Tech start-up Signum Health has secured a further £400,000 in an equity co-investment led by the Development Bank of Wales, with further investment obtained from private investors.
This is the second round of investment the company has raised and brings the total funding for the Caerphilly-based firm to £600,000.
Signum Health has also appointed the former CEO of Imperial College NHS Trust and founder of the first Academic Health Science Centre in the UK, Professor Stephen Smith FMedSci, as its Chairman.
Professor Smith has served on numerous committees for organisations such as the United Kingdom’s Medical Research Council, the World Health Organization, the National Institutes of Health (USA), the National Health Service (NHS), the British Heart Foundation and the Wellcome Trust.
Signum Health’s CEO Victoria Norman said: “This latest round of investment will help us to take Signum Health to the next stage of its development. We are already helping GP surgeries around the UK and we can’t wait to see Signum Health used in every surgery in the country.
“Having someone with the experience of Professor Smith coming on board as our Chairman is further validation that Signum Health is innovating in this field and is a much-needed service for the NHS. We are thrilled to welcome him as part of the Signum Health team.”
Dr Philip Barnes, Technology Ventures Investment Executive of Development Bank Wales, said: “Signum Health has a highly talented management team with exciting plans for scaling their innovative digital health business across multiple sectors. We’re pleased to continue backing this high-growth company in their second equity funding round.”
Launched in 2016, Signum Health, based at Caerphilly Business Park, uses artificial intelligence and cloud-based technology to deliver remote health care and support within local communities. The company is headed up by Primary Care and Public Health expert Victoria Norman, who has first-hand experience of the challenges facing GP surgeries trying to meet the needs of their patients.
Signum Health has developed a cloud-based diagnostic and community referral tool which integrates securely with health and social care IT systems.
Ms Norman explained: “With a shortfall in the number of general practitioners, an aging population and increasing financial constraints, health and social care organisations are under severe pressure.
“We have identified that the sector would benefit from digital technology to create efficiencies, financial savings and ultimately better care for patients. Signum Health provides this exact support through its digital services.”
Signum Health employs seven people at its base in Caerphilly and is looking forward to expanding its team in the future.