London-based artificial intelligence (AI) provider, RwHealth, has announced a raise of €7.2 million ($8.4m) in Series A funding.

Maven VC and Guinness Asset Management led the round, along with ICON Corporate Finance.

WHAT IT DOES

Founded in 2017, RwHealth’s platform combines AI machine learning and data science to give healthcare providers access to data which can aid their decision-making.

RwHealth’s deep analytical capability can be used to make predictions, model treatment options, improve safety and increase efficiency, so that clinicians can deliver better care to more people.

Its platform has been used to help UK hospitals combat bed shortages and tackle waiting list issues caused by the pandemic.

The startup works with more than 40 providers in the UK and internationally and its AI technology has processed more than 10.5 million patients in the UK and a further 5.5 million across the Middle East and Australia.  

WHAT IT’S FOR

The capital will help clinicians manage elective recovery backlogs in the NHS and advanced clinical research in areas such as acute myeloid leukaemia (AML), CAR-T and other diseases as the healthcare industry attempts to recover post-COVID.

MARKET SNAPSHOT

Digital technology offers the potential of turning data into actionable insights to increase the quality of decision-making in healthcare.

Earlier this year Covera Health raised €21.5 million ($25m) in Series C funding for its healthcare data analytics platform focused on reducing medical errors.

UK-based Ultromics also announced it had raised €28.5 million ($33m) in Series B funding for AI-enabled echocardiograms that help physicians diagnose heart problems. 

Meanwhile, Portuguese digital health startup, UpHill raised €3.5 million  ($4m) in a seed round to scale up its software to guide clinical decisions.

ON THE RECORD

Orlando Agrippa, CEO and founder of RwHealth, said: “As we continue to accelerate and invest in the ethical use of clinical research data to advance new medicines for patient care, this funding gives us the capital needed to carry out our immediate plans while delivering AI solutions which will help futureproof our NHS.

“The raise will support our work with UK and US healthcare partners, helping us to provide deeper clinical care technologies, while supporting post-pandemic recovery efforts with our AI data science platform.”

Alexander Sleigh, investment director at Maven VC, said; “RwHealth 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.”