Cardiff Healthtech Company Secures £2.1M Funding for Digital Medical Solutions
Cardiff Healthtech Company Raises £2.1m in EIS Funding
Medi2data, a healthtech company based in Cardiff, has successfully secured £2.1 million in funding through the Enterprise Investment Scheme (EIS). The company specializes in offering digital solutions to streamline the process of medical data transactions, a task that currently consumes significant time and resources. In the UK alone, this manual process amounts to an estimated annual cost of £180 million. By leveraging a clinical coding structure similar to that used by healthcare platforms in the UK and other major markets, Medi2data's platform facilitates faster, structured, and accurate medical reporting. Additionally, the company's proprietary technology ensures patient privacy in compliance with GDPR requirements. Medi2data also provides medical reporting and triage services to insurers, Clinical Research Organisations, and Health and Retail providers. The infusion of funds will support the company's plans to expand its workforce, infrastructure, and international presence.
Key Takeaways
- Medi2data, a Cardiff healthtech company, raises £2.1m under the Enterprise Investment Scheme.
- Their digital solutions save an estimated 850,000 days of GP surgery staff time annually.
- The platform's utilization of clinical coding allows for faster, structured, targeted, and accurate medical reporting.
- Funds will further fuel the company's international expansion and support its multi-million-pound pipeline in the UK and abroad.
Analysis
The investment of £2.1 million in Medi2data will greatly accelerate the advancement of their digital medical data transaction platform, effectively addressing the yearly £180 million expenditure in the UK. This strategic funding will facilitate the expansion of the company's workforce, infrastructure, and global outreach, allowing them to tap into a multi-million-pound pipeline. Moreover, the company's innovative technology, ensuring GDPR-compliant patient privacy, will lead to improved operational efficiency, cost savings, and potential regulatory compliance enhancements within the healthcare and insurance sectors. Furthermore, this development is anticipated to stimulate increased investments in healthtech and digital transformation projects supported by the EIS.
Did You Know?
- Enterprise Investment Scheme (EIS): This UK government scheme offers tax reliefs to investors who purchase new shares in specific qualifying companies. The primary goal is to aid these companies in raising funds for expansion. While EIS investments are generally considered higher risk, they also present the potential for greater returns and substantial tax benefits.
- Clinical coding structure: This standardized system is utilized to represent diagnoses, treatments, and procedures in healthcare. By translating medical documentation into codes, clinical coders support reimbursement, research, and public health reporting. Medi2data's platform is constructed upon this structure, enabling faster, structured, and more accurate medical reporting.
- GDPR requirements for patient privacy: The General Data Protection Regulation (GDPR) is an EU law governing data protection and privacy within the European Union and the European Economic Area. It also addresses the transfer of personal data outside these areas. Medi2data's proprietary technology safeguards patient privacy by redacting non-requested data for medical reports, adhering to GDPR requirements and other relevant data protection regulations.