Current Health, which offers the leading FDA-cleared, Artificial Intelligence (AI) powered patient management platform, today announced it has closed a $11.5 million (£9 million) Series A funding round 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 as it continues to invest in the future infrastructure of health and care globally.
Founded in Scotland in 2015 by CEO Christopher McCann and CTO Stewart Whiting, Current Health uses wearable and wireless vital signs monitoring, clinical indicators from an ecosystem of more than 50 integrations and symptoms collected via its patient engagement tools, to continuously track patient health trends.
Leveraging proprietary machine learning algorithms, the company’s end-to-end platform analyzes this data to proactively detect illness and alert providers to high-risk patients so they can deliver healthcare earlier.
Thirteen of the largest healthcare systems in the United States and United Kingdom – including Mount Sinai and Dartford & Gravesham NHS Trust – use Current Health to manage patient care.
Richard Hall, CloudOrigin CEO, led the Technology and Operational Due Diligence, commenting: “Fantastic to see the benefits to health outcomes and efficiency which Current Health’s rapidly evolving remote device and cloud monitoring solution can offer, and to review the great team they have assembled in Edinburgh”.
With the Current Health platform, customers have been able to shorten hospital stays, reduce hospital readmission rates, improve patient satisfaction and deliver better patient outcomes.
“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. 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.”
“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.
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