Funding agreed for niche digital patient consent technology
Manchester-based digital healthcare consent platform, Flynotes, has successfully secured funding from NPIF-Maven Equity Finance.
Flynotes is addressing a major issue faced by doctors, dentists and patients, alike – gaining valid and informed consent prior to delivering or receiving dental and medical treatment.
Its platform provides a simple and effective digital solution to the current paper-based consent and disclosure process.
This innovative interface between patients and health professionals is streamlining consent to treatment, removing inefficiencies brought about by paper forms and providing a fully compliant audit trail.
Flynotes, which works out of the Express Building in Ancoats, has developed a niche and highly scalable product which is targeting a large market across the UK, US, Canada, Australia and New Zealand, valued at £1.2bn as of 2019.
The business has also agreed a key commercial partnership agreement with Henry Schein, a global distributor of medical and dental supplies, which operates across 32 countries globally serving more than 80,000 practices.
NPIF-Maven Equity Finance is managed by Maven Capital Partners and part of the Northern Powerhouse Investment Fund, and the GM&C Life Sciences Fund, managed by Catapult Ventures.
The funding from Maven and Catapult will enable Flynotes to invest in further product development as well as expanding its sales team to support the planned expansion into new key territories.
Govin Murugachandran, Flynotes chief executive, said: “We are really pleased to welcome Maven and the angel investors alongside our existing shareholders.
“These unprecedented times have highlighted the importance and need for Flynotes’ digital consent and communication platform in delivering care safely and efficiently. This investment marks an important milestone that will accelerate the next phase of growth and expansion.”
Gavin Bell, investment manager at Maven, said: “Flynotes impressed us with their ambition and ability to innovate in a sector that needs low touch digital solutions now more than ever. We’re delighted to be partnering with the team and Catapult Ventures to support the next stage of development.”
Chris Spencer, a venture partner with Catapult Ventures, and non-executive chairman of Flynotes, said: “These are uncertain times for companies and clinicians alike. I’m delighted that existing shareholders, like Catapult, and new Flynotes investors like Maven and angel investors, share our vision as we continue to build a digital communications platform for the dental market starting with digital consent.”
Sue Barnard, senior manager at British Business Bank, said: “Innovative healthcare solutions are more important than ever, and we are proud to be supporting Flynotes and other forward-thinking businesses in this space.
“By providing crucial funding to support this kind of agility and global thinking, NPIF is continuing to unlock the growth of the North’s business community.”
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.