The funding will enable RwHealth to further strengthen its position in the healthcare sector, whilst also growing its footprint in the pharmaceutical market where it has already achieved strong traction in a relatively short period. The business has existing relationships with a blue-chip client base, including NHS trusts, global healthcare providers and multinational pharmaceutical corporations.
Alongside a £1.5 million investment from the Maven VCTs, the transaction includes £1.25 million from NPIF Maven Equity Finance, part of the Northern Powerhouse Investment Fund (NPIF), and a £0.5 million commitment from a family office.
The NPIF investment will enable the company to set up a new clinical research team based across Manchester and Leeds and recruit a number of new technicians.
RwHealth’s innovative platform delivers benefits to healthcare and pharma customers through the provision of predictive analytics. Clients can use these deep insights to optimise care pathways and improve patient outcomes, whilst enabling effective resource and capacity planning. Its software solution utilises artificial intelligence (AI) and machine learning (ML) to ingest and unify data from disparate sources including electronic medical record systems, clinical trial design systems and patient safety records.
This comprehensive linking of information is providing clinicians with an advanced layer of insight into a patient’s journey through the healthcare system and the challenges that arise through patient flow. This enables management to adjust planning and focus accordingly on better diagnosing diseases.
The ability of AI and ML based solutions to analyse complex diagnostic and medical data is driving the demand for advanced technologies from pharmaceutical companies and hospitals as they look to increase productivity and reduce the burden on workers. This has led to Compound Annual Growth of 43.6% in that segment of the market, is expected to reach $61.59BN by 2027 (Source: Reports and Data, 2021), and offers significant growth potential for RwHealth in the coming years.
“RW Health is at the forefront of the drive to use Real World Evidence and predictive analytics more effectively in the healthcare and pharma sectors. Ultimately, this will enable better patient outcomes and will be more vital than ever in the post pandemic era. The company has seen significant commercial growth through its blue chip customer base which includes NHS Trusts and large pharma companies and is now poised to scale up internationally. We are delighted to be able to support the company’s next phase of growth through this investment via a number of our funds and co-investment partners.”
Alexander Sleigh, Investment Director at Maven
“RW Health has proven its ability to utilise their unique systems for the benefit of healthcare and pharma clients. We are delighted to be supporting the continued growth of the business with the expansion into the Northern Powerhouse region and backing the senior management team to continue the excellent progress made in recent years.”
Alex Rothwell, Senior Investment Manager for NPIF Maven Equity Finance
“This funding gives us the capital needed to provide deeper clinical care technologies, while supporting post-pandemic recovery efforts with our AI Data Science Platform alongside our UK and US healthcare partners.”
Orlando Agrippa, CEO at RwHealth
“The North is a hub of innovation for the life sciences industry, and it’s brilliant that RwHealth will be increasing its presence in this business community. We are pleased to welcome new organisations to the North and look forward to seeing the growth of RwHealth’s Manchester and Leeds teams and the innovation that the business will bring to the region.”
Sue Barnard at British Business Bank