Equity investment for healthcare firm’s innovative software platform
Clinical services tech firm C7 Health has accelerated the build process of its healthcare software platform which is is set to significantly reduce waiting times for diagnostic scans, following a major finance deal.
Part of a £300,000 finance package, underwritten by Mercia Fund Managers, including £150,000 from Midlands Engine Investment Fund’s (MEIF) Proof of Concept (POC) & Early Stage Fund and £150,000 from Mercia EIS funds, the cash injection has enabled the firm to build and test the platform that will streamline the process of essential diagnostic scans for patients – minimising administration for GPs and reducing waiting times for NHS users.
Set up in April this year in Henley-in-Arden, Warwickshire, C7 Health is the brainchild of Phil Webb, former chief technology officer at medical tech giant EMIS Group.
With some NHS users waiting up to six weeks for their ultrasound scans and over 40 million diagnostic scans directed from England’s 7,500 GP surgeries every year, Webb spotted an opportunity to modernise the current process – with GPs, diagnostic providers and most importantly patients all set to benefit.
The MEIF funding has meant that the first version of the platform is now complete and C7 Health will begin work with its first ultrasound customer, Diagnostic World, to service GPs across England this month.
Webb said: “As a clinical services-led company, C7 Health’s mantra is to work shoulder-to-shoulder with healthcare providers to deliver solutions that will benefit patients – rather than develop products that are great in theory, but fail to make a real difference.
“The idea of creating a software platform that enables GPs to send automated instructions to their diagnostic providers, rather than going through a convoluted administrative process, is something that can revolutionise diagnostics in the NHS – however, I would not have had the means to build this without equity finance.
“The West Midlands is brimming with talent, and I expect to appoint a minimum of three employees within the coming months as we begin helping patients on the ground. With C7 Health looking to serve GPs throughout the UK, Warwickshire’s central location is also a massive benefit to the business.”
Julian Dennard, fund principal at Mercia, said: “We are excited to work with Phil, a CEO with extensive industry experience, who has created a platform that increases the efficiency of service delivery with an innovative technology at its core. This funding will allow C7 Health to further develop its software as it offers an exciting opportunity to truly disrupt the healthcare sector.”