Current Health, a Scottish company that offers FDA-cleared patient management platform powered by Artificial Intelligence (AI), raised $11.5 million in Series A funding that was led by MMC Ventures. Legal & General, the FTSE 100 life insurer and asset manager, is Current Health’s first corporate investor and the largest investor in the round.
Current Health said the money will be used to scale its patient management platform and enhance care delivery worldwide, with the goal of preventing illness for one million patients around the world by 2021. Par Equity and Scottish Investment Bank, the investment arm of Scottish Enterprise, also participated in this round, reports Business Wire.
Current Health’s wearable device uses AI to remotely track and analyze multiple vital signs while worn by patients at home, allowing clinicians to intervene earlier.
“Healthcare is undergoing a paradigm shift from reactive, in-hospital treatment, to proactive, community-based care,” said Bruce Macfarlane, Managing Partner at MMC Ventures. “Today’s healthcare systems must deliver improved patient outcomes while reducing costs. Current Health’s revolutionary solution offers unprecedented insight into patients’ health. Reliable, continuous patient monitoring enables earlier intervention in the event of patient deterioration, better patient experiences and fewer unnecessary hospital readmissions. With its world-class team and platform, Current Health has the right fundamentals to execute on a vast opportunity and become a global category leader in this important market.”
In the last twelve months, Current Health has increased its revenue by more than 300%. The company also partnered with two of the world’s largest pharmaceutical companies to extend the power of the Current Health platform to thousands of patients during the same period.
“We’ve spent the last three years quietly and carefully building and testing our platform directly with healthcare providers,” said McCann. “Now, with our platform FDA-cleared and through partnerships with some of the biggest healthcare providers and pharmaceutical companies in the world, we plan to scale our solution to better treat millions of lives over the next five years. By helping healthcare providers treat patients preventively and at the earliest point, we can play a key role in enabling sustainable, high-quality and universal healthcare delivery.”
As Current Health embarks on the next stage of its growth, it will open a U.S. headquarters in New York City. The company will continue to expand its team, particularly in the sales, clinical operations and marketing functions.