The company completed its financing round by welcoming new investors Catapult Ventures and NPIF – Mercia Equity Finance to the fold, the latter of which is managed by Mercia Fund Managers and is part of the Northern Powerhouse Investment Fund.
The funding will be used to support the commercialisation of Rinicare’s digital healthcare portfolio, which is designed to produce better results at a better pricepoint.
The company hopes to put its tech at the heart of a number of settings such as emergency, primary and community care, as well as progress its AI-powered predictive algorithm for intensive care.
Healthcare providers around the world face the challenge of maintaining sustainable healthcare systems in light of an ageing population and continuously increasing costs.
Rinicare collaborates with clinicians and end users to design wireless communications, innovative prediction algorithms and enhanced software solutions that tackle these problems.
The company markets its wireless physiological signs technology (PRIME) and its falls prevention system (SAFE) globally in a number of healthcare solutions, which are tailored to individual needs.
In addition to its expanding marketed solutions, Rinicare is developing its AI predictive system, Stability, which is initially focused at intensive care and addresses a global market for predictive healthcare analytics.
This fast-emerging area of healthcare is estimated to grow at a compound annual growth rate of over 25 per cent, reaching an estimated global market value of $24.6 billion by 2022.
“We are very pleased to welcome such high-quality investors in this financing round,” said Rinicare CEO Stuart Hendry.
“We will be using proceeds to support the ongoing commercialisation of our PRIME and SAFE-based healthcare solutions in the UK and abroad as well as continuing with the development of our world-leading Stability AI intensive care programme, which has already captured data from several thousand intensive care patients.”
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.