As new and evolving technologies continue to disrupt and reshape the existing healthcare business, UK technology is at the forefront of some of the most pressing challenges and delivering answers.
The United Kingdom's National Health Service, the world's second-largest single-payer healthcare system after Brazil's Sistema Nico de Sade, is ranked the best healthcare system in the world. The National Health Service (NHS) in the United Kingdom offers public healthcare to all permanent inhabitants and is provided at no cost, funded by ordinary taxation. The United Kingdom is driving forward growth in the global HealthTech sector, with the Golden Triangle of London, Oxford, and Cambridge, a region home to five universities in the world's top 25 for life sciences and medicine and a world-leading hub for research and development serving as a key centre.
Europe is the fastest-growing region globally for HealthTech raising $8.1 billion in 2021, up from $1.7 billion in 2016; in Europe, London is the leading hub for health tech investment, and London is a hub for AI and data programming expertise. Combined with the city’s academic excellence in life sciences and the UK’s actively evolving regulatory environment and unrivalled dataset, it helps explain why London has become a world leader in HealthTech and witnessed skyrocketed investment and growth in recent years.
It’s an exhilarating time for UK HealthTech as the post-pandemic tech innovation in health care is well encouraged, acknowledged and supported. It has top HealthTech talents, many brilliant incubators, early-stage investors, and growth funds, helping startups build the product, grow at pace, and then keep scaling into more significant markets globally, including the USA.
Huma, based in London, has developed digital "hospital from home" technology that enables hospitals to manage patient information and physicians to share data via a secure mobile platform. Huma has also developed a decentralisation clinical trial infrastructure that improves the patient experience by utilising real-time health data.
So far, the HealthTech firm has raised £121 million in eight fundraising rounds. Bayer, Hitachi Ventures, Nexus Investments (Scale-Up Fund), Samsung NEXT, Sony Innovation Fund, and Unilever Ventures are among the company's investors. Huma has made several high-growth lists, including the Top 100 – Britain's Fastest-Growing Businesses and the Deloitte Fast 50. Sport Tech Hub, Healthbox London, and DigitalHealth.London Accelerator are three accelerator initiatives that aim to accelerate the adoption of HealthTech in the NHS.
Unmind creates a smartphone app that focuses on improving mental well-being within the workplace. Employees can use the app to track, analyse, and enhance their mental health in seven areas: fulfilment, coping, tranquillity, happiness, connection, health, and sleep. Employers are then encouraged to create change by having access to consolidated and anonymized employee mental health information. Unmind also provides digital classes, meditation practice, and healthier dietary recommendations in addition to its application. The NHS, Sainsbury's, Gymshark, and Virgin Media are among the HealthTech company's partners.
Unmind has successfully raised £47 million in five rounds of funding. It has participated in the Upscale, NEF+, and Mayor's International Business Programme accelerators and has been named to the London Tech 50 high-growth list in 2019 and 2020. EQT Ventures, Felix Capital, Project A Ventures, Sapphire Ventures, and True Ventures are among the company's investors.
accuRx develops software to help healthcare providers and patients communicate more effectively. COVID-19 vaccine booking software, text and photoresponse, and patient triage are among the goods or services offered by accuRx, an NHS-approved supplier. Its secondary care offerings range from encrypted digital information solutions to messaging and video consultation tools. The HealthTech firm is also developing new capabilities to enable safe data exchange throughout the NHS more convenient.
Entrepreneur First, IMAGINE IF!, Upscale and DigitalHealth are four accelerator initiatives that accuRx has attended. The company has also been named to BusinessCloud's HealthTech 50 high-growth list, as well as the London Tech 50, after raising over £36 million in five rounds of funding. Atomico, British Patient Capital, Encore Capital, Lakestar, Latitude Ventures, and LocalGlobe are among its backers.
Cera is a digital-first healthcare organisation that provides at-home nursing, repetitive prescriptions, and telemedicine services to retirees through the phone or the internet. Personal services such as shopping are now available through the healthtech and care delivery organisation. Cera works with the NHS and several municipal governments and has been named on high-growth lists, including the Deloitte Fast 50 and Startups 100.
Cera has raised £114 million in nine investment rounds since its inception in 2015, including a £14 million undisclosed deal in December 2021 that valued the firm at an estimated £745 million (according to Beauhurst estimations), putting it in the UK unicorn club. Auriens, Yabeo, Credo Ventures, Management, Kairos Ventures, Guinness Asset and Kima Ventures are among the company's backers.
DnaNudge is a wearable healthtech solution developed by Imperial College London's Centre for Bio-Inspired Technology. It allows individuals to add healthier eating choices premised on their DNA profiles. Users wear watches that guide them through purchasing decisions, allowing them to eliminate meals connected to diseases such as diabetes or high cholesterol.
DnaNudge has also created the first direct-to-consumer genetic tests that may be completed on the spot rather than being submitted to a lab. These include lab-free PCR tests, which the NHS is currently implementing in the wake of the COVID-19 outbreak. DnaNudge has raised money primarily from unnamed investors and angel investors, as well as the UAE-based fund Ventura Capital. The health technology startup has raised £67 million in seven rounds of funding to date.
Numan is a prominent health and well-being brand for men. The startup has established a platform allowing men to get health services, drugs, and guidance from medical specialists from the comfort of their own homes.
Numan, founded by London-based entrepreneur Sokratis Papafloratos, aims to empower men by removing the stigma surrounding illnesses like erectile dysfunction and hair loss. In March 2021, the healthtech firm purchased Vi-Health, a Swedish software firm. Anthemis, Colle Capital, Hanwha Investment, Novator Partners, VNV Global, and White Star Capital are among Numan's investors. It has raised over £42 million in three rounds of funding and was named to the Startups 100 high-growth list in 2021.
Lumeon, established in London, focuses on web-based software to help doctors manage their patients' progression and remain on top of administrative responsibilities. Lumeon's platform facilitates remote healthcare engagements with the goal of accelerating patient care at scale while assuring safety and reliability. These involve out-of-hospital patients and care teams, for example, by automation activities and synchronising procedures, resulting in higher patient flow and additional infrastructure.
Lumeon has participated in the PwC Scale Programmes and DigitalHealth. London Accelerators. So far, the HealthTech firm has raised £58 million in seven rounds of funding. Amadeus Capital Partners, Archimedia, Cedars-Sinai Medical Center, Endeavour Vision, Gilde Healthcare Partners, IPF Partners, MTIP, and Optum Ventures are among those who have backed it.
Oxehealth is a University of Oxford spinoff that produces software for assessing patient health through a webcam. Nurses were looking for a better way to provide quality treatment and mental health treatment to their patients, and the company's software allowed them to keep a closer eye on physiological parameters and behaviour through a webcam. More than one in every three mental health trusts in England now uses the programme, which is also utilised in care homes, jails, and nursing homes.
Oxehealth, which was founded in 2012, has since participated in the NHS Innovation Accelerator, DigitalHealth. London Accelerator, and the Upscale programme. It has also been on the high-growth list Top 100 – Britain's Fastest-Growing Businesses. IP Group and ORA Capital Partners are among the investors who have contributed over £28 million to the healthtech startup.
LabGenius investigates protein therapeutics using robotic process automation, synthetic biology, and powerful machine learning, which has historically been difficult to discern. Its new DNA library synthesis process will most likely play a crucial role in the next generation of drug development by analysing biological resources.
The HealthTech startup, which was founded in 2012 and is based in London, has participated in both the Upscale and Bio-start accelerator programmes. Acequia Capital, Air Street Capital, Atomico, Backed VC, Beast Ventures, Kindred Capital VC, Lux Capital, Obvious Ventures, and Inovia Capital are among the company's investors. LabGenius has raised £24 million in five rounds of funding to date.
Zava, formerly known as DrEd, is an online diagnosis and prescription service that is meant to take the place of doctor's visits. Patients merely complete a medical questionnaire and wait for an evaluation by a GMC-registered doctor. If tests are required, they are sent home with the patient to perform. The platform developed by the HealthTech firm makes treatment more accessible and efficient. Currently, Zava operates in the United Kingdom, France, Germany, Austria, Switzerland, and Ireland. Zava was named to BusinessCloud's HealthTech 50 high-growth list and has raised over £26 million in four rounds of funding. HPE Growth Capital and a number of anonymous investors are among the company's backers.
Healthily (also known as Your MD) was established as a self-care app with medical permission to make medical knowledge accessible in everyday life through artificial intelligence. Users can diagnose their health complications by entering data about their symptoms and demographics into the smartphone app. This can range from the coronavirus to sleeping problems, and it then recommends necessary plans without storing any information. Healthily has been recognised on the high-growth lists Start-Up 101 and Startups 100 and has raised over £33 million in three fundraising rounds. Orkla Venture, Reckitt Benckiser, Smedvig Capital, and angel investors are among the company's backers.
Evergreen Life, headquartered in Manchester, creates an app that includes wellness tracking features and GP consultations. Users can make appointments, order repeat medicines, and learn more about their health. Evergreen Life also allows users to keep track of their health data alongside their GP records, allowing them to have everything in one location. They may then control whom they share the information with using the protected platform. Evergreen Life has raised £24 million in six fundraising rounds. In November 2021, it also acquired Salvie Ltd, the creators of the online consultation system askmyG.
Businesses and entrepreneurs banded together in reaction to the breakout of Covid-19 as the world fell into lockdown. Medical startups and health firms have teamed up, and leading pharmaceutical companies have made research investments. Thousands came together to show their support for the government and the NHS. Since the outbreak, the NHS has increased its use of technology and creativity to unprecedented levels. Investors contributed to healthcare technology firms assisting persons in self-isolation, and remote consultation software rose twofold.