VISIONABLE RAISES £6 MILLION IN OVERSUBSRIBED SERIES A1 FUNDING
Capital raised to accelerate growth of rapidly expanding health technology company
- The investment will assist Visionable in the recruitment of 20 hires and product development to accommodate the growing demands for its video streaming technology from the NHS and private health providers following COVID-19
- The Series A1 investment brings Visionable’s total raised to £17 million
- The round was oversubscribed by £4 million
LONDON [18 JUNE 2020]; Visionable, the first video collaboration platform designed especially for healthcare teams’ advanced clinical needs, has raised £6 million in an oversubscribed Series A1 funding round. The private placement, completed within 24 hours, was led by West Hill Capital.
To meet unprecedented demand, Visionable is rapidly upscaling its operations by building up its team to be 60 strong by the end of June, from 14 employees in May 2019, accelerating technology research and development, and in international expansion. In the four weeks since lockdown was announced Visionable increased video conferencing hours by 1,607%, facilitated 4,200 hours of patient consultations and onboarded 16,000 NHS staff in using the video streaming technology. From Q4 2019 to Q1 2020, revenues at the company increased 6.5 times.
Alan Lowe, CEO & Co-Founder of Visionable says: “At a time when the pandemic has significantly limited patients’ ability to see their doctors, we’ve experienced a surge in demand for our video collaboration platform which enables consultations to take place anywhere, at any time. Healthcare systems globally are having to adapt to new ways of providing the quality care and services their patients need and in ensuring that access to medical care is equitable. Our technology saves clinician’s and patient’s time, while bridging skills gaps and distances by allowing consultations to take place on a secure online setting. Entire medical teams can review cases together via Visionable with native resolution and high-quality imaging, enabling faster and better outcomes for patients.
“We are experiencing significantly faster adoption of our technology with deal cycle time considerably reduced. This funding round will enable us to fast track our expansion plans and develop new functionality in order to meet growing demand.”
Health care professionals in the public and private sector are using Visionable for virtual consultations, multidisciplinary team meetings and to connect COVID-19 patients with their loved ones. This includes Visionable’s Connect App which, in collaboration with WIFI Sparks, allows hospitals to offer virtual visiting to patients whose families and friends might not be able to visit them. Faster adoption of telehealth will also further help the NHS deal with the backlog of patients that are now re-entering the system. Visionable is also working with O2 on Connected Ambulances. This service equips standard ambulances with state-of-the-art devices and connectivity to create a “Smart Ambulance” that will simulate 5G connectivity, transforming the vehicle into a unique remote consultation room.
Visionable is a healthcare technology company, established in 2015, that provides a universal video collaboration platform for clinicians to deliver better patient care. Designed by founders who have worked within the NHS and who continue to partner closely with NHS clinicians, the platform has been built specifically to address the advanced technical needs found in healthcare. To achieve a truly ‘connected health’ system, Visionable makes it easy for everyone – from clinicians to whole organisations – to work together, ensuring patients’ access to the timeliest, best care possible.
About West Hill:
West Hill Capital partners with passionate technology entrepreneurs and invest in what we believe are high growth businesses that can offer our investors an opportunity to achieve market leading returns. We look for an innovative product or service that can demonstrate a global application and hence significant scalability. We feel Visionable exhibits all of these qualities and as such we are pleased to be with them on their journey.
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