uMed raises £3.7m in venture capital funding to help healthcare providers participate in more clinical studies
Funding will enable health tech startup to grow its innovative platform which automates processes in running clinical research registries while ensuring regulatory compliance
LONDON – 1st December 2020. Research technology company uMed has raised £3.7m in venture capital from AlbionVC, Delin Ventures and Playfair Capital, along with Silicon Valley’s 11.2 Capital.
The latest round of funding1 will see uMed give healthcare providers in the UK and US, including GPs and hospitals, the tools to run patient research more efficiently while safeguarding patient data and ensuring regulatory compliance.
uMed is already delivering its technology to a number of clinical research studies including the University of Oxford-led RAPTOR-C19 study, part of the national priority CONDOR platform evaluating the use of COVID-19 diagnostics in different settings. RAPTOR-C19 is comparing the accuracy of different rapid tests for Covid-19 among patients in community settings, such as GP surgeries. These findings are informing the scaling up of testing in the UK, which is a key priority in helping scientists better understand and control Covid-19 transmission.
The uMed platform provides the functionality required to digitally target and engage patients for this study, enabling e-consent and the automated capture of structured outcomes remotely which are linked back to the data from each patient record. This ensures the efficient execution of the study across a large number of sites, and creates the capacity for healthcare providers to participate in many more of these studies than would otherwise be possible.
uMed’s founder and CEO, Dr Matt Wilson2, a former NHS anaesthetist and Medical Officer in the Royal Marines, created the technology platform to connect life science researchers with healthcare providers and their patients. It is already embedded across a rapidly expanding global network that includes 1.7 million patients in more than 160 primary care sites in the UK, along with 2m patients from a large US health system available from early next year.
uMed’s platform automates the clinical study process, creating regulatory quality patient registries that combine electronic health data with structured data captured from each patient which can include genomic and biomarker samples. This automation allows all healthcare providers from small GP practices to large hospitals to participate in multiple research programmes simultaneously; supporting enhanced research revenue without increasing overhead or burdens on clinical teams.
Medical research studies can cost many millions of pounds each, and up to 80% of these costs are associated with manual processes delegated to healthcare providers which uMed could eradicate while safeguarding data. This means life science organisations are able to rapidly build high quality datasets that go beyond real-world data vendors, allowing researchers to augment health records with additional structured data captured from patients at home. This is achieved without exposing patient identity and ensuring key steps such as patient consent.
Dr Wilson says:
“Our technology can support healthcare providers in finding appropriate patients to participate in medical research including large scale patient registries which usually demands laborious, manual processes on top of their already complex and heavy workloads.
“As our technology is uniquely able to reach back compliantly from the Electronic Health Record (EHR) to the patients, the process for building research registries can be heavily automated. It means clinicians can focus on patient care, while patients are given the opportunity to participate in many more studies from home with full transparency over use of their health records.”
Christoph Ruedig, Partner at AlbionVC, comments:
“AlbionVC has been investing in digital health for more than 10 years. We believe the next generation of healthcare disruptors are companies that can harness the power of that data to help improve healthcare. uMed has developed a powerful platform that can link some of the richest sources of healthcare data and drive a step change in how clinical and real-world research is conducted. We have been impressed by the company and its vision, and we are excited to support them as they enter the next stage of growth.”
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1 In October 2019, uMed secured almost £1m in seed investment from Playfair Capital which continues as an investor in its latest round.
2 Dr Matt Wilson Biography
Dr Wilson is a physician by background, having received a distinction in his medical degree from Cardiff University. As a military sponsored undergraduate, he went on to complete his junior doctor years at Derriford Hospital in Plymouth and it was then he developed an interest in clinical research supporting studies evaluating the use of thromboelastography in pancreatitis.
Matt then spent three years working as a Royal Navy Medical Officer and earned his green beret to work as a doctor in the Royal Marines. This time included a range of operations and exercises across the Middle East, Somalia, Kenya, Albania and Norway.
Going back into the NHS, Matt then worked in emergency medicine before entering specialist training in anaesthetics. He founded uMed in 2017 recognising the opportunity to automate key parts of the clinical study process by using electronic health record data. Matt is also a fellow of the NHS Clinical Entrepreneur Programme.
Whilst uMed is based in central London, Matt lives with his wife and two sons in Poole, Dorset.
uMed is a technology platform embedded across a global network of healthcare providers that automates the process of building prospective, protocolized patient registries. This enables sites to participate in dozens of programmes simultaneously without increasing overhead or burden on staff. For life science companies, uMed provides access to research-grade registry data, where patients within those datasets can be compliantly re-engaged to support the aims of commercial and R&D teams.
The uMed process works in three stages:
- The platform integrates with the healthcare provider’s EHR or data lake to match eligible patients to studies that are sourced by uMed or internal research teams.
- The approval of the programs via the uMed dashboard triggers the automated outreach and remote consent of those patients on behalf of their recognized provider.
- uMed remotely captures data from both the patient, the EHR and where necessary the clinician, linking this data back to the study dataset in a seamless process that maintains robust guarding of patient data, provider oversight and a safe patient experience.
For more information, visit https://www.umed.io/
AlbionVC helps build the future of enterprise and healthcare. With 20+ years’ experience in technology investments, the team focus on B2B software and healthcare at Series A. AlbionVC manages c.£500m of venture funds, currently invested in over 50 companies. AlbionVC is the technology investment arm of Albion Capital Group LLP, which is authorised and regulated by the Financial Conduct Authority. www.albion.vc
About 11.2 Capital
11.2 Capital invests in founders solving the biggest challenges facing our world, focusing on emerging technologies in data-driven healthcare, AI/ML/data science, cybersecurity, infrastructure software, quantum, robotics, and new space. 11.2 Capital’s technical background, operational experience, and strong network of advisors and partners deliver a unique set of resources to entrepreneurs. The team is based in San Francisco, California and has been partnering with startups with a global vision since 2014. www.112capital.com
About Delin Ventures
Delin Ventures is a leading London based private technology and life sciences focused investment firm founded by the serial entrepreneur, Igor Linshits. Delin invests in early stage U.K. technology and life science businesses. Delin’s current portfolio includes Cazoo, Ori Biotech, Agile Analog, Fluidic Analytics, and Turbine.ai. Delin has also invested in funds managed by Local Globe, IQ Capital, Entrepreneur First, and Stride.vc. Delin Ventures is part of the Delin Group which also includes Delin Property, a leading investor and developer of logistics real estate.
Playfair Capital is an early-stage fund that commits to companies early and with conviction. Based in London, Playfair combines the best aspects of angel investing with a focused fund, to invest in truly ambitious founders, wherever they are in the world. Playfair takes a sector-agnostic approach and investments span deep tech, SaaS, marketplaces and B2B companies. www.playfaircapital.com
For further media information, please contact
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Simon Williams – email: [email protected] or call: +44 (0)7421 832231