of Data & Analytics, Artificial Intelligence and Internet of Things. The portfolio companies profit not only from the classic venture capital support but also from the extensive ecosystem with renowned German and European partners, industry experts and diverse distribution channels.

About IBB Beteiligungsgesellschaft: IBB Beteiligungsgesellschaft (www.ibb-bet.de) provides venture capital to innovative Berlin-based companies and has established itself as a market leader in the field of early-stage financing in Germany. The funds are used primarily for the development and market launch of innovative products or services, as well as for business concepts of creative industries. Currently, two of the funds managed by the IBB Beteiligungsgesellschaft are in the investment phase, the VC Fonds Technologie Berlin II with a fund size of 60 million euros and the VC Fonds Kreativwirtschaft Berlin II with a fund size of 40 million euros. Both VC funds are financed by means of the Investitionsbank Berlin (IBB) and the European Fund for Regional Development (EFRE) administered by the State Berlin. Since 1997 the IBB Beteiligungsgesellschaft, in consortia with partners, has made 1.43 billion euros available to creative and technology-orientated companies; thereof, the portion invested by IBB Beteiligungsgesellschaft itself, as lead, co-lead or co-investor, was approximately 200 million euros.

About Mutschler Ventures: Mutschler Ventures is the venture arm of a Zurich based family office, actively investing in start-up companies in the digital as well as blockchain world. Over the past years, Mutschler Ventures has been invested in e.g. Betreut.de, later care.com, Adyen, McMakler, Auto1, Sygnum, Loanboox and other companies in the German-speaking region.

About Cavalry Ventures: Cavalry Ventures is an entrepreneurially driven VC fund based in Berlin with a focus on angel and seed-stage investments in Europe. The six founding Partners have repeatedly financed, founded, built and sold market-leading companies such as Delivery Hero, Tradeshift or plista. Being both, experienced investors and still active entrepreneurs, the cavalry offers hands-on support and a strong value-add to ambitious founders of fast-growing technology companies.

Mirada Medical secures £6 million Series A investment from Apposite Capital

Oxford, 8 April 2019 – Mirada Medical, a world-leading medical imaging software company, has announced a new £6 million investment led by private equity healthcare specialists, Apposite Capital. The investment will support Mirada’s development of artificial intelligence (AI) based software for increasing the speed and accuracy of cancer treatment planning applications, while delivering a more personalised level of care to patients. Apposite has invested alongside Mirada’s founding investor, AlbionVC, and other private investors.

Mirada’s state of the art software algorithms and imaging applications help clinicians to simplify technically complex image processing tasks, thus helping them use medical images more effectively and improve cancer care.

Hugh Bettesworth, Mirada’s CEO, explains: “The use of AI in healthcare is growing quickly. We are excited to be able to accelerate our development of AI-based cancer treatment planning. Apposite’s focus on healthcare and their solid pedigree in the Radiation Therapy sector provides Mirada with invaluable resource over and above the significant financial investment they have made. Mirada’s products will make a transformative impact on the day-to-day provision of cancer care, through the deployment of advanced AI-powered technology.”

Through its global leadership in medical software technology and deep learning AI, Mirada recently scored an industry first by gaining FDA clearance for its Deep Learning Contouring treatment planning solution, DLCExpert™. The product automates time-consuming critical structure contouring tasks, which are an essential part of the treatment planning process.

The software has been clinically validated and is in daily clinical use at a number of leading hospitals and health centres, and is now being marketed throughout Europe and the USA. The investment by Apposite Capital will enable Mirada to accelerate product development milestones, and improve the market accessibility of its AI-based software applications, helping clinicians to improve healthcare outcomes for patients worldwide.

“Incidence of cancer is expected to increase globally by 62% by 2040. There were approximately 17 million new cancer patients worldwide in 2018 and we estimate half of them will receive radiation oncology as part of their treatment, thus potentially benefitting from this technology,” said Mark Gooding, CTO at Mirada Medical. “We believe that AI can be rapidly applied to every-day laborious healthcare tasks such as contouring, enabling clinical staff to spend more of their valuable time working directly with their patients to deliver optimal healthcare outcomes.”

Sam Gray, Partner, Apposite Capital said “Apposite are delighted to back the team at Mirada. Not only does Mirada have a long track record of success in medical imaging software with a global installed base of 2,000 hospitals and partnerships with the leading global medical equipment companies, but on the back of world-leading science and technology it continues to develop and commercialise its own cutting edge new products. The recently approved AI based auto-contouring product is a great example and fulfils a real clinical imperative as clinicians globally strive to deliver ever more precise radiotherapy.”

– ends –

Mirada Medical, RTx and Workflow Box are trademarks of Mirada Medical Ltd.

About Mirada Medical

www.mirada-medical.com

Mirada Medical is a leading international brand in medical imaging. The company develops advanced technology applications that help healthcare professionals use medical images more effectively and efficiently to improve cancer care. Mirada’s products are used across diagnostic radiology, molecular imaging, radiation oncology, medical oncology, tumor board and elsewhere.

The company specialises in simplifying technically complex image processing tasks, allowing clinicians to more confidently diagnose disease, assess response to treatment, and plan radiation therapy or surgical intervention. Mirada’s advanced technology products are available throughout the world under its own brand, and on an OEM basis through a select number of the world’s leading healthcare companies.

About Apposite Capital

www.appositecapital.com

Apposite Capital is an independent investment firm focused exclusively on healthcare. It focuses on companies operating in healthcare services, social care services, medical products, pharmaceuticals and pharmaceutical services and digital health.

The firm operates at the small end of the private equity market, providing both capital and expertise to those businesses offering ‘disruptive’ models that aim to improve or reduce the cost of care provision and which have the potential to become market leaders.

Apposite has an in-depth sector knowledge covering key aspects of the healthcare industry internationally coupled with local insights, an exceptional network and an entrepreneurial mindset which it applies to drive the growth of its portfolio companies.

Apposite was established in 2006 and is headquartered in London, UK.

For more information, please contact:

Annamaria Albano

Mirada Medical Ltd

Oxford Centre for Innovation

New Road, Oxford

OX1 1BY United Kingdom

annamaria.albano@mirada-medical.com

Tel: +44(0)1865 261 410 info@mirada-medical.com

HealthTech company Cog-Neuro Speech Therapy secures £85k Grant and Debt finance from InnovateUK and Development Bank of Wales

People suffering with communication difficulties are benefitting from a new speech therapy service that has been developed by Caerphilly-based Cog-Neuro Speech Therapy Limited.

With a £25,000 loan from the Development Bank of Wales and a £60,000 grant from Innovate UK, the mobile application has been developed to help people with communication difficulties to regain their ability to communicate, maintain relationships and re-integrate into the community. 

Cog-Neuro was first established by speech therapist Sheiladen Montero Aquino in 2012. She has now developed an application that will enhance speech therapy service for people with communication difficulties following a stroke, brain injury, and other progressive neurological disorders including Parkinson’s disease and Multiple Sclerosis.

By using the application, patients can access services during the time when they are most stimulable for rehabilitation or while waiting for a speech therapy appointment from the NHS. Patients and their families who want intensive speech therapy can also use the app alongside speech therapy sessions to support their current rehabilitation program.

The Cog-Neuro application focuses on five areas of language including listening, speaking, reading, writing and thinking (semantics). Gamification and stealth learning has been used to encourage interactivity and concentrated attention, which have been shown to be key factors in neuroplasticity and brain regeneration.

Mini-games target specific linguistic skills with visual instructions and trial options at the start of each game. Feedback is given to users. In addition, each of the games has three levels of difficulty depending on the user’s  progress. At the end of the game a report is generated which can be sent via email. It is also possible to customise the game for the client.

Sheiladen Montero Aquino founder of Cog Neuro said: “Throughout my international practice in speech therapy, I have wanted to develop an innovative treatment that will help people communicate again after a stroke, brain injury, Parkinson’s or Dementia.

“The Innovate UK funding helped develop the mobile software but we still needed additional finance. Business Wales introduced me to Rhiannon Brewer at the development bank – she understood our business and showed a sincere desire for our success.  She guided me through the process and we received the funds promptly. We found a reliable partner for this journey!

“I’m grateful to the Development Bank of Wales, Business Wales and Innovate UK for their excellent support throughout.”

Rhiannon Brewer, Senior Investment Executive with the Development Bank of Wales said: “Working in partnership with other funders and business support organisations to help ambitious and passionate business owners to succeed is what we do best. Each company we work with is different and every deal is bespoke. So, I was particularly pleased  to work with Business Wales and Innovate UK to offer a funding package that really is making a difference to the business whilst improving people’s lives.

“The new product from Cog-Neuro will help to benefit some of the 15,500 people in Wales who are estimated to suffer with severe speech and communication problems. It’s very rewarding to know that our micro loan is now helping to ensure that people will receive the care  they need to support independence and quality of life.”

David apjohn-Williams, Business Wales Regional Manager for South Wales, said: “As well as supporting entrepreneurs and SMEs across Wales to start and expand, collaborating with other support organisations and stakeholders to offer a holistic approach that is tailored to the individual, is paramount to us.

“I am delighted that, together with the Development Bank of Wales and Innovate UK, our advisers were able to support Sheiladen and Cog Neuro to create a robust financial plan and secure the micro loan, as the business continues to develop their life-changing projects.”

The Development Bank of Wales offers micro-loans from £1,000 to £50,000 as well as loans and equity up to £5 million.

HealthTech company Neurovalens raises £4.6 million Series A investment led by Wharton Asset Management

Belfast-based health tech company, Neurovalens, has secured one of the largest ever Series A investments generated by a Northern Irish technology company.

The company specialises in using neuroscience to solve everyday health issues.

The £4.6 million raise was led by London-based Wharton Asset Management along with Cambridge based IQ Capital. The round was also supported by Techstart Ventures, through its Invest NI-backed fund, The UU Fund, Co-Fund NI managed by Clarendon Fund Management, Beltrae Partners and the Angel CoFund.

Led by Dr Jason McKeown, Neurovalens is renowned for the development of Modius, an innovative headset which non-invasively stimulates the area of the brain associated with appetite and cravings.

The investment will allow for further medical trials in the areas of obesity and type 2 diabetes and will also support the company’s wider research into issues such as insomnia, mental health and epilepsy.

“We are delighted to receive this latest wave of funding, it will enable us to continue to lead the way in developing non-invasive neuro-stimulation technology and will propel our work to a whole new level,” said Dr Jason McKeown, CEO of Neurovalens.

“Modius has been an incredible success story since its launch in 2017 and with medical device approval expected within the next 12-18 months, the prospects are extremely exciting.

“With the concept now proven, our immediate focus is on the development of neurological science to tackle ever wider health and lifestyle issues affecting people all over the world. It’s a hugely exciting time for the application of neuroscience and our business.”

Highlighting the significance of the funding round, Jamie Andrews of Techstart Ventures added:

“We are very proud to have been investors in Neurovalens from its earliest days. This round is a huge endorsement of the work of the entire team at Neurovalens. Their ability to bring neuroscience and technology together is not only delivering a lighthouse commercial success story for Northern Ireland but at a global level, is changing lives for the better.”

Also commenting on the raise, Kerry Baldwin, Partner of IQ Capital added:

“IQ Capital is looking forward to supporting the impressive, thought-leading team at Neurovalens as they apply their IP-rich neuro-tech to solve multiple health issues.”

B-Secur raises £4 million investment from ADV and Bank of Ireland

5th March 2019

Kernel Capital confirm B-Secur Ltd, a Belfast-based ECG biometric authentication company has raised £4m. This is the second round of funding secured by the company from Accelerated Digital Ventures (ADV), The Bank of Ireland Kernel Capital Growth Fund (NI) and an existing Private Investor. 

B-Secur, which now employs 36 staff in Belfast, has developed technology that uses an individual’s unique heartbeat pattern (ECG) as a means of personal authentication. The company recently launched Heartkey which combines this unique user identification with advanced physiological monitoring for health and wellness purposes. 

B-Secur is now partnering with some of the world’s top motoring manufacturers, global wearable and fitness tracker technology firms and leading semiconductor manufacturers, to embed Heartkey into multiple everyday technologies and wearables. 

‘Since our first investment in B-Secur we have been impressed by the drive and determination of the management team and their highly skilled technical experts who have worked hard to elevate this technology and to pair it with partners and applications which we strongly believe will change how we live and work. They are at an exciting stage and we are very proud to support them in taking their vision forward on a global scale.’
Jayne Brady, Partner, Kernel Capital

‘Securing further investment at this critical stage recognises our rapid development over the past 18 months and the market relevance of B-Secur’s technology. Most importantly, it’s a strong indicator of B-Secur’s growth potential globally.’
Alan Foreman, CEO, B-Secur

‘When everyday wearables become medical grade devices, the importance of assuring who can access sensitive information is of the greatest importance. B-Secur’s Heartkey software enables any OEM to achieve near medical grade heart monitoring and tracking capability coupled with unique authentication. One product roadmap with two distinct solutions, all derived from one heartbeat (ECG) signal. We’re backing B-Secur for the second time because we truly believe in the product vision and the team.’Tong Gu, Investment Lead, Accelerated Digital Ventures

The Bank of Ireland Kernel Capital Growth Fund (NI) was designed to help SMEs in Northern Ireland to accelerate their growth. Invest Northern Ireland has committed £15m of funding to this fund which is part financed by the European Regional Development Fund under the EU Investment for Growth and Jobs Programme 2014-2020.

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For further information please contact: 
Dawn Walsh, Kernel Capital.
+353 21 4928974 

UK AI companies Biorelate and Intellegens win share of £20m in Innovate UK grant competition to explore creation of advanced data curation tool

2019-02-18. Manchester, UK and Cambridge, UK. Two artificial intelligence (AI) companies, Biorelate Limited and Intellegens Limited, today announced their success in the third round of the Innovate UK open grant funding competition. Together, the two companies have secured over £300,000 from Innovate UK and will co-invest an additional £130,000 to deliver a partnership project entitled: “Chemeia: A synergistic AI integrated architecture for augmenting high-value dark-data”.

Project Chemeia (‘Chem-ee-a’) will test the potential for combining the capabilities of Biorelate’s deep text mining (Galactic AITM) technology with Intellegens’ sparse data solution, to produce up to date, comprehensive, and reliable data sets for high-value R&D work.

Biorelate and Intellegens are two high-technology companies specialising in the development and application of novel AI techniques that can solve common problems associated with optimising data curation for R&D.

Data curation is a critical component of scientific research and development (R&D) in many areas including biological research and advanced materials manufacturing – helping to ensure that results from in-house experiments and information from external sources can be integrated for further analysis.

Current AI methods for curating scientific experimental data can be slow and are prone to leaving gaps in the information they produce. Existing techniques are costly to deploy at scale. Estimates suggest that around 80% of published scientific literature is unused and the effort of data curation is an obstacle to research. This project will determine how modern AI approaches can make this better.

Biorelate CEO and founder Dr Daniel Jamieson said ‘Adequate data curation underpins so much of the future success of research and development in science and Biorelate is continually investing in innovative ways to improve this. What really excites me about this project is the prospect of bringing two completely different, game-changing technologies together to achieve something entirely novel. We can’t wait to start!’

Intellegens CEO and co-founder Ben Pellegrini said ‘We are excited to work with the team at Biorelate to bring together the best parts of our AlchemiteTM platform with Galactic AITM. Independently, our AI technologies are proven; together they have the potential to take the pain out of data curation. Biorelate curates databases from the analysis of published scientific literature – allowing researchers to extract structured biological knowledge for use in a variety of applications. We work with sparse data, using our deep learning algorithm to make accurate predictions in datasets that are as little as 0.05% complete. With the funding granted by Innovate UK we’ll be able to exploit the synergies between these two approaches and see if it is possible to create a powerful new approach that can transform data curation.”

Both CEOs agreed that ‘Funding from Innovate UK has made this project possible. This support will help us contribute to the UK’s position as a leading nation in this field.’

Biorelate, Manchester Science Park, Manchester, UK, M15 6JJ

Biorelate is developing Galactic AITM, an advanced text analytics & data mining cloud-based platform. Galactic reduces research risks, increases commercial awareness and helps solve biomedical research’s greatest challenges.

https://www.biorelate.com

Intellegens, Eagle Labs, 28 Chesterton Road, Cambridge, Cambridgeshire, United Kingdom, CB4 3AZ

Intellegens have developed Alchemite, which builds on existing numerical curated resources (sparse data) by using AI to predict ranked unknown data-points and uncertainties. No other solution on the market can replicate Alchemite’s low cost modelling, prediction, error detection & parameter optimisation for big, sparse, numerical data.

https://www.intellegens.co.uk

Innovate UK, the UK’s innovation agency

Innovate UK drives productivity and economic growth by supporting businesses to develop and realise the potential of new ideas. We connect businesses to the partners, customers and investors that can help them turn ideas into commercially successful products and services and business growth. We fund business and research collaborations to accelerate innovation and drive business investment into R&D. Our support is available to businesses across all economic sectors, value chains and UK regions. Innovate UK is part of UK Research and Innovation.

https://www.innovateuk.ukri.org