START-UP SECURES BIOMEDICAL FUND INVESTMENT

Liverpool start-up company Med ePad has secured funding from the 25m North West Fund for Biomedical to enable it to start trials of its innovative healthcare technology.

The company, based at Liverpool Science Park, has developed a touch screen mobile internet device for healthcare service providers, aimed at improving the efficiency of treatment and empowering patients to better manage their self-care.

Founder Rob Connell, who previously worked in the NHS at a senior management level, said the device offers a range of functions including the ability to record medication regimes, send appointment reminders, conduct online consultations and access specific information relating to a particular condition.

The seven-inch tablet has been designed to come loaded with condition specific apps created in conjunction with NHS healthcare professionals.

Connell told Insider: “Being in the NHS I was acutely aware of the cost pressures that are faced on a daily basis. I looked at some of the major areas of concern and identified three that impact on the NHS annually. They are long-term condition sufferers, patients who do not attend appointments and post operative care.

“I developed Med ePad with these concerns in mind. Now we have secured this investment, we’re in a position to develop a range of apps for the device and run a number of trials with healthcare services in both primary and secondary care.”

Med ePad has secured a 50,000 Pathfinder Investment from the biomedical fund, run by early-stage venture capital firm Spark Impact, but Spark’s Andy Round said further investment could follow once the company is more established.

“We’ve still got plenty of our 25m left and we’re hoping that these relatively small pathfinder investments will enable businesses like Med ePad to get up and running, get more commercial experience, and then they will be in a position to raise more finance through us and other co-investors,” he said.

Round also revealed that Spark has received more than 120 applications from businesses in the North West and the firm expects to make another five investments in the next six to eight weeks.

He added: “We’ve been really impressed with the quality of applications we’ve had and they’re running at about two or three times the volume we expected. I’m not saying we’re the only game in town, but the fund is addressing a vital need in the market.”

The North West Fund for Biomedical is part of the 185m North West Fund provided by the European Investment Bank and European Regional Development Fund.

 

Source:Insider Media

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