PhysioMedics is poised to scale its commercial operations after securing growth capital from
investors led by Archangels, the world’s longest continually operated business angel syndicate. The
investment follows the appointment last year of experienced CEO, Charles Sweeney, to lead the
company through the next stage of its growth.

Edinburgh-based PhysioMedics secured equity and grant funding totalling £1.5m from Archangels,
Scottish Enterprise and Innovate UK to allow it to accelerate its commercial growth and product
roadmap, including expanding into European and Indian markets.

The company’s PhysioWizard platform is the only clinically validated self-assessment tool for muscle
and joint problems 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 6 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.

Charles 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. Charles is currently
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 over 30 years’
experience of treating thousands of patients, working with a team of specialist physiotherapists.

Charles 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.”

Kerry Sharp, Director of Entrepreneurship and Investment at Scottish Enterprise, said: “Since the
pandemic, more and more people are turning to digital healthcare solutions and PhysioMedics is helping to meet that market demand with its PhysioWizard product. We’ve supported the company in various ways since its early days and are pleased to see it continue to scale up and expand internationally.”

For further information on PhysioMedics and the PhysioWizard platform, please visit:
https://www.physiomedics.com/

ENDS

Issued by Frame on behalf of Archangels.
For further information, please contact Paddy Baxter:
[email protected]
07387 090 070

About Physiowizard
PhysioWizard is an online platform & mobile application that enables people to assess their muscle
& joint problems online. The software recommends the most appropriate healthcare professional,
service and/or self-help options, and produces detailed patient & clinical reports with advice and
steps on what to do next which can be accessed via portals by patients and clinicians.
It is utlised by healthcare providers and health insurers to reduce the cost and impact of MSK
treatment by directing patients to the correct treatment both quickly and safely.

About MSK
Muscle and joint pain alone is the biggest cause of ill health in the world and places a considerable
burden on healthcare resources worldwide.
 Muscle and joint pain now causes 37% of employee absenteeism up from 30% in 2021. The
rise is attributed to the increase in working from home.
 30% of all GP appointments are attributed to muscle and joint pain.
 There is a 20% probability that employees do not return to work after a 6 week absence
stemming from muscle and joint conditions.
 Muscle and joint pain costs UK employers an estimated £7.3bn in salary costs alone every
year

About Archangels
Founded in 1992, Archangels is a leading business angel syndicate investing in early-stage Scottish
life sciences and technology companies.
Archangels comprises around 120 members and a five strong full time executive team. In 2021, the
syndicate invested £11.8m to reach a total of £23.6m including co-investment from Scottish
Government agencies and other partners. There are currently 21 companies within the portfolio.
For further information on Archangels, please visit: https://archangelsonline.com/