RYSE Asset Management LLP (“RYSE”), the digital health and medical technology specialist investment boutique, has extended its partnership with award-winning DigitalHealth.London and MedCity for a further two funding programmes after the successful closing of the initial programme of 2018.
The second RYSE Digital Health Call opens today and is inviting applications from early stage companies that are seeking funding to grow their businesses. The first collaboration in 2018 demonstrated the success of public-private partnerships in health and care. The parties are working exclusively together on this Call where DH.L and MedCity will again assist with the appraisal of promising UK digital health companies.
The previous call resulted in nearly 300 applications for investment from early stage digital health companies in the UK. The 20 shortlisted candidates defined how they could improve patient care whilst reducing the cost associated with providing it.
Two of the companies selected for investment have demonstrated adoption, not just within the NHS, but also by global private medical insurers including Vitality Health and AXA PPP. Both companies continue to benefit from support that RYSE is able to provide to assist them in reaching their next stage of growth.
Skin Analytics raised £1.6 million funding, from RYSE and other investors, to finalise the first prospective clinical study in applying AI to dermatology and bring on the high calibre team needed to deploy the technology into a variety of patient pathways. Since then, the company has successfully launched with Norwich CCG at the start of April 2019 bringing their commercial contracts to four, all in different use cases and continues to accelerate the transition from an R&D company to a growth company. Skin Analytics has also secured an Innovate UK grant to invest £1m in building out additional clinical evidence on which they will be working with The Royal Free, Chelsea & Westminster, and Guy’s and St Thomas’ Hospitals.
LiveSmart raised £1.25 million funding, from RYSE and other investors, to expand sales into other geographical jurisdictions, securing additional long-term partnerships with other substantial players in the insurance market, and improving technology. The company is now working with AXA to expand their offering in the UK and has also negotiated an international expansion deal in Asia, while targeting to replicate such model in other jurisdictions.
The RYSE Digital Health Call has been enhanced to support a rapid initial screening process. RYSE aims to close the next call at 250 high calibre companies developing digital solutions that are innovative services or products whilst addressing identified health and care needs.
Seed, up to and including series A stage, digital health companies seeking funding (typically looking to raise between £250,000 and £5,000,000) are invited to apply.
The Call opens on June 27th, 2019 and will run until August 30, 2019*. You can see more details on the application process here.
Areas of interest within digital health include but are not limited to:
• Telehealth and care – activity/fall monitoring, remote medication management, long-term condition monitoring and video consultation
• mHealth – wearables or apps for medical or wellness and fitness
• Health Analytics – genomics, precision medicine or data analytics such as imaging, health data, health status, population health, readmission rates, bed occupancy or procurement data
• Digitised health systems – patient or provider held digital records or devices and diagnostics.
Yinka Makinde, Programme Director at DigitalHealth.London said: “We’re back on the lookout for high-potential digital health companies that require funding to get to their next stage of growth. In the last call we reviewed applications from companies offering some of the most exciting technological advances in this space and we hope to hear from more companies who are making a positive impact on health outcomes. It’s great to continue this partnership with RYSE, who are ready to invest a substantial pot of funding into supporting the sustained growth of the digital health companies of tomorrow.”
Shabir Chowdhary, Managing Partner at RYSE Asset Management LLP commented: “This joint venture demonstrates the success of public-private collaborations in healthcare and we’re pleased to extend the programme into year two. Our aim is to address the funding gap in early-stage digital health innovation often overlooked by investors, and support the growth of this important industry.”
Sarah Haywood, Executive Director, MedCity, added:“Sourcing finance is often a challenge for early-stage digital health companies, blocking the progress of new innovations that are desperately needed to address patient needs. This ongoing partnership between DigitalHealth.London and RYSE is plugging the funding gap and supporting the right conditions to allow the UK’s digital health sector to thrive.”
Neil Daly, CEO, Skin Analytics said: “Working with RYSE and DigitalHealth.London has given us great access to leading NHS initiatives and those behind them, as well as the financial support needed to get our technology to the point it will positively impact patients and the healthcare service.”
You can read more and apply here.
Notes to Editors
*The Call opened on 27 June and closes at 23:59 on 30 August 2019 – due to overwhelming demand and feedback around the Call coinciding with holidays for many companies, we decided to extend the original deadline by 4 weeks.
For further information, please contact:
RYSE Asset Management LLP
Shabir Chowdhary / Claudio D’Angelo
Optimum Strategic Communications
Supriya Mathur, Hollie Vile
Tel: +44 (0) 203 714 1787
Tel: +44 (0) 7516 858510